Is Elon Musk's DOGE targeting checks? Some cite Musk's desire to get involved in payments Many persons would be "left in the lurch" if checks were eliminated In a recent post from Department of Government Efficiency (DOGE), the Elon Musk-led advisory group proposes another drastic change -- this time, eliminating ...

Banking innovations are appearing quickly A flexible, modular core banking system is recommended Ecosystems and third-party integrations are vital It's no secret to anyone involved in the banking industry that innovations are appearing very quickly - keeping up is a real challenge! However, given society's growing on-demand expectations and need ...

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 ...

Are checks really "dying"? Some large retailers have stopped taking personal checks Checks are still a useful tool, the article admits A recent Fortune article got right to the point in its title: Paper checks are dying. Here's what you should use instead. Indeed, the article paints a bleak picture ...

Download PDF Copy of the Newsletter Strategies and Tools for Combating Mobile Check Deposit Fraud in 2025 Our friends at Advanced Fraud Solutions kicked off the new year with recommended strategies for credit unions and community banks to combat mobile check deposit fraud in 2025. The article notes that payments fraud continues to ...

Travis Hill is newly appointed acting head of the Federal Deposit Insurance Corporation (FDIC) In 2017 during his first term, Trump issued an Executive Order directing more relaxed regulation We will likely see major changes for the banking industry in the next three years As reported in PYMNTS.com, the newly ...

Checks are seen as a "speed bump" for advancement and innovation Why paper checks are still used FIs need to focus on integration, rather than replacement As we kick off 2025, we see another article selling checks short as a major payment channel. PYMNTS.com notes that paper checks are a ...

1 2 3 Forbes Magazine features a post by Julien Villemonteix, the CEO of UpSlide, a software company that creates documents for investment banking and financial advisory firms. She notes that the banking industry is abuzz with excitement over the potential of artificial intelligence (AI) to transform the sector. With the ...

Trends to look for in 2025 Back-office AI streamlining legacy payments Will quantum computing take hold in 2025? As we kick off 2025, Forbes.com has come out with their list of "The 10 Most Important Banking And Financial Technology Trends That Will Shape 2025." The article notes: As technological disruption ...

Download PDF Copy of the Newsletter Check Fraud Accounts for Nearly 20% of SARs Filings in 2023 Thomson Reuters reports that the number of suspicious activity reports (SARs) - documents that financial institutions must file with the federal government's Financial Crimes Enforcement Network (FinCEN) upon detection of behavior by employees ...

ATMs are becoming more and more popular As such, banks need to incorporate them into their strategy Physical and digital channels require cutting-edge protective technology As banking continues its digital transformation, ATMs are becoming increasingly vital to a bank's overall strategy. The article "ATM-as-a-Service: Exploring the Value and Players of ...

ATMs are a convenient way for many individuals to perform quick transaction -- from withdrawing quick cash to depositing paper checks into their accounts. However, as many in the industry know, there are inherent risks when it comes to ATMs, including: Skimming Devices Expand Criminals sometimes attach hardware or overlays ...

The Federal Reserve's has announced '25 pricing for payment service Check pricing fees will rise marginally at approximately 10% across different services Checks will continue to play a major role in both volume and revenue In the ever-changing world of banking and finance, the Federal Reserve's recent announcement of 2025 ...

Download PDF Copy of the Newsletter Check Fraud Detection: The Intersection of Forensic Document Examination and Image Forensic AI OrboGraph's Marketing Manager and Check Fraud Detection Specialist James Bi was recently a featured speaker at the 2024 Scientific Association of Forensic Examiners Conference (SAFE) International Conference, a global gathering of forensic document examiners. ...

The Payments industry is anxious to see changes Trump will bring The CFPB may narrow its scope Will Trump address paper checks? The election of Donald Trump as President will have a significant impact on the payments industry, reports Payments Dive. His administration will have the opportunity to revamp federal ...

Banks that do not evolve will likely fail Job One is to keep up with the currect digital transformation "Intelligent interactions" represent the future of banking Derek White, the CEO of Galileo, a fintech pioneer with over 20 years of experience modernizing financial services globally, recently contributed his thoughts via ...

Farmers have, by necessity, a unique relationship with paper checks They also wait days, if not weeks, for paper checks to clear End-user education is a crucial approach In a new blog post and video, PYMNTS points out that "the only thing bigger than the agriculture sector's contribution to daily ...

CFPB has finalized a transformative open banking rule under the Dodd-Frank Act The rule allows consumers to control their financial data and share it with third-party service providers Compliance will roll out in phases based on institution size As we noted previously, Open Banking is a hot topic for financial institutions. ...

Download PDF Copy of the Newsletter Millions in IRS Refund Checks Stolen and Altered When you think about different types of checks, which do you believe is the most desirable to fraudsters? The answer is treasury checks. When a fraudster is able to steal a treasury check, they can simply alter ...

Paper checks have not disappeared There is an element of nostalgia in check usage Removing $1 trillion in checks is highly unlikely For those in the industry, the notion that checks are going away has all but dissipated. Mainstream media has recently tried to capitalize on the sentiment, but they ...

Paper currently dominates healthcare payments Some suggest that providers should adopt digital payments as much as possible However, there are clear advantages to healthcare payments by check As many are aware, healthcare is a complex industry. From the delivery of care for patients to insurance paying the healthcare provider, there ...

Fintech Open Source Foundation (FINOS) has published the first draft of an AI adoption framework This is good news for an industry eager to implement LLMs but facing significant obstacles The FINOS framework outlines 16 control procedures to limit 14 specific threats We recently noted that 72% of finance leaders ...

Customers have lost patience with traditional banking procedures AI continues to be an important tool for creating the preferred banking experience Strategic planning and collaboration are vital Amid rising consumer frustration with traditional banking, PYMNTS asks: Can AI enhance the retail banking experience for the better? PYMNTS has released an ...

Download PDF Copy of the Newsletter Check Fraud Scenario Highlights Issues with "Breach of Warranty" This past week OrboGraph's own James Bi, Marketing Manager and Check Fraud Detection Specialist, was in attendance at the Wespay 2024 Payments Symposium. In addition to his presentation, Check Fraud in 2024: Are We Catching ...

Staying abreast of the latest banking tech is crucial Checks are popular targets and require cutting-edge tech protection "Wait and see" approach can and will result in prodigious losses The banking industry can learn from recent history; it can look back at the past few decades of "the check is ...

Core Modernization is key for regional banks to revitalize and stay competitive Four solution paths for core modernization are described OrboGraph's solutions can help regional banks with core modernization in three ways We noted earlier this month that progressive modernization of technology is key for banking success. As stated by ...

Digital payment solutions are becoming more and more popular However, many people and businesses still rely on checks Streamlining payment processes in that environment benefit from OrboGraph tools The industry narrative that "the check is dead" has lost a lot of steam. While checks have seen slight declines year-over-year, the ...

A post at Forbes describes an environment where regional banks in the US face growing digital disruption and "macro headwinds" -- and describes how embracing technological change is crucial for their revival. The author, Forbes Councils Member Rodrigo Silva, goes on to note that this transformation must prioritize fraud prevention ...

Download PDF Copy of the Newsletter Another Publication Attempts to Discredit Checks - Are They to Blame for Inherent Issues? Evan Sparks, editor-in-chief of the ABA Banking Journal and senior vice president for member communications at the American Bankers Association, poses the question: Is it time to kill the paper ...

Some major retailers have announced they will no longer take checks "High Dollar Services" remain popular for checks Check usage remains prevalent enough to merit effective security measures PaymentsJournal reports that, in spite of news that Target stores has stopped accepting checks (joining other major merchants such as Whole Foods ...

We're beginning the second half of 2024, a great time to examine the trends of the year. In a recent post, IBM examined what they consider the seven top financial services trends of 2024. They are as follows: Generative AI Hybrid cloud technology Cybersecurity risk management Sustainability Customer experience Open ...

FIs must move beyond conservative IT spending and shift investments toward innovative tech with high ROI Open banking APIs and strategic M&A can drive growth by enhancing customer engagement and acquiring new capabilities Adopting advanced technologies like AI, digital twins, and data analytics can optimize operations, improve security, and provide ...

Checks have become a punch line on late night TV In spite of their "antiquity," checks remain popular Are "experts" and media the root of inherent issues with check payments? Evan Sparks, editor-in-chief of the ABA Banking Journal and senior vice president for member communications at the American Bankers Association, ...

A recent CrowdStrike outage impacted an array of businesses and individuals Airline travelers found themselves significantly inconvenienced Financial institutions were not immune from impact A few weeks ago, the world was disrupted by the CrowdStrike outage -- with air travel, healthcare, and even the financial industry feeling the impact. Almost ...

Download PDF Copy of the Newsletter Check Processing Industry Experiences Temporary Turmoil The fintech and banking sectors are highly dynamic industries wherein even established vendors face leadership changes - including multiple vendors in check processing and fraud detection. For example, several companies have replaced their CEOs, experienced compliance violations leading ...

The world is becoming "more and more plastic" In the current market, small credit card issuers face an uphill battle Partnerships and collaborations are effective strategies PaymentsJournal addresses the challenges smaller banks face in a financial environment that has become more and more "plastic" -- that is, reliant upon credit ...

Download PDF version of the Press Release Atlanta, GA, and Burlington, MA, July 23, 2024 - Global fraud and financial crime prevention company Featurespace has partnered with OrboGraph, supplier of check processing automation and fraud detection software and services, to better protect the financial services industry from check fraud.   According to data from ...

Is cash "on its way out"? COVID-19 caused a steep decline in cash usage Predictions of a "cash crash" appear to have been premature ATM Marketplace -- an organization with particular interest in paper currency -- asks the question: Will Cash Ever Go Away? They note that cash usage in ...

The fintech and banking sectors are highly dynamic industries, wherein even established vendors face leadership changes - including multiple vendors in check processing and fraud detection. For example, several companies have replaced their CEOs, experienced compliance violations leading to internal audit, and faced investor confidence challenges leading to market volatility. ...

Bank infrastructure has changed For modern banks, customers are more important than money The Cloud has become more and more integral Michael Haney, head of product strategy at Galileo Financial Technologies, recently spent time with Hal Levey, senior writer at PYMNTS, discussing the fact that banking infrastructure has undergone a significant ...

Download PDF Copy of the Newsletter OrboGraph Announces Open Consortium Strategy at Innovation Conference, Initiating with Advanced Fraud Solutions TrueChecks® Robust consortium data set currently includes 2,500 institutions and 25,000 routing numbers Burlington, MA, June 11, 2024 - OrboGraph, a premier supplier of check processing automation and fraud detection software and ...

Open Banking is popular worldwide United States financial institutions are "late to the party" Collaboration, innovation, and interoperability are keys to success A few weeks ago we explored Open Banking and its impact. Open Banking is a system that allows consumers to share their financial data with third-party providers and ...

While thought of as "old school," there are still advantages to using checks For many, checks still offer respite from carrying physical money At the same time, growing fraud makes caution necessary Alternative Payments offers a comprehensive look at the advantages and disadvantages to paying with checks, along with a ...

AI has emerged as a powerful protective tool for banks and their depositors Consumers are becoming more aware of AI services in other areas of their lives What was once a feature will soon be an expectation BizTech Magazine examines AI and the three primary ways banks are deploying this ...

Robust consortium data set currently includes 2,500 institutions and 25,000 routing numbers Burlington, MA, June 11, 2024 - OrboGraph, a premier supplier of check processing automation and fraud detection software and services, announced the successful integration of Advanced Fraud Solutions TrueChecks® within its OrboAnywhere Sherlock 5.3 release as part of ...