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OrboNation Newsletter: Check Processing and Fraud – The Best Articles from 2023

January 3, 2024

In case you missed it, over the past month, we have published incredible content on our OrboNation Blog and Modernizing Omnichannel Check Fraud Detection. Review the latest OrboNation Newsletter online or via PDF download.

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Investing in Check Fraud Tech — The Need and The Cost

December 27, 2023

Check fraud is growing We are on track to see another increase in ’23 Fortunately, investing in newer tech to combat fraud is affordable Check fraud continues to be a growing and significant problem for US banks. S&P Global reports that, between 2018 and 2022, suspicious activity reports for check fraud at banks increased over…

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Check Fraud: High-Tech Solutions for Low-Tech Crimes

December 26, 2023

While the younger generation doesn’t use checks frequently, check use is still strong Fraudsters are robbing mailboxes – both private and US Postal Service “blue boxes” Check fraud can be accomplished with inexpensive tools, making it popular Jeffrey Weiner, Chairman and CEO at Marcum LLP, posted on LinkedIn about the growing “popularity” of check fraud…

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Gel Ink Pens: Effective Against Check Washing, NOT Counterfeiting

December 20, 2023

Gel pens are resistant to “washing” It’s often advised to write checks with gel pens to avoid fraud Fraudsters can create checks from scratch, so they no longer “wash” checks A few months back we reported on an experiment to see whether gel ink pens indeed resisted “check washing” as claimed by some pundits. The…

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Jack Henry & Associates Interview: Check Fraud Increased 180% Over 2022

December 19, 2023

Check fraud continues to rise Scammers are now working with smaller dollar amounts The “Dark Web” provides an easly accessable marketplace for checks At BankInfo Security, Suparna Goswami spent some time talking to Rene Perez, director of financial crimes sales and financial crimes consultant for Jack Henry & Associates, to review the major fraud scams…

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NY Times Investigative Reporting: Reaching Out to Unknowing Stolen Check Victims

December 13, 2023

Anyone with a smartphone can download an app and quickly get access to bundles of stolen checks sold in open forums. Banks are shuttering accounts without communicating with their customers NYT reporter reaches out to unknowing victims On the heels of NY Times reporter Tara Siegel Bernard covering the rise of check fraud, colleague Rob…

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NY Times Highlights the Check Fraud Epidemic

December 12, 2023

Despite the decline in check usage, check fraud has become a significant problem for banks and customers, particularly since the pandemic Criminals have leveraged tech and social media to commit fraud on a grander scale, and the theft of checks has become more sophisticated Often the anti-fraud efforts of financial institutions can negatively impact fraud…

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A Holiday Reminder to Beware of Check Fraud

December 6, 2023

75% of American experienced at least one type of holiday scam last year 15 holiday scams to watch for Keeping customers informed on these scams can protect the FI and their customers this holiday season The holiday season is, as they say, the “most wonderful time of the year.” Unfortunately, this goes for fraudsters as…

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43% of FIs Report Increase in Fraud — Time to Fight Back with AI

December 5, 2023

Scammers have easy access to sophisticated AI tech As a result, it’s easier and easier for “the average scammer” to engage in sophisticated fraud The banking community is responding by deploying AI tools to combat this new wave of fraud It’s no secret that banks are dealing with increased fraud as scammers leverage advanced technologies…

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Good Morning America: Mail Theft Goes National — and “Inside”

November 29, 2023

Mail Theft is on the rise and endangering postal employees Online “check trading” is easily accessible “Inside jobs” by postal workers have been discovered News of the current wave of postal theft went national on ABC’s Good Morning America, as they reported that close to 40,000 mail theft incidents were reported last year — and…

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