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Modernizing Omnichannel Check Fraud Detection

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

A Holiday Reminder to Beware of Check Fraud
75% of American experienced at least one type of holiday scam last year 15 holiday scams to watch for Keeping customers informed on these scams can protect the FI and their customers this holiday season The holiday season is, as they say, the "most wonderful time of the year." Unfortunately, ...
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43% of FIs Report Increase in Fraud — Time to Fight Back with AI
Scammers have easy access to sophisticated AI tech As a result, it's easier and easier for "the average scammer" to engage in sophisticated fraud The banking community is responding by deploying AI tools to combat this new wave of fraud It's no secret that banks are dealing with increased fraud ...
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Good Morning America: Mail Theft Goes National — and “Inside”
Mail Theft is on the rise and endangering postal employees Online "check trading" is easily accessible "Inside jobs" by postal workers have been discovered News of the current wave of postal theft went national on ABC's Good Morning America, as they reported that close to 40,000 mail theft incidents were ...
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OrboNation Newsletter: Check Processing and Fraud – November 2023
Download PDF Copy of the Newsletter A Deeper Dive into the Reported $155M in Check Fraud Losses It's widely accepted that industry check fraud attempts and losses have grown 200% to as high as 400% since pre-pandemic levels. However, as all are well aware, each bank is different; attempts and ...
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Preventative Measures to Mitigate Check Fraud for Suppliers
Media Financial Management hosted a webinar focused on check fraud They covered in detail fraud methods and prevention Check fraud continues to rise Business checks are a prized commodity when it comes to check fraud, as 81% of businesses still pay other firms with checks. This presents a major opportunity ...
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A Deeper Dive into the Reported $155M in Check Fraud Losses
Regions Bank reported $153M in check fraud losses through Q3 2023 Fraudulent checks detected "50 to 60 days" later Selecting the right technology and fintech vendors key to check fraud mitigation It's widely accepted that industry check fraud attempts and losses have grown 200% to as high as 400% since ...
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UK Finance Reports Cases of Check Fraud Increased +35% in H1 2023
UK Finance has released their 2023 Half Year Fraud Update Digital banking has grown more popular - and is a fraud target The UK lacks incentive for many sectors to fight or identify fraud While we typically focus on fraud as it occurs here in the USA, many financial institutions ...
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OrboGraph Partners with Dr. David Maimon, Expert in Proactive Fraud Intelligence
Relationship will drive new innovation and collaboration around dark web check fraud prevention Burlington, MA, November 13, 2023 - OrboGraph, a global leader in the fields of check fraud detection and image recognition solutions, is excited to announce a strategic partnership with Dr. David Maimon, Professor at Georgia State University, ...
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Check Fraud Can Cost Businesses Up to 1.5% of Their Revenue
While digital payment systems grow in popularity, checks remain an important payment tool Digital payment fraud schemes get lots of press, in spite of the fact that check fraud is rising Fraudsters are able to use new digital tools to inexpensively create conterfeit checks Industry Analysts, Inc. reminds us that, ...
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Understanding Reg CC “Exceptions” for Fighting Check Fraud
Regulation CC (Reg CC) governs the timeframes within which banks and credit unions must make deposited funds available to customers Reg CC generally requires deposits to be available within 1-2 business days, with allowances for new accounts, large deposits, redeposited checks, and when fraud is suspected Balancing fraud prevention and ...
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Artificial Intelligence: Futuristic Dream or Realizable Present?
Artificial intelligence has been one of the hottest topics within the banking industry over the past few years. Every day, banking professionals are bombarded with emails from publications and vendors relating how AI is the greatest thing to happen to the banking industry; yet, according the American Banker, the excitement ...
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Mail Theft & Check Fraud Victims: Individuals, Businesses, and now Congress?
A financial contribution to a California congressman was stolen from the mail Both Republican and Democrat government figures and organizations are facing postal thefts US Government and USPS efforts are not enough Rep. Ken Calvert, a Republican congressman from California, spotlighted the increase in mail theft/check fraud. He put his ...
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Are Financial Institutions Doing Enough to Tackle the Growing Check Fraud Problem?
Even as digital payments get more popular, checks remain a strong payment channel Check fraud is on the rise Banks can deploy targeted and effective anti-fraud strategies using customer data and image analytics While digital alternatives to checks are certainly getting more and more popular, there can be no doubt ...
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OrboNation Newsletter: Check Processing and Fraud – October 2023
Download PDF Copy of the Newsletter 63% of Businesses Report Experiencing Check Fraud Activity One would think that, with digital payments becoming more and more pervasive, we should expect the check fraud threat to begin shrinking. Unfortunately, that is not the case. As reported on the Minnwest Bank website, a ...
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Check Fraud Impact: Operational and Financial Costs
Alogent reports on the ways check processing and fraud prevention impacts financial institutions operationally and financially. In the age of technology, financial institutions are often looking for ways to automate processes and make them more cost-efficient. However, when it comes to check processing, many banks and credit unions who are still ...
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