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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…

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…

PYMNTS.com 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…

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…

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 FraudToday.io, Trace Fooshee, strategic adviser with Aite-Novarica Group, discusses strategies and tools to detect check fraud, and…

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, PYMNTS.com notes that you can enter the search term “check washing” into any search engine and see a substantial number of headlines that have…

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…

Popular messaging platforms like Telegram are aiding fraudsters Telegram allows fraudsters to stay hidden behind aliases and encrypted messages “Walkers” are recruited to carry out in-person transactions with fake checks Many industry experts agree that check fraud has grown 3X from its pre-pandemic levels. We now have data to confirm the continued upward trend of…

Fraud is costly and pervasive In addition to outgoing payments, incoming payments are subject to fraud Companies deploying digital security solutions are seeing results As our blog’s readers know all too well, fraud is on the increase, and getting more sophisticated. As noted by PYMNTS.com: Fraud is both costly and common. In the last two…

New Year, New Fraud — and #FraudFighters continue to spread awareness through social media such as LinkedIn. Check out the latest #CheckFraud posts: View the post on LinkedIn → View the post on LinkedIn → View the post on LinkedIn → View the post on LinkedIn → View the post on LinkedIn → View the post on LinkedIn →