Check fraud has remained a mainstay of criminal fraud tactics for hundreds of years. Yet, after centuries of technological advancement, reliance on this legacy payment method persists while fragmented, delayed approaches to preventing check fraud are allowing check scams to thrive. With over $20 billion lost in the United States in 2023 alone, the time for cohesive action is now.
Join Peter Barbour and Corey Lynch, Product Experts at Nasdaq Verafin, as they discuss ending an age old problem by fighting check fraud holistically, from deposit to in-clearing. You will learn how fraudsters are manipulating every aspect of a check for their gain, creating counterfeits, altered checks, fraudulent endorsements and more, which are challenging to detect with conventional strategies. Then, discover how consortium analytics, machine learning and real-time analysis can be used together to counter even their most sophisticated efforts.
Highlights include:
- Industry Challenges: Why fragmented, point solutions leave institutions vulnerable.
- Fraud Typologies: How fraudsters exploit stolen checks—counterfeiting, alteration, fraudulent endorsements, and more.
- Effective Solutions: The power of holistic approaches using real-time analysis, machine learning, and consortium analytics that offer deposit risk insights at in-clearing.
- Investigation Tools: How advanced technology streamlines detection, investigation, and prevention.
- Case Study: Pinnacle Financial Partners’ success—30% reduction in false positives in one month.
