Modernizing Omnichannel Check Fraud Detection

2021 saw a 41% increase in attempted fraud There are multiple causes for the increase DATA will be our weapon against further fraud NICE Actimize recently released "The 2022 NICE Actimize Fraud Insights Report," which identifies and analyzes the leading fraud threats and patterns that impacted leading global financial institutions in ...

IDology's annual fraud report is eye-opening There has been a surge in fraud related to the pandemic In fighting and preventing fraud, customer service must be balanced IDology, "the trusted leader in digital identity verification and authentication," has released their eighth annual fraud report, entitled The Beginning of a New ...

While effective, the AI "black box" needs to be uncovered A closed environment invites errors and suspicion Explainable AI provides a solution In a recent blog post from Brighterion -- a Mastercard company (founded in 2000 and acquired by Mastercard in 2017) that provides real-time artificial intelligence technology to 74 ...

Download PDF Copy of the Newsletter Fiserv Survey: 64% Would Increase Check Usage if Funds Were Immediately Available Victoria Dougherty, Fiserv's Director of Product Management, Financial and Risk Management Solutions, notes that "reports of the paper check's death have been greatly exaggerated." Most people still write and cash checks, even ...

IBM's latest move into fraud protection AI is the key component These tools allow a switch from fraud detection to fraud prevention IBM and Morning Consult just released a new study: 2022 IBM Global Financial Fraud Impact Report, providing data from six countries on fraud activities being experienced along with ...

Digital payments like Zelle are becoming more and more popular Fraud via digital is near-instantaneous, making it almost impossible to stop Banks often do not or cannot return digitally stolen funds Digital payments are becoming more and more popular. You can pay for that haircut or pizza almost instantly with ...

Rise in mail theft -- USPS struggles to address issue Beware the "fraud chain" Organized fraud means meeting it with organized solutions We have all read the stories about mail theft of paper checks, and even postal workers committing the theft. Moneywise details another instance that is becoming all too ...

Check fraud can be highly organized Social media is used to recruit Financial institutions need to remain vigilant Check fraud, unfortunately, can be the work of more than one bad actor. There are more and more cases of highly organized, coordinated "recruiters" creating groups that take aim at businesses. Here's ...

Download PDF Copy of the Newsletter Ingo Money: Checks are "Money Mobility Instruments" & Fraud Targets Ingo Money CEO Drew Edwards recently had a conversation with PYMNTS' Karen Webster where Mr. Edwards emphasized the "good news-bad news" surrounding checks in that they can be a critical component of money mobility, ...

As a leader in the check fraud prevention industry, OrboGraph continues to invest in the development in its technology and solutions designed to increase financial institutions' capabilities for check fraud detection. This level of investment and dedication has led to OrboGraph's OrbNet Forensic AI being recognized a winner of 2022 ...

YouTube has become the world's "instruction sheet" A down-to-Earth examination of fraud has real impact Anything that builds consumer awareness is a solid tool The digital age is upon us and in the 21st century, many are turning to YouTube videos as the go-to for educational purposes. This does not ...

Check scammers have zeroed in on.... home inspectors This is a familiar scam notable only for its target Scammers monitor trends and ID'ed home inspectors as vulnerable We've noted before in this space that scammers are getting more and more clever and specialized as time goes on, and this story ...

Checks can be a critical component of money mobility "People have moved from bricks to clicks" FinTechs are "newbies" to checks Ingo Money CEO Drew Edwards recently had a conversation with PYMNTS' Karen Webster that you can watch below. Mr Edwards emphasized the "good news-bad news" surrounding checks in that they can ...

Download PDF Copy of the Newsletter LexisNexis Study Reports $4.00 in Fraud Costs per $1.00 Fraud Loss BA Banking Journal reports on a new study called "The True Cost of Fraud™" from LexisNexis Risk Solutions that reveals rising monthly fraud attacks in 2021 compared to the year prior. According to ...

Manual fraud reviews have some short-term advantages The ultimate time and expense incurred for manual review makes it impractical AI is the recommended approach Chris Ryan, a Senior Fraud Solutions Business Consultant at the credit reporting firm Experian, recently posted his thoughts on the pros and cons of manual fraud ...