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How Threat Actors Are Preying on Silicon Valley Bank Collapse

March 22, 2023

Introducing the “Threat Actor” Threat Actors respond to news trends and resultant anxiety The fall of Silicon Valley Bank is the newest boon for Threat Actors The Cloudflare Blog takes a look at the activities of a specific category of fraudster, the Threat Actor, in relationship to news events like the collapse and takeover by the…

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Report: First-Party and Third-Party Check Fraud Increase 78% and 74% in 2022

March 21, 2023

Aite-Novarica Group fraud executives at Aite-Novarica Group’s 2022 Financial Crime Forum Check fraud and scams are growing disproportionately to other forms of fraud In spite of check fraud growth, some banks remainl hesitant to invest in anti-fraud technology Aite-Novarica Group’s expert, Trace Fooshée, shares their research to help fortify fraud platforms via Fraud Trends for…

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mRDC: “Double Presentment” Check Fraud

March 15, 2023

Mobile remote deposit capture, or mRDC, is wildly popular among banking consumers – and why not? Upon receipt of a paper check, rather than having to travel to a local bank branch to deposit the money into an account, today’s bank consumer has only to sign the check and use their smartphone to photograph it…

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Stolen Checks: What Information is Exposed for Fraud?

March 14, 2023

Checks contain many “exposure components” Fraudsters can use one of more of these components to instigate theft Banks that deploy image forensic AI tech can greatly reduce these fraud opportunities Stolen checks continue to be one of the major events covered in today’s media — specifically when it comes to assaults and robberies against mail…

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FinCEN Warning: Check Fraud Related SARs Nearly Double in 2022

March 8, 2023

FinCEN reports a large increase in check fraud They characterize it as a “nationwide surge” Physical checks via mail theft seem to be favored targets The Financial Crimes Enforcement Network (FinCEN) has made it clear: There is a nationwide surge in check fraud, and it is targeting the US mail. “Criminals have been increasingly targeting…

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With Check Fraud Rising, Credit Unions are Investing…Less?

March 1, 2023 reports that there is a fairly glaring disconnect between credit unions and their members when it comes to fraud concerns. While members see a real threat, CUs do not seem to be responding in kind: Despite the growing fraud risk and subsequent member concern, many credit unions (CUs) do not appear to be actively…

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Technology has Turned Check Fraud Into a Business

February 28, 2023

Fraud has grown from creating TENS of millions in losses to HUNDREDS of millions Fraudsters can sell their wares digitally Now there are even refunds made available by fraudsters selling to new criminals Suparna Goswami, associate editor at the ISMG network, recently spoke to David Maimon, professor of criminal justice and criminology at Georgia State…

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Video Interview with Aite-Novarica Group: Exploring Check Fraud Technologies

February 22, 2023

Check fraud is growing ahead of other types of fraud Banks using only legacy fraud detection systems are falling behind Integration of legacy and image analysis systems brings greater success in fraud detection In a new video at, Trace Fooshee, strategic adviser with Aite-Novarica Group, discusses strategies and tools to detect check fraud, and…

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New Deposits: Check Fraud a Major Threat for Banks

February 21, 2023

Check fraud is rising Banking consumers demand “money mobility” Adding “money mobility” means increasing the risk of fraud As we’ve noted here frequently, check fraud is on the rise. In fact, notes that you can enter the search term “check washing” into any search engine and see a substantial number of headlines that have…

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USPS Outlines 10-Year Reform Plan — Are Stolen Checks Addressed?

February 15, 2023

Postal carriers are being robbed for checks and “arrow keys” The USPS has outlined reforms Many feel that postal carrier security is not being addressed strongly enough One of the more horrific wrinkles in the check fraud phenomena is the rise in actual physical attacks on United States Post Office carriers by assailants looking for…

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