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The “Open Banking Era” Begins as Financial Data Rights Rule Finalized

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

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 ...
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Check fraud detection

Reinventing Banking Podcast: “Behavior” A Major Factor for Check Usage

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 ...
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Paper Checks Continue to Persist in Healthcare Payment Reimbursements

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 ...
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FINOS Introduces AI Adoption Framework

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 ...
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PYMNTS.com Research: 72% of Finance Leaders Actively Use AI in Their Operations

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

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 ...
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Why Investing in Banking Tech is Critical

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 ...
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Core Modernization as Path to Banking Success: Four Approaches

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 ...
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75% of Organizations Still Use Paper Checks According to New PYMNTS Report

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 ...
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Progressive Modernization of Technology Key for Regional Bank Success

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

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 ...
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Checks are the Preferred Method for High Dollar Payments

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 ...
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IBM: Open Banking Among Top 2024 Trends for Financial Services

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 ...
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Financial Institutions: Strategic IT Investments for Growth

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 ...
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Another Publication Attempts to Discredit Checks — Are They to Blame for the Inherent Issues?

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, ...
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CrowdStrike Outage: Financial Institutions Experience an Estimated $1.15B Loss

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

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 ...
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Small Banks vs Big Banks: Credit Card Competition Draws Parallels with Checking Accounts?

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 ...
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Featurespace and OrboGraph Partner to Help Financial Institutions Prevent Check Fraud Using World-Class Analytics and Image Forensics 

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 ...
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Cash Usage Following Same Path as Checks?

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 ...
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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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