Modernizing Omnichannel Check Fraud Detection

Fraud continues to rise, and tools need to keep up Better fraud detection requires a layered approach Multi-layered tech allows informed decisions on each item We've stated many times that there is no single solution that can detect the majority of check fraud. Well, in a recent Jack Henry Fintalk, ...

The USPS announces elevated efforts to prevent mail theft Postmaster General Louis DeJoy, meanwhile, has announced his resignation USPS efforts will likely fall short, as they face a formidable opponent Over the past few months, we've seen a concerted effort by the USPS and the US Government to make drastic ...

A new report by NPG reveals check fraud rising even as check usage declines NPG's survey reveals that 80% of FIs offer Positive Pay FIs have not adopted Positive Pay mainly due to lack of awareness or perceived risk Within the arsenal for financial institutions to fight check fraud, Positive ...

Overall SARs reports have declined, but only slightly Check fraud SARs achieve near record-setting levels in 2024 As we seeing the new norm for check fraud levels? According to a recent report from the Thomson Reuters Institute, the total number of Suspicious Activity Reports (SARs) filed by U.S. financial institutions ...

Fraud incidents continue to surge Collaborations play a key role in enhancing fraud prevention capabilities Partnerships are vital because there is no single tech that can detect the majority of check fraud As fraud incidents continue to surge, credit unions (CUs) are racing to implement cutting-edge technologies and forge strategic ...

Consortiums are proving effective in fighting fraud Key to success is a collaborative approach Privacy concerns and regulatory hurdles are among the challenges faced The evolution of banking fraud has drastically changed over the past decade. Most notably, fraudsters are no longer performing their schemes solo. The internet has enabled ...

Download PDF Copy of the Newsletter Lack of "Check Experts" Hindering FIs with Check Fraud Liabilities One major issue that many financial institutions are facing when it comes to check fraud is understanding which financial institution is liable. Unfortunately, as checks slowly declined over the past few decades, we've seen ...

The USPS is a source for stolen checks Postmaster DeJoy recently resigned The new administration has indicated an executive order is pending Over the past few years, the USPS has been a major source for stolen checks -- fueling the surge in check fraud. As we've covered in the past, ...

A lack of check "subject matter experts" is a major issue for FIs There are five main varieties of check fraud, according to a guide created by Schneider Downs Fortunately, financial institutions and consumers can fight back in specific and effective ways One major issue that many financial institutions are ...

Alloy's 2025 State of Fraud Benchmark Report has been released Organized Fraud Rings are growing 99% of respondents report AI is part of their fraud defense Alloy, an identity risk management platform for financial companies -- recently published its 2025 State of Fraud Benchmark Report, revealing meaningful losses for financial organizations ...

Even as digital payments grow, check fraud remains a major threat to financial institutions Positive Pay is a key technological solution A comprehensive, layered approach is recommended In a recent article, BAI looks ahead to check fraud defense in 2025, outlining several strategies financial institutions can use to combat the ...

An active online marketplace exists for stolen checks Check thieves are provided an easy tool for remaining anonymous A new graphic by Finovifi reveals alarming statistics Earlier in the week we talked about protecting individuals and business from mail theft and check fraud. Equally important, however, is realizing where stolen ...

Mail theft continues to rise The ABA and Post Office have already teamed up to help fight back The FBI has now joined the fray In last week's blog we relayed how, in response to rising rates of mail theft related to financial fraud, the American Bankers Association (ABA) and ...

The American Bankers Assoc. & U.S. Postal Inspection Service have produced useful infographics The infographics address individual and business account safety Several methods are recommended to recognize money mules In an effort to further educate society on the dangers of criminals stealing checks in the mail to commit check fraud, ...

2024 saw a 15% increase in fraud attacks and attempts over the previous year A multi-layer approach to fraud prevention is recommended Also vital are robust email security measures, including two-factor authentication & email scanning Readers of our blog know this simple fact: There is no "single technology" that can ...