Blog Post

Walmart has a reputation as a “one-stop” shopping destination Toward that end, Walmart offers money transfer services Unfortunately, a lawsuit alleges they did not protect these transactions Walmart has enjoyed a reputation as the “one-stop” center for consumer needs, and, true to their reputation, they expanded into the money transfer space so their customers could…

Fraud attempts are down At the same time, the COST of fraud has risen A multi-pronged tech approach by banks eliminates fraud opportunities American Banker reports that data suggest in the beginning of 2022, the number of fraud cases being reporting has decreased from previous two years — nearing pre-pandemic levels. While many may see…

A new study examines general bank fraud Fraudsters are overtly advertising “fraud lessons” Checks remain a prime fraud target In their new expansion of The Business of Fraud: An Overview of How Cybercrime Gets Monetized, Recorded Future’s Insikt Group® — Recorded Future’s threat research division, comprising analysts and security researchers with deep government, law enforcement,…

Digital payments are becoming more and more popular Even so, checks remain a mainstay for many consumers Fraudsters never stop evolving, and neither should anti-fraud technology. As cited by an article at the ABA Banking Journal, the 2021 Association for Financial Professionals Payments Fraud and Control Survey indicates that checks remain the payment method most…

Fraudsters are stealing checks from postal service mailboxes We now see assaults on mail carriers to access keys to the public mailboxes An online “black market” for checks provides ample motivation for these thefts As if it weren’t bad enough that fraudsters have made it a habit to steal from home mailboxes and even postal…

Many large companies have been stung by check fraud Almost all instances could have been prevented by currently available fraud detection tech AI-powered transactional-analysis systems protect orgs from internal and external fraud Though digital payment options are popular (and there seems to be a new one every week), the fact is that checks remain a…

Bad fraud practices are pervasive Attention to a short list of bad practices can bring improvement Banks must stay consistent and constant The always-informative Frank on Fraud blog discusses — with accompanying highly entertaining imagery and GIFs — the 10 Worst Fraud Practices and How to Avoid Them. Frank recognizes that the same mistakes seem…

Use of AI and machine learning expected to escalate against fraud A majority of organizations plan to increase their anti-fraud tech budgets The pandemic has certainly been a factor The Association of Certified Fraud Examiners and SAS released their Anti-Fraud Technology Benchmarking Report 2022 — a report exploring how organizations are using anti-fraud technologies and which ones…