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Check out our reservoir of information related to check recognition and healthcare payment technologies. We frequently update this section with the latest news, trends, and analysis of the banking and healthcare industries.

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Platform Modernization

Both the financial and healthcare industries are undergoing modernization initiatives in check payments and remittance.  See how OrboGraph is using AI, self-learning and deep learning models to drive innovation in these industries to deliver workflow automation.

Platform Modernization

Modernizing payments in the banking and healthcare industries

AI, Self Learning & Deep Learning Technologies

Optimized AI and deep learning models for the automation of check processing and healthcare posting

Operationalizing AI & Self Learning in Checks

Revolutionizing check processing and fraud prevention for the banking industry

Delivering Healthcare Payment Electronification

Increased accuracy levels, decreased error rate for healthcare payments posting

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Healthcare Payments

OrboAccess automates remittance and payment posting as well as enables full research and business intelligence analysis for RCM companies, clearinghouses, billers, and providers.

Access EOB Conversion

Delivers EOB/EOP electronification with information intelligence via AI and deep learning technologies

Access Correspondence Letters

Extracts posting data and tracks reimbursement progress via workflow management

Access Payment Reconciliation

Streamlines the reconciliation process of ERA, ACH, EOB and checks

Access Patient Payments

Automates patient payments for posting

Access Denial Intelligence

Spotlights trends in denials to reduce receivables via prevention

Healthcare Payments Automation Center

Scalable, reliable, flexible cloud-based hosted data center on Amazon Web Services (AWS)

Modernizing RCM with AI

An informative resource to assist RCM companies in understanding how to solve today's problems with the help of AI.

Check Processing

OrboAnywhere automates paper originated payments (i.e. checks, money orders, drafts) and remittances for balancing and posting while reducing risk and losses in the areas of check fraud, payment negotiability and compliance.

Anywhere Fraud

Transaction and image analysis for on-us and deposit fraud detection of counterfeits, forgeries, and alterations.

Anywhere Recognition

Divergent multi-engine CAR/LAR, ICR, OCR & AI check recognition for the Omnichannel

Anywhere Validate

Validate payment negotiability of paper originated items

Anywhere Payee

Match, read, and validate payees for risk and operational workflows

Anywhere Positive Pay

Payee name verification of business checks using issue files

Anywhere Compliance

Mitigate risk in check payments for OFAC, BSA/AML, UCC, Reg CC, and KYC

Traditional Products

Based on the Accura XV platform

Modernizing Omnichannel Check Fraud Detection

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

  • A prime ingredient in fraud is a "fresh" social security number from a newborn
  • FI's often ignore overt Fraud Alerts
  • Age is not verified by credit reporting agencies

In April our post featured "celebrity fraudster" Matt Cox as he described his methods for perpetrating check fraud. He knows of which he speaks; he is the author of the book Shark in the Housing Pool: On the Run With the Secret Service's Most Wanted (out of 15 Amazon reviews, it has 14 five-star ratings -- but let's remember that the author is a professional fraudster...).

His inside-baseball descriptions of check fraud combined with mortgage fraud are stark warnings to financial institutions that perfunctory background checks and disregarding "minor' fraud alerts work us right into the fraudsters trap.

In the featured interview segment featured, Mr. Cox talks about how he uses fake IDs created for infants under one year-old to build credit scores on fraudulent credit accounts:

Screen-Shot-2020-05-08-at-3.02.32-PM-1

The Path to a Fraud Account and "Real" Credit History

While a great deal of his success seems to boil down to Mr. Cox's ability to sit comfortably in front of a bank employee while a dubious social security number is discussed and an actual Fraud Alert pops up on his credit application, we should take note of the following ingredients in his con:

  • Advance Payment? No Problem! When the bank asks for payment to secure a credit card, this is no real problem for the fraudster. He'll gladly pay $100 or so to build a credit score in just a couple of months.
  • Cool Under Pressure. As noted above, Mr. Cox has actually been in the office when a "Fraud Alert" comes up on a credit application -- the "infant Social Security card" has been flagged as newly created -- but remained calm and walked out with approved credit nonetheless.
  • Personal Impressions Matter. Mr. Cox readily acknowledges that some of his success if attributable to stereotypical impressions: He is a well-dressed, clean-cut person sitting across from the bank employee.
  • The Big Loophole. Age is not verified by credit agencies, so all the fraudster needs is a social security number and address.

One of Mr. Cox's next steps after establishing a credit history was, of course, opening a checking account as a potent fraud tool. He now has a credit history, name, mailing address, and account -- to which he can add any birthdate he desires. The checking account he creates, upon a perfunctory examination, seems squeaky clean -- fraud built on top of fraud.

Lessons Learned from the Interview

The interviews with Mr. Cox are eye-opening to say the least. Whether the fraudster is a slick, smooth talking individual like Mr. Cox, a faceless individual behind a phone, or a tech savvy individual exploiting weaknesses within systems, one thing is for certain -- if there is money to be made, there will be fraud attempts.

Banks need to be aware of the tactics being utilized by fraudsters. We've outlined the effectiveness of combining different technologies like image analysis with analytics-based systems for check fraud detection. In addition to deploying the right technologies, training employees to properly interpret the results from the systems and not disregarding the alerts or red-flags are key to stopping the fraudsters.

CroppedFraudGifv2

While Mr. Cox's situation appears to be unique, his techniques and knowledge of the processes and procedures are not unlike other fraudsters (see how millennials are falling victim to a classic check fraud scheme). He is just one of the many fraudsters leveraging the skill sets he or she possesses to successfully defraud banks and its customers of its money.


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