What happens when you mix checkwashing fraud with the image-deposit rules from Check21? You get check baking, also known as check cooking. Gone are the days of chemical alterations and one-off deposits. The scam goes completely digital.
The Evolving Trends of Check Fraud: What the Financial Industry Experienced in 2023
2023 proved to be a challenging year for the banking industry as it witnessed a surge in fraudulent activities. New schemes emerged, while older and enduring challenges continued. Let’s delve into the impacts of check fraud and forgery schemes. In their 2023 Fraud and Financial Crimes Report, Kroll, an advisory firm focused on risk, governance, […]
What Does Inflation Mean For Financial Fraud?
When it comes to recent inflation, some individuals are changing their spending habits while others are simply taking it day by day. Either way, it seems inflation is affecting everyone. Gasoline prices are up 59.9% and energy rates are up 41.6% from last year, so there’s no doubt that the necessities are more expensive. […]
Catch Me If You Can – How AI Fraud Detection Software Transformed the Check Fraud Investigator’s Job
Catch Me If You Can – Today, AI-powered software can mimic human investigators, detect check fraud in milliseconds and stop the scam.
“Check fraud is now rampant among Millennials!” Who would have thought?
Check fraud is now rampant among millennials when checks remain a huge part of the payments landscape – the case for investing in check fraud detection software.
How to Help Ensure Your Vote-By-Mail Counts
Enquiring minds have moved beyond the FUD factor & now want to know: how exactly does Vote-By-Mail work, & how does the process prevent fraud? Find out here.
Fraud Prevention Not Just for Banks | State & Local Government
Fraud Prevention is not just for banks, state & local government help prevent fraud very cost effectively using signature verification automation.
Best Practices for Know Your Customer (KYC) Compliance
Know Your Customer (KYC) significantly impacts business operation’s bottomline and customer onboarding experiences. Here are a few best practices for KYC compliance.
What’s Next for Restrictive Endorsement and Fraud Prevention
Now is the time for restrictive endorsement in fraud prevention, which means financial institutions will need to implement technology to detect the presence of the restrictive endorsement in addition to the signature.
Check Payee Line Verification – Has Its Time Come?
Is Check Payee Line Verification still necessary? It turns out it is for fraud prevention and regulatory compliance. Find out more here.
Taking the Risk out of Risky Business: Restrictive Endorsement and Advanced Validation Applications
The advent of new channels and devices available for interacting with financial institutions has increased customer choices for remote deposits among other activities while simultaneously creating greater risk. Whether intentional or by accident, the potential for a check to be altered or deposited multiple times on different dates or at different institutions are real and […]