BlogConsortium Analytics and Machine Learning: A New Frontier in Check Fraud DetectionJuly 11, 2024 by Colin Parsons The financial industry has been tackling the issue of check fraud for many years using outdated technology and siloed approaches. With the increase in check fraud, estimated at over $26 billion in losses globally, we need a new solution that... |
BlogCombating Complex Check FraudApril 12, 2024 by Colin Parsons Check fraud is often viewed as an outdated crime — but these scams are in fact becoming highly sophisticated and causing significant losses. In 2023, there was $21B in check fraud losses in the Americas, representing nearly 80% of total... |
BlogCheck Fraud is a Growing Problem – Financial Institutions Need a SolutionJune 12, 2023 by Nasdaq Verafin “In 2022, banks saw an 84% increase in check fraud, costing consumers an estimated $815 million.” – Senate Committee on Banking, Housing, and Urban Affairs, 2023 Even though check use is declining in the U.S., incidents of check fraud and... |
BlogCriminals Cash in on Stolen Checks: FinCEN Releases 10 Red Flags for Mail-Related Check FraudMarch 24, 2023 by Nasdaq Verafin Mail-related check fraud is surging. In 2022, check fraud-related SARs filed to FinCEN reached over 680,000, almost doubling the previous year’s number of filings. In response to a nationwide surge of stolen check fraud schemes targeting the U.S. mail system,... |
BlogFraud Trends and TechnologyJanuary 12, 2022 by Nasdaq Verafin Financial institutions face increasing challenges to keep pace with evolving financial crime, and 2021 revealed that fraud is moving faster than ever. In a year-in-review presentation, we explored the top fraud trends of 2021 identified in the Verafin Cloud, the... |
BlogCrime Trends & Technology: Reflections & Perspectives for 2020January 7, 2020 by Nasdaq Verafin As we move into the next decade, it is critical for financial institutions (FIs) to reflect on recent trends in fraud and compliance, and gauge what potential challenges lay ahead. In a special year-end presentation, we took a look back... |
BlogDefying the Digital Revolution: Conventional Check Fraud Continues to Challenge Financial InstitutionsNovember 26, 2019 by Nasdaq Verafin Despite the current prominence of digital banking channels, check fraud remains a popular means for criminals to exploit financial institutions and their customers. Fraudsters’ options in this vein are numerous: stealing and cashing checks, duplicating legitimate checks, doctoring counterfeit checks,... |
BlogSix things to consider when investigating check deposit fraudFebruary 6, 2017 by Nasdaq Verafin Good ol’ checks. Even though their use continues to decline, they’re still a thorn in the side of fraud investigators. The Federal Reserve Payments Study 2016 shows the number of check payments in 2015 fell to 17.3 billion, down 2.5... |
BlogPreventing thousands of dollars in fraud loss through early detectionNovember 21, 2016 by Nasdaq Verafin The ability to detect deposit fraud early and take decisive action is more important for financial institutions (FIs) than ever before. In its biennial 2015 Deposit Account Fraud Survey, conducted with commercial and savings banks, the American Bankers Association (ABA)... |
BlogFinancial Fraud Charges in ISIS-Related Arrests in the USFebruary 8, 2016 by Denise Hutchings Yesterday the House Homeland Security Committee reported that law enforcement authorities have arrested 81 individuals in ISIS-related cases in the United States since 2014 – 62 in 2015 alone. The cases include individuals plotting attacks; attempting to travel to join... |
