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Modernizing Omnichannel Check Fraud Detection

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

Fraud Rate Decreases 22.6% Since Last Year — But Fraud Cost Per Attempt Increases 13%
Fraud attempts are down At the same time, the COST of fraud has risen A multi-pronged tech approach by banks eliminates fraud opportunities American Banker reports that data suggest in the beginning of 2022, the number of fraud cases being reporting has decreased from previous two years -- nearing pre-pandemic ...
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Insikt Group Report: Fraudsters Conducting and Advertising Bank Fraud
A new study examines general bank fraud Fraudsters are overtly advertising "fraud lessons" Checks remain a prime fraud target In their new expansion of The Business of Fraud: An Overview of How Cybercrime Gets Monetized, Recorded Future's Insikt Group® -- Recorded Future's threat research division, comprising analysts and security researchers ...
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OrboNation Newsletter: Check Processing Edition – July 2022
Download PDF Copy of the Newsletter Alogent: "Checks Are Not Going Away"…with Data to Back It Up! A post at Alogent starts with a very clear -- and, by now, familiar -- proclamation: "Checks are not going away." The stigma around the use of checks was even the focus of ...
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ABA Banking Journal: Complementing Technologies to Combat Check Fraud in the Digital Age
Digital payments are becoming more and more popular Even so, checks remain a mainstay for many consumers Fraudsters never stop evolving, and neither should anti-fraud technology. As cited by an article at the ABA Banking Journal, the 2021 Association for Financial Professionals Payments Fraud and Control Survey indicates that checks ...
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Mail Carrier Robberies on the Increase: Fueled by Check Fraud?
Fraudsters are stealing checks from postal service mailboxes We now see assaults on mail carriers to access keys to the public mailboxes An online "black market" for checks provides ample motivation for these thefts As if it weren't bad enough that fraudsters have made it a habit to steal from ...
Read More Businesses Need to be Alert to Internal Check Fraud Schemes
Many large companies have been stung by check fraud Almost all instances could have been prevented by currently available fraud detection tech AI-powered transactional-analysis systems protect orgs from internal and external fraud Though digital payment options are popular (and there seems to be a new one every week), the fact ...
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Frank on Fraud: 10 Fraud Worst Practices and How to Avoid Them
Bad fraud practices are pervasive Attention to a short list of bad practices can bring improvement Banks must stay consistent and constant The always-informative Frank on Fraud blog discusses -- with accompanying highly entertaining imagery and GIFs -- the 10 Worst Fraud Practices and How to Avoid Them. Frank recognizes ...
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ACFE and SAS Release Anti-Fraud Technology Benchmarking Report 2022
Use of AI and machine learning expected to escalate against fraud A majority of organizations plan to increase their anti-fraud tech budgets The pandemic has certainly been a factor The Association of Certified Fraud Examiners and SAS released their Anti-Fraud Technology Benchmarking Report 2022 -- a report exploring how organizations are using ...
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OrboNation Newsletter: Check Processing Edition – June 2022
Download PDF Copy of the Newsletter Check Deposits: Turns Out the Amount Matters The latest episode of Truth in Data, a video series by PaymentsJournal, takes a look at the ways in which banking customers prefer to deposit checks. While there is a clear need for mobile deposits, it turns ...
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Fiserv & Mercator Advisory Group Address Check Deposit Risk Mitigation on PaymentsJournal Podcast
Check fraud is rising Remote deposits are more popular and create more fraud opportunities Tools are available to effectively fight check fraud The PaymentsJournal Podcast invited guests Bev Nichols, Product Director of Deposit Solutions at Fiserv, and Sarah Grotta, Director of Debit and Alternative Products Advisory Service at Mercator Advisory Group, to ...
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Examining the “Customer Journey” to Prevent ACH And Check Fraud
A "holistic approach" is best in combating fraud Digital financial products are an easier target Checks, while less targeted, are still in the crosshairs of fraudsters In their latest "Digital Fraud Tracker" feature, PYMNTS talked with Seth Ruden, senior director of fraud operations for First Tech Federal Credit Union. In ...
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2021 AML Fines = $1.6B…Combining Multiple Technologies to Mitigate Compliance Risks
55 money laundering fines issued in 2021 totaling approximately $1.6 billion in value Contextual Risk Management is a holistic approach Now is the time to begin implementation In a recent article from Compliance Week, Editor in Chief Kyle Brasseur reviews the AML fines levied to to banks in 2021. According ...
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PaymentsJournal: Checks Are the Top Vehicle for Commercial Payments Fraud
There are many types of commercial payments fraud hitting organizations Checks are leading the pack Check fraud incidents have declined by 8% since 2019 The new episode of Truth In Data from PaymentsJournal features information on the types of commercial payments fraud that are afflicting organizations -- and they find ...
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OrboNation Newsletter: Check Processing Edition – May 2022
Download PDF Copy of the Newsletter 75% of Surveyed FI's Companies Now Employ High-Performance Computing, Deep Learning, and Machine Learning reports on the move toward more efficient digital processes -- accelerated, of course, during the trend away from in-person banking that began as a result of the COVID pandemic. ...
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PODCAST: “Check Fraud Is An Industry”
It's no secret - check fraud is on the increase Organized fraudsters have made check fraud an industry Fraudsters make up in VOLUME what they can't accomplish in QUALITY John Zollinger, Executive Vice President and Director of Commercial Banking at Home Bank, joined the Discover Lafayette podcast to discuss ways ...
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