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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 to internal audit, and faced investor confidence challenges leading to market volatility. ...
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Podcast: For Modern Banks, Evolution Leads to Customers As Key to Success

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 ...
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OrboNation Newsletter: Check Processing and Fraud – June 2024

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 ...
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How Open Banking is Reshaping the Financial Landscape

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 ...
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Paying with Checks: Reviewing Advantages and Disadvantages

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 ...
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The Three Main Ways Banks Leverage AI

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 ...
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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 services, announced the successful integration of Advanced Fraud Solutions TrueChecks® within its OrboAnywhere Sherlock 5.3 release as part of ...
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Is America Ready for Open Banking?

Open Banking is already popular worldwide The United States is late to adopt Open Banking Regulation is priority on to ensure consumer and bank safety After a late start, it looks like the United States is finally ready to adopt Open Banking. Open banking, a system that allows consumers to ...
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ThreatAdvice Interviews Frank Abagnale for His Thoughts on Modern Fraud

Mr. Abagnale was an infamous fraudster before "going straight" The film Catch Me If You Can is based on his life As a fraud-prevention consultant, Mr. Abagnale warns that check fraud is now easier than ever Who better to give fraud-avoidance advise than a famous (infamous) ex-fraudster? Steve Hines of ...
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FBI Reports U.S. Seniors Lost $3.4 Billion from Scams

The elderly are becoming favored targets of fraudsters An FBI report reveals "astonishing" numbers International scammers are now prevalent Unfortunately -- and not unexpectedly -- fraudsters are taking aim at older Americans. As CBS News reports, "Elder Fraud" is becoming more and more popular. According to the FBI, older Americans ...
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OrboNation Newsletter: Check Processing and Fraud – May 2024

Download PDF Copy of the Newsletter Check Fraud Accounts for Nearly 20% of SARs Filings in 2023 Thomson Rueters reports that the number of suspicious activity reports (SARs) - the documents that financial institutions must file with the federal government's Financial Crimes Enforcement Network (FinCEN) upon detection of behavior by ...
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Collapse of Synapse Highlights Need for Neobanks and Traditional Banks to Choose Stable Partners

Neobanks are gaining popularity Certain accounts are not FDIC-insured Bank consumers are being transferred into vulnerable accounts without notice The American Prospect features a rather alarming story illustrating the higher risk faced by neobanks as compared to conventional financial institutions, and the dangers for FIs partnering with unstable companies. One ...
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What We Learned from the OrboGraph Check Fraud Roundtable and Innovation Conference

Recently, OrboGraph hosted its fifth -- second "in-person" -- Check Fraud Roundtable session and first-ever Innovation Conference at the Hilton Tampa Downtown. Needless to say, it was a huge success. These two distinct meetings brought together check fraud professionals from financial institutions and representatives from leading fraud solution providers and ...
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OrboGraph Announces Successful Check Fraud Roundtable and Innovation Conference

Highlights Include Check Fraud Trends, SARs Analysis, OrboAnywhere Sherlock 5.3, and Deposit Fraud Burlington, MA, May 23, 2024 - OrboGraph, a premier supplier of check processing automation and fraud detection software and services, reports successful Check Fraud Roundtable and Innovation Conferences on May 14-16, 2024, at the Hilton Tampa Downtown. ...
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eBook: Check 21 – A Blockbuster Story

The Check Clearing for the 21st Century Act or aka Check 21 is perhaps the most important event for checks in history. It was signed into law on October 28, 2003, and became effective on October 28, 2004. Check 21 is a federal law that is designed to enable banks ...
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AI Set to Transform Open Banking Landscape? Not Without Fintechs!

Many banks are not, at present, ready to implement open banking However, the vast majority recognize open banking's value A new report reveals that three-quarters of all banks are ready to implement open banking The amount of banks are not operationally ready to participate in and implement open banking is ...
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Bank Earning Reports Spotlight Progress in Digital Payment Adoption

More and more banks report growth in use of digital banking channels These developments align with growing consumer preference for financial transactions via digital channels Some banks find it hard to innovate quickly PYMNTS.com reports that the observed shift toward digital channels in financial services shows no signs of slowing ...
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OrboNation Newsletter: Check Processing and Fraud – May 2024

Download PDF Copy of the Newsletter Is Instant Disbursement the Answer to Fraud? As we all know, check fraud continued to surge in 2023, and is likely to surge in 2024. A post at PYMNTS.com reported estimates by the Financial Crimes Enforcement Network that check fraud has increased by double-digit ...
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PYMNTS.com Shines Light on the Importance of FinTech Partnerships for FI Digital Transformation

Banks are partnering with FinTech companies to leverage their specialized solutions and enhance their existing offerings Bank-FinTech partnerships highlight the importance of interoperability and open banking principles in driving innovation in financial services Trends shaping digital banking include mobile banking apps, AI/ML for personalized insights, and focus on fraud/data security ...
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Understanding the Bitcoin Halving: Implications for Investors and Payments

One of the hottest topics in the news this week is Bitcoin Halving. The Bitcoin network is built on a foundation of scarcity and decentralization, with Bitcoin halving playing a pivotal role in both. This event, occurring approximately every four years, is not only a scheduled element of the Bitcoin ...
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Drivers for Upgrading Core Systems in Banking

Core Banking systems are becoming vital Centralization of information is key Straight-Through Processing ranks high in importance for successful core banking At Fintech Futures, Principal Fintech Analyst at Omdia Philip Benton takes a look at the state of core banking systems. He appropriates his fellow FinTech Futures columnist Dharmesh Mistry's definition: ...
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Fintech Futures: Are Legacy Core Systems the Banking Equivalent of “Kodak” and “Blockbuster”?

The days of overnight processing in the consumer banking sector are over About 50% of banks, however, still use overnight batch processing Real-time data processing is now not only recommended, but crucial At Fintech Futures, banking industry veteran Dharmesh Mistry argues that that many banks still rely on outdated legacy ...
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Ex-US Secret Service Member Recounts the History of Check Fraud Investigations

The United State Secret Service also investigates financial crimes Check fraud detection used much different methods in the 90s Check fraud is on the rise, but so is the effectiveness of AI tech designed to detect and prevent it Some may be surprised to see the Secret Service mentioned in ...
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OrboNation Newsletter: Check Processing and Fraud – March 2024

Download PDF Copy of the Newsletter The Importance of Deploying a Rules Engine in Check Fraud Detection The importance of having a multi-layered technology approach to check fraud cannot be overstated. It's crucial to integrate myriad technologies -- such as transactional/behavioral analytics, image forensic AI, consortium data, dark web monitoring, ...
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Slow Adoption of FedNow — B2B Payments to the Rescue?

FedNow is the Federal Reserve's instant payment system that launched in 2023, with over 300 participating banks so far. However, according to a post on the American Bankers Association's website by David Ritter, director and financial services strategy at CI&T, a global digital specialist, many banks remain hesitant to fully ...
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OrboGraph Awarded AI Excellence Award by the Business Intelligence Group for Innovations in Check Fraud Detection

OrboAnywhere Sherlock 5.3 Release blends consortium and dark web monitoring with image forensics Burlington, MA, March 26, 2024 - OrboGraph, a premier supplier of check processing automation and fraud detection software and services, has won the prestigious AI Excellence Award in the Hybrid Intelligent Systems category for significant contributions to ...
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In Challenging Times, Banks Cannot Afford to Defer Tech Investment

Current conditions may make banks conservative with tech investments AI is emerging as a vital tool Banks will need to stay up-to-date with AI in order to remain competitive The Financial Brand asked Pal Krogdahl, director of technology strategy and advisory services at digital banking platform provider Samlink, to share ...
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US-Based Oracle Making Waves in the Banking Industry

Not long after we heard news that Apple has taken advantage of "open banking" in the UK to introduce a new feature allowing customers to connect eligible debit and credit cards in their Apple Wallet, Fintech Futures reports that US-based software provider Oracle has made two significant deals in 2024. ...
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OrboGraph Introduces OrboAnywhere Sherlock Version 5.3 to Address Increasing Check Fraud Attempts

Massive feature expansion delivers improved detection with reduced false positives Burlington, MA, March 11, 2024 - OrboGraph, a leading provider of check fraud detection and image recognition solutions, is excited to announce general availability of their new OrboAnywhere Sherlock 5.3 Release. Sherlock 5.3 provides a powerful list of new weapons ...
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Writing Checks: Good for the Brain

Writing checks may seem antiquated. However, there are many advantages, including having a paper trail for your payment and the "buffer" time from sending to depositing. Here's another advantage that comes from making sure people are comfortable using checks that you may not have considered: Checks can actually make you ...
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OrboNation Newsletter: Check Processing and Fraud – February 2024

Download PDF Copy of the Newsletter Exploring the Stolen Check Market on the Dark Net with Dr. David Maimon OrboGraph's Joseph J. Gregory and Dr. David Maimon recently discussed the Dark Web or Dark Net, which is becoming the supermarket for fraudsters looking for raw materials to use as tools ...
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Check fraud detection

Effective Strategies for Check Fraud Detection: Proven Techniques to Safeguard Your Financial Institution

In the fast-paced world of banking, keeping up with the latest technological advancements is essential for success. For banks, successfully managing check fraud remains a critical concern, even as the industry shifts toward digital transactions.  Legacy systems can be a limitation, and institutions must upgrade to the latest tools and ...
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Check Fraud Solutions

Comprehensive Solutions for Check Fraud Prevention and Detection: Efficient Strategies for Financial Institutions

As a global leader in check fraud detection and prevention, we at OrboGraph understand that the financial industry faces countless challenges in combating financial fraud. To protect our clients, we are committed to remaining at the forefront of check fraud detection and prevention by providing comprehensive solutions that incorporate advanced ...
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Over Half of All Banks Express Concern About Legacy Tech Dependency

Over half of bank execs polled are concerned about dependency on legacy technology The same execs have a positive outlook for 2024 Less than 8% of the execs polled expect to reduce their tech spending in the coming year Monitor Daily reports on a survey of over 100 bank executives ...
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Legal Landscape of Check Fraud

Understanding the Legal Landscape of Check Fraud: Key Aspects and Implications

As a global leader in check fraud detection and prevention, we at OrboGraph understand the complexities and changing landscape of check fraud in the financial industry. Even with the rise of digital payment methods, check fraud remains a considerable risk for banks and credit unions. Notably, fraudulent actors are employing ...
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Check Fraud Statistics

Check Fraud Statistics 2023: Revealing Alarming Trends and Numbers

As a global leader in the fields of check fraud detection, check fraud prevention, and image recognition solutions, we at OrboGraph are committed to remaining at the forefront of fraud detection and prevention in the financial industry. With the rapid evolution of technology and the increasing sophistication of fraudsters, staying ...
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Check Fraud Cases

Notorious Check Fraud Cases and Lessons Learned: Unveiling Crucial Insights for Prevention

As a global leader in check fraud detection and prevention, we at OrboGraph understand the challenges banks face concerning check fraud and constantly strive to offer innovative solutions. One effective method to protect financial institutions and their customers is to examine notorious check fraud cases and learn from them. By ...
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Types of Check Fraud

Types of Check Fraud and How Banks Can Recognize: A Concise Guide

In recent years, check fraud has continued to be a significant concern for banks, as criminals have turned their attention to checks.. As a global leader in the fields of check fraud detection, prevention, and image recognition solutions, we at OrboGraph understand the importance of staying ahead of these threats. ...
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Are Bank Branches Making a Comeback?

"In-person banking is fading away." Wall Street's biggest bank would beg to disagree. Bankingdive.com reports that banking giant JPMorgan Chase plans to expand its branch network significantly over the next few years, aiming to open over 500 new branches focused on underserved areas, according to a statement seen by Reuters and The Wall ...
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Visa’s Acquisition of Pismo Banking Platform Continues Trend of Major Companies Entering Banking

Not long after we saw Elon Musk's X (ex-Twitter) make moves into payments, Visa has successfully completed its acquisition of Pismo, a global cloud-native issuer processing and core banking platform, for $1 billion in cash. Earlier reports said Visa was competing with at least one other firm to acquire Pismo. The ...
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OrboNation Newsletter: Check Processing and Fraud – January 2024

Download PDF Copy of the Newsletter Exploring the Strengths and Weaknesses of Positive Pay Systems for Check Fraud Detection Recently, OrboGraph's Marketing Manager and Check Fraud Detection Specialist James Bi had a conversation with a mid-sized bank about check fraud detection solutions. Specifically, this bank was interested in positive pay ...
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X Marks a Spot in Payments — Maybe

Elon Musk, who now owns Twitter (rebranded as X), plans to launch a peer-to-peer payments feature on the platform in 2024. Musk said he expected payments to launch by mid-2024 pending regulatory approvals from states. Approvals from California and New York are seen as particularly important for the payments launch. ...
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Alogent’s 2024 New Years Resolutions for Mobile Banking

Wendi Klein, VP of Marketing at Alogent, asks if 2024 just might be the time to take an even more serious look at mobile banking and suggests the best ways to take advantage of what has by now become an expected banking feature: With the kick-off to 2024, it's an ...
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Millennials and GenZ: The Newest Check Writers?

In the newest segment of their "I've Always Wondered" series, which addresses questions many of us have about the economy and spending habits, Marketplace tackles the question: "Why do we still use paper checks?" For insight, they consulted experts. There are a slew of reasons explaining our continued check use. ...
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OrboNation Newsletter: Check Processing and Fraud – The Best Articles from 2023

Download PDF Copy of the Newsletter Washington Post: "Checks Are Dead"…Not So Fast! This proclamation comes from reporter Andrew Van Dam in a recent article from the Washington Post. In a few years, comically oversized foam-board novelty checks will be the last remaining evidence of a 20th-century icon, as the ...
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