Download PDF Copy of the Newsletter Check Payments Most Often Subjected to Fraud According to New 2025 AFP® Payments Fraud and Control Survey Earlier this week, AFP released the results of their "2025 AFP® Payments Fraud and Control Survey". This report is an important tool for FIs and the banking ...

The media claims "checks are dead" Reality shows checks surging Active check usage demands strong security What mainstream media is saying about paper checks: Washington Post - 2023: "Paper checks are dead. Cashing is dying. Who still uses them? ABA Banking Journal - 2024: "Is it time to kill the ...

Modernizing tech presents a formidable challenge Sheer volume is a primary obstacle Many FIs face the issue by relying on outdated legacy technology In a recent discussion with BAI.org, Carlos Lopez, Strategic Initiatives Analyst at Jack Henry addresses the challenges financial institutions face when it comes to modernizing their technologies. ...

Open banking is expected to grow rapidly Complex regulations are common worldwide Open banking can "dismantle silos" A recent post at Forbes.com points out that open banking is revolutionizing the financial services industry by enabling secure data exchange between banks and third-party providers. The European Union's Revised Payment Services Directive ...

A major transformation is occurring in the banking industry Physical bank branches are still "essential" Cash automation strategies create a competitive edge Forbes.com reports that the banking industry is undergoing a major transformation, as financial institutions strive to meet the quickly evolving needs and preferences of modern customers. For instance, ...

Download PDF Copy of the Newsletter Check Fraud SARs Rise in 2024 to Near 2022 Record-Setting High According to a recent report from the Thomson Reuters Institute, the total number of Suspicious Activity Reports (SARs) filed by U.S. financial institutions in 2024 declined slightly from the record-setting numbers seen in 2023 ...

Americans tend to maintain bank accounts over long periods Depositers feel it's a "hassle" to switch accounts There are steps financial instituations can take to attract depositers Brand loyalty -- where individuals or business continue to purchase products or services from a specific company or professional in spite of competitors ...

BMO announces that it's making the leap to quantum computing Quantum computing has been recognized as one of banking's ten most important tech trends "We are in quantum because we do believe that it holds transformational potential." According to a recent post at PYMNTS.com, BMO Financial Group, one of the ...

Today's digital landscape demands advanced tech for bank customers Data is now a tool for elevated customer service Banks using "data as a customer service tool" have seen revenue increase We've made this important point in many earlier posts and news items we've shared: In today's digital landscape, banks must ...

President Trump Announced "U.S. Crypto Reserve" via his Truth Social platform Ondo Finance unveils "suite of infrastructure products designed to bring capital markets onchain" SWIFT Network adopts Hedera Tech Earlier this week, President Trump made an announcement Via his Truth Social media platform that has sent ripples through the payments industry. ...

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 Trump administration has shut down the Consumer Financial Protection Bureau (CFPB) The freeze of the CFPB makes enforcement unclear There are several reasons why financial institutions should continue their open banking efforts As the new administration continues to make its adjustments, one major change that is affecting the banking ...

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 ...

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 ...