Check fraud isn’t going away Banks and credit unions continue to cite check as a major fraud risk. Even despite a lower volume of checks in circulation, fraud operators are evolving their tactics and leveraging checks as a low-cost, low-technology vehicle for fraud. Read Advanced Fraud Solutions’ annual report, The Changing Landscape of Check Fraud, … Continued
Check fraud continues to evolve as criminals adopt more sophisticated methods, leveraging advanced technology to bypass traditional security measures. In 2025, fraudsters are increasingly using AI, high-resolution printers, and business email compromise (BEC) schemes to create highly realistic counterfeit checks. With digital banking on the rise, mobile deposit fraud and altered checks are also becoming … Continued
IMM, the only eSignature provider that specializes in eSignature and digital transaction solutions exclusively for financial institutions, and Advanced Fraud Solutions (AFS), a leader in deposit fraud detection software, today announced Greater Iowa Credit Union has successfully rolled out its joint teller capture and fraud detection solution, protecting the credit union and its members from potential fraudulent activity. Within the first 90 days of implementing the solution, Greater Iowa Credit Union was able to flag and reject fraudulent checks, saving thousands of dollars.
Discover how Positive Pay helps financial institutions and businesses prevent check and ACH fraud. This comprehensive guide explains how Positive Pay works, types of coverage (including ACH and Payee Positive Pay), and implementation best practices for banks and treasury teams.
If you’re already using TrueChecks® to scan your mobile deposits automatically, then you’re in better shape than most FIs out there. In fact, according to the 2017 AFP Payments and Fraud Control Survey, 75% of organizations in 2016 experienced check fraud, and the mobile channel is a hot spot for this type of activity. Without a database like TrueChecks® to spot fraudulent remote mobile deposits, they can be harder to catch than checks coming through the teller line. Here are some clues that your bank or credit union can deploy now, to help beat the fraudsters at their mobile check deposit fraud game.
Despite a steady drop of checks in circulation, check fraud remains tenaciously persistent. Fraudsters continue to take advantage of access to inexpensive technology, social engineering tactics, and remote business practices to engage in illegal and deceptive check fraud schemes.
Deposit fraud is an ever-present threat, every year draining billions from unsuspecting account holders—and financial institutions. Your financial institution stands on the frontline of banking fraud detection, potentially next in line to bear the brunt of these losses. But it doesn’t have to be this way. In this guide, we’ve broken down the key insights … Continued
In the world of deposit fraud, new account fraud is a frequent flyer because without an established history it can be easier for new account holders to sneak through. Teaching your staff how to spot potentially fraudulent new accounts is a great way to get ahead of this popular scam. According to the 2015 Data Breach Fraud Impact Report published by industry analyst Javelin Strategy and Research, new account fraud was projected to increase from $5B in 2014 to $8B in 2018. Here are some tips to help your bank or credit union get out in front of this growing trend.
First, new account fraud typically occurs on an account within the first 90-days it is open, so this is the window to watch new accounts more closely for suspicious activity. Also, most fraudsters will wait for more than 30-days to make the first deposit or they will start with small deposits and withdrawals in the first month to make the account appear normal.
Here at AFS arming banks and credit unions with the tools to investigate and prevent check fraud is the name of the game. Check fraud is a growing challenge for FIs, despite the modifications in security measures. The risk has also increased due to the new ability of opening bank accounts through the internet and telephone which makes some of the traditional vetting done for account opening tougher. Online and mobile banking increases the challenges FIs face in securing accounts and preventing fraud in numerous ways in fact. Last year, half a million Americans lost an average of $1,200 each through check fraud. Complaints about fake checks to consumer advocacy groups and government agents have almost doubled in the last three years. To help combat these challenges, we’ve compiled a proactive list you can use to investigate check fraud. Make this part of on-going check fraud training with employees – it may help you stop more fraud than last year.
In this guide, we’ll explore the basics of using contribution data to enhance fraud prevention efforts. Specifically, we’ll cover the following: By the end of this guide, you’ll have a better understanding of the role that contribution data can play in fraud prevention and how you can take steps to leverage this valuable resource in … Continued
