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Modernizing Omnichannel Check Fraud Detection

An informative blog series exploring payments fraud and image technologies used to fight financial crimes.

Check Fraud Highlighted in House of Fraud Podcast Pilot Episode
Fraudsters use fake LLCs to perpetrate schemes Even careful consumers can be fooled  Consortiums are vitally important to combat this type of tactic A few weeks ago, we talked about the ease with which fraudsters open LLCs in order add an additional layer of "realism" to their schemes. While setting ...
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ATMs — A Goldmine for Stealing Checks?
ATMS are more popular than ever Their popularity makes ATMs ripe targets for thieves Legislation has been introduced in the U.S. aimed at curtailing these thefts As reported by the American Banking Institute, ATMs -- deposit and withdrawal devices that are more popular than ever -- are becoming goldmines for ...
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OrboGraph Announces Open Consortium Strategy at Innovation Conference, Initiating with Advanced Fraud Solutions TrueChecks®
Robust consortium data set currently includes 2,500 institutions and 25,000 routing numbers Burlington, MA, June 11, 2024 - OrboGraph, a premier supplier of check processing automation and fraud detection software and services, announced the successful integration of Advanced Fraud Solutions TrueChecks® within its OrboAnywhere Sherlock 5.3 release as part of ...
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ThreatAdvice Interviews Frank Abagnale for His Thoughts on Modern Fraud
Mr. Abagnale was an infamous fraudster before "going straight" The film Catch Me If You Can is based on his life As a fraud-prevention consultant, Mr. Abagnale warns that check fraud is now easier than ever Who better to give fraud-avoidance advise than a famous (infamous) ex-fraudster? Steve Hines of ...
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FBI Reports U.S. Seniors Lost $3.4 Billion from Scams
The elderly are becoming favored targets of fraudsters An FBI report reveals "astonishing" numbers International scammers are now prevalent Unfortunately -- and not unexpectedly -- fraudsters are taking aim at older Americans. As CBS News reports, "Elder Fraud" is becoming more and more popular. According to the FBI, older Americans ...
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OrboNation Newsletter: Check Processing and Fraud – May 2024
Download PDF Copy of the Newsletter Check Fraud Accounts for Nearly 20% of SARs Filings in 2023 Thomson Rueters reports that the number of suspicious activity reports (SARs) - the documents that financial institutions must file with the federal government's Financial Crimes Enforcement Network (FinCEN) upon detection of behavior by ...
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Embracing Data Consortiums to Prevent Payments Fraud
Tech Against Scams is a new anti-fraud consortium Escalating fraud leads to needed coordination among social media, dating apps, financial institutions, and crypto firms About a third of Big Tech and FinTech firms have experienced fraud in recent months PYMNTS.COM reports on Tech Against Scams is a newly announced anti-fraud ...
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Over Half of All FIs Plan ML and AI Deployment to Combat Fraud
A growing number of FIs deploy machine learning and AI to fight back against fraud Steep declines in fraud are noted However, less success is noted in preventing charitable-donation and fake debt-collection scams According to PYMNTS Intelligence's "Leveraging AI and ML to Thwart Scammers," a report created in collaboration with Hawk, a growing number ...
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OrboGraph Announces Successful Check Fraud Roundtable and Innovation Conference
Highlights Include Check Fraud Trends, SARs Analysis, OrboAnywhere Sherlock 5.3, and Deposit Fraud Burlington, MA, May 23, 2024 - OrboGraph, a premier supplier of check processing automation and fraud detection software and services, reports successful Check Fraud Roundtable and Innovation Conferences on May 14-16, 2024, at the Hilton Tampa Downtown. ...
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Be Aware: Fraudsters Are Opening LLCs to Commit Check Fraud
Fraudsters have graduated beyond mere check washing An LLC "business" can be inexpensively opened and used for fraud Transactional analytics and image forensic AI systems are crucial to meet this challenge We all are aware of check washing/alterations and how effective this method is for stealing funds. However, the success ...
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Bad Actors: Not Always Outsiders
Mail theft is a growing threat Thieves are usually looking for checks to copy "Inside jobs" by postal service employees raise the stakes We have in past posts related some pretty alarming tales of postal theft and efforts to stop it. Now there's news of an elaborate and ongoing "inside job" ...
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FBI Investigates Corruption Allegations — Including Forged Checks — Against Illinois Mayor
An Illinois Mayor is accused of forging checks with the village Clerk's stamp The Mayor is also accused of wrongful termination of employees who refused political work The FBI has been brought in to investigate Unfortunately, politics and corruption seem to go hand-in-hand. The US is ranked number 24 out ...
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Check Fraud Accounts for Nearly 20% of SARs Filings in 2023
SARs accounted for nearly 20% of SARs filings in 2023 There is nothing to indicate they will not continue their increase into 2024 Checks remain fraud targets Thomson Rueters reports that the number of suspicious activity reports (SARs) - the documents that financial institutions must file with the federal government's ...
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Tips for Consumers to Spot a Fake Check
When examining a check to determine whether it's real or not, it's also worth looking for other general irregularities and mistakes. Look for spelling errors or typos in the printed information on the check, such as a misspelled business name or address. You can also check to make sure that ...
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Check Fraud Detection at the Dawn of the ’80s vs. Today
Check Fraud is nothing new - it's been around for decades Methods to ID fraudsters were a bit different as the 80's began Modern check fraud needs to met with modern tools An interesting artifact from way back in the '80s depicts a fraudster's-eye view of the techniques in play ...
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