Blog Post
Modernizing Omnichannel Check Fraud Detection An informative blog series exploring payments fraud and image technologies used to fight financial crimes. ACH Fraud Jumps – Are You Surprised? Checks represent a “big” target for fraudsters, but ACH fraud is growing faster ACH fraud growth, in fact, surprised industry leaders Has effective fraud prevention throttled check fraud…
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Double-layered fraud: fraudsters who actually defrauded other recruits who thought they were “in on it” – both banks and accomplices alike we defrauded. To better detect fraud, banks need to strategically align their technologies.
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Fraud attempts affected an estimated $25.1 billion held in deposit accounts, ABA’s survey found, with $22.3 billion protected per the Banking Exchange Prevention was the equivalent of $9 for every $10 in attempted fraud, per Dodd Frank Update Attempted check fraud spiked 43% in two years, per PYMNTS.com The American Bankers Association’s (ABA) 2020 Deposit…
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ABA reported a significant check fraud uptick in 2018 data B2B payments are still dominated by checks – leading to more opportunities for fraud – is it overrated? Assessing real-time, Positive Pay fraud systems with image can stop fraud at various stages of the workflow Corporate Payments Landscape: Checks Still Rule in B2B The Wall…
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Fraud techniques are evolving and check fraud is often intertwined with other types. Anyone involved in fraud detection and prevention needs to stay up-to-date, and Fraud Magazine offers some useful information.
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2019 Federal Reserve Payments Study Reports 16B Checks Written It’s back! The 2019 Federal Reserve Payments Study, provides us new insights and metrics for the payment industry: Less Paper, More Fraud Attempts, More Fraud Drilling down to checks, we see that the estimated volume of 16B checks written may have declined by 7.2%. However, read…
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As fraudsters continue to evolve their tactics, it is important to understand what acts of fraud are being committed and what actions banks are taking in order to combat fraudsters. These real-life examples provide much needed clarity into not only the acts of frauds, but also the types of perpetrators and their situations. From the…
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Check fraudsters are getting technologically sophisticated; Many bank fraud legacy detection systems are hopelessly out-matched; Proof of Concept is vital to the success of even the newest tech
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20 technical questions around fraud detection and models; complicated fraud scenarios must be well defined; AI and machine learning are effective, but multi-model approaches will outperform single models
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While instant payment channels grow and multiply by the day, fraudsters remain interested in check fraud as a “reliable” form of illegal income.
Let’s look at the classic Fake Check fraud scheme, which has not lost popularity in spite of the growth of other payment channels.