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Modernizing Omnichannel Check Fraud Detection

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

How Threat Actors Are Preying on Silicon Valley Bank Collapse
Introducing the "Threat Actor" Threat Actors respond to news trends and resultant anxiety The fall of Silicon Valley Bank is the newest boon for Threat Actors The Cloudflare Blog takes a look at the activities of a specific category of fraudster, the Threat Actor, in relationship to news events like ...
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Report: First-Party and Third-Party Check Fraud Increase 78% and 74% in 2022
Aite-Novarica Group fraud executives at Aite-Novarica Group's 2022 Financial Crime Forum Check fraud and scams are growing disproportionately to other forms of fraud In spite of check fraud growth, some banks remainl hesitant to invest in anti-fraud technology Aite-Novarica Group's expert, Trace Fooshée, shares their research to help fortify fraud ...
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mRDC: “Double Presentment” Check Fraud
Mobile remote deposit capture, or mRDC, is wildly popular among banking consumers - and why not? Upon receipt of a paper check, rather than having to travel to a local bank branch to deposit the money into an account, today's bank consumer has only to sign the check and use ...
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Stolen Checks: What Information is Exposed for Fraud?
Checks contain many "exposure components" Fraudsters can use one of more of these components to instigate theft Banks that deploy image forensic AI tech can greatly reduce these fraud opportunities Stolen checks continue to be one of the major events covered in today's media -- specifically when it comes to ...
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FinCEN Warning: Check Fraud Related SARs Nearly Double in 2022
FinCEN reports a large increase in check fraud They characterize it as a "nationwide surge" Physical checks via mail theft seem to be favored targets The Financial Crimes Enforcement Network (FinCEN) has made it clear: There is a nationwide surge in check fraud, and it is targeting the US mail. ...
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With Check Fraud Rising, Credit Unions are Investing…Less? reports that there is a fairly glaring disconnect between credit unions and their members when it comes to fraud concerns. While members see a real threat, CUs do not seem to be responding in kind: Despite the growing fraud risk and subsequent member concern, many credit unions (CUs) do ...
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Technology has Turned Check Fraud Into a Business
Fraud has grown from creating TENS of millions in losses to HUNDREDS of millions Fraudsters can sell their wares digitally Now there are even refunds made available by fraudsters selling to new criminals Suparna Goswami, associate editor at the ISMG network, recently spoke to David Maimon, professor of criminal justice ...
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Video Interview with Aite-Novarica Group: Exploring Check Fraud Technologies
Check fraud is growing ahead of other types of fraud Banks using only legacy fraud detection systems are falling behind Integration of legacy and image analysis systems brings greater success in fraud detection In a new video at, Trace Fooshee, strategic adviser with Aite-Novarica Group, discusses strategies and tools ...
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New Deposits: Check Fraud a Major Threat for Banks
Check fraud is rising Banking consumers demand "money mobility" Adding "money mobility" means increasing the risk of fraud As we've noted here frequently, check fraud is on the rise. In fact, notes that you can enter the search term "check washing" into any search engine and see a substantial ...
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USPS Outlines 10-Year Reform Plan — Are Stolen Checks Addressed?
Postal carriers are being robbed for checks and "arrow keys" The USPS has outlined reforms Many feel that postal carrier security is not being addressed strongly enough One of the more horrific wrinkles in the check fraud phenomena is the rise in actual physical attacks on United States Post Office ...
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Banks Reported 84% Increase in Check Fraud from 2021 to 2022 — According to US Treasury FCEN
Popular messaging platforms like Telegram are aiding fraudsters Telegram allows fraudsters to stay hidden behind aliases and encrypted messages "Walkers" are recruited to carry out in-person transactions with fake checks Many industry experts agree that check fraud has grown 3X from its pre-pandemic levels. We now have data to confirm ...
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59% of FIs Experienced Increase in Overall Fraud Rate
Fraud is costly and pervasive In addition to outgoing payments, incoming payments are subject to fraud Companies deploying digital security solutions are seeing results As our blog's readers know all too well, fraud is on the increase, and getting more sophisticated. As noted by Fraud is both costly and ...
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LinkedIn: Keeping Up with #CheckFraud in the New Year
New Year, New Fraud -- and #FraudFighters continue to spread awareness through social media such as LinkedIn. Check out the latest #CheckFraud posts: View the post on LinkedIn → View the post on LinkedIn → View the post on LinkedIn → View the post on LinkedIn → View the post on LinkedIn → View the ...
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How Artificial Intelligence is Changing the Face of Fraud Detection
You are likely seeing more and more news stories and posts on social media talking about the emergence of artificial intelligence as a potential replacement for actual human creativity (in fact, AI has been, evidently, generating an endless Seinfeld episode for more than a month now). While these dubious feats ...
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Credit Unions and Community Banks: Financial Fraud to Watch for in 2023
Fraud in 2021 increased over 70% compared to 2020 Perpetrators are taking advantage of government programs Financial institutions need to be prepared for the predicted fraud-attempt onslaught An article at Credit Union Times by Rene Perez, Director of Financial Crimes Solutions Sales and Financial Crimes Consultant at Jack Henry, opens ...
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