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Modernizing Omnichannel Check Fraud Detection

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

The Dark Web: Gmail Now Keeping Bank Accounts Safe?
The Dark Web is being successfully utilized more and more by fraudsters Email addresses can be harvested via legitimate web sites Google has responded with new security features In earlier posts we've mentioned the Dark Web and how it's becoming a more and more accessible "market" for fraudsters -- and ...
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Check Washing Experiment: Putting Gel Ink Pens to the Test
"Check washers" remove original written info from checks to create forgeries Demand for these checks has led to thefts and assaults Gel pens have been touted as "wash-resistant" A few weeks ago we explored the utility of Gel Ink Pens as shields against check fraud. A WSAW-7 consumer alert cited gel pens ...
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Alloy Survey: 75% of Credit Unions Report Fraud Losses Over $500K in 2022
Credit unions are hit hard by fraud While needing to combat fraud, credit unions do not want to impair the customer experience The answer is automation In the banking world, fraud has hit hard. Fraudsters have evolved their tactics, blending old school techniques such as check washing with new technologies ...
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New Approaches For Check Fraud Detection: Technology, Partnerships, and Consortiums
Check fraud is rising quickly There is an "open market" aiding check fraud on the internet Many banks grew complacent during a period when check fraud was stable Suparna Goswami, Associate Editor at ISMG, spoke to Trace Fooshee, strategic adviser at Aite Novarica Group, about problems banks have been facing ...
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OrboNation Newsletter: Check Processing and Fraud – May 2023
Download PDF Copy of the Newsletter NICE Actimize: Attempted Check Fraud Up +171% in 2022 The latest NICE Actimize article is available for download, and it's called Check Fraud Running Rampant in 2023. The report is full of valuable information and data, including a rather startling look at where checks stand ...
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YouTube Tutorials: From Check Washing to Digital Counterfeiting
Check fraud is a growing problem "Lessons" in creating fake checks are available online YouTube is home to many tutorials One of the more disturbing aspects of mounting check fraud -- beside the fact that postal workers are being physically assaulted to get "raw material" and mail drop box keys ...
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NICE Actimize: Attempted Check Fraud Up +171% in 2022
Check fraud continues to rise Check fraud has grown disproportionalty compared to other channels Checks haven't changed in decades, making an easy target The latest NICE Actimize article is available for download, and it's called Check Fraud Running Rampant in 2023. Talk about getting to the point! The report is ...
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Check Fraud: Understanding the Elements and Bad Actors
The web offers easy-to-acquire resources for fraudsters Less knowledge and effort than ever is required to accomplish check fraud Fraudsters often get caught because they flaunt their ill-gotten gains on social media Infamous Ghost Money, a masked YouTuber whose channel about "fraud awareness and prevention" has been featured in our ...
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USPS Announces Joint Project Safe Delivery Initiative to Curb Stolen Mail/Checks
Mail theft is increasing Physical assaults on mail carriers hadn't been addressed up to now USPS and the Postal Inspection Service have announced a crackdown on robberies and mail theft A few weeks ago we talked about how mail theft is on the rise -- as check fraudsters seek to ...
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Gel Ink Pens — Important Tool, But Not Enough to Stop Check Fraud
Mail theft is on the rise, including theft from mail carriers Thieves are looking for checks that they can "wash" and cash The kind of pen used can deter check washing Every time you check your favorite source for news -- both locally and nationally -- it is inevitable that ...
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AI Will Be the Next Tool for Fraudsters
AI is a startlingly effective tool Fraudsters have already discovered AI's utility Corporations and governments alike are warning of AI's impending misuse Not long ago we talked about the way Generative AI is gaining popularity, embraced for its ability to quickly create images, audio, and text-- quickly and inexpensively, which ...
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National Law Review: Regs and Policies for Check Fraud
The National Law Review notes that, even in the face of so many fast and easy ways to accomplish lightning-quick bank functions -- complete with nearly instantaneous reporting of transactions -- through online and mobile banking, one of the more common account frauds today is "good old-fashioned check fraud." They ...
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2023 Update on Mail Theft & Check Fraud: Government Increasing Pressure
Mail theft is on the rise Physical assaults on Postal carriers are also rising State and federal government officials are responding Over the past year, we have covered the sharp increase in mailcarrier and mailbox robberies in the USA. With news & media across the country reporting the trend, it ...
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Generative AI Scams — Are Counterfeit Checks Next?
Generative AI is gaining popularity for its ability to quickly create images, audio, and text The ability to quickly create realistic images introduces check fraud opportunities The FTC is aware of this potential and is taking steps By now most people have read, heard, or seen the fruits of Generative ...
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Check Fraud: Tactical Approach Is Not Enough
Banks need to keep up with fraudsters by adopting technology A group of prominent check fraud experts predicts $24 million in fraud damage to banks Automated check fraud detection is absolutely crucial Todd Robertson, senior vice president of business development for ARGO, contributed a post to outlining his contention ...
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