In 2023, check fraud accounted for $26.6 billion in losses globally, with 80% impacting customers across the Americas. Every element on a check gives fraudsters the details they need to forge, counterfeit, wash or duplicate — and the challenge is exacerbated by information sold on the dark web and new printing technologies.
The financial industry has been tackling these compounding issues with a siloed approach, with no ability to holistically assess each risk factor uncovered by image analysis, behavioral patterns or mule account identification.
In this webinar, Nasdaq Verafin experts Nick Pearson and Corey Lynch will explore insights into the complete risk and lifecycle of a check. Discover how, by utilizing a whole-of-industry approach, machine learning and consortium technologies, you will be equipped to simplify the check fraud prevention process.
You will learn how to:
• Recognize different check fraud scams and the layered approaches needed to combat the total problem.
• Benefit from collaboration between financial institutions on the depository and in-clearing side to stop check fraud.
• Utilize consortium analytics to gain insight into the overall risk of fraud as your customers transact with known and unknown entities
