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 slide deck, 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
