BlogCheck Fraud: Imitation is the Greatest Form of ForgeryNovember 26, 2024 by Nasdaq Verafin In today’s digital age, the old saying, “a picture is worth a thousand words,” takes on new meaning, especially in the realm of check fraud detection. Fraud investigators recognize checks as the payment method most susceptible to exploitation — and... |
BlogCheck Fraud: The Need for a Complete Picture of RiskOctober 10, 2024 by Colin Parsons The financial industry is struggling to solve check fraud using an incomplete picture of risk. New reports from regulatory bodies and economic leaders continue to highlight the significant impact of this legacy fraud channel. As criminal activity migrates to more... |
BlogStolen Check Fraud: Four Insights from FinCEN’s Latest AnalysisSeptember 19, 2024 by Nasdaq Verafin Check fraud continues to challenge financial institutions across the United States. Nasdaq found that in 2023, check fraud losses totaled $21 billion in the Americas, representing nearly 80% of total global check fraud losses. In response to rising concerns around... |
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11, 2024 by Colin Parsons The financial industry has been tackling the issue of check fraud for many years using outdated technology and siloed approaches.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BlogCombating Complex Check FraudApril 12, 2024 by Colin Parsons Check fraud is often viewed as an outdated crime — but these scams are in fact becoming highly sophisticated and causing significant losses.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,... |
