Picture this: a fraudster writes a check for $5,000 from his account at a credit union and walks over to his local branch of a nationwide bank, depositing the check by scanning it in at the ATM. It’s a large check, so the bank makes half of the funds...
Application fraud prevention isn't what it used to be. Digital account opening processes are now the norm. Fraudsters are exploiting weaknesses in traditional risk assessment systems. And financial institutions (FIs) are struggling to prevent...
Easier ways to send and receive payments? Check!
The need to write and send paper checks dwindling? Check!
Check fraud becoming a relic of the past?
Umm, not so much…
The reality is, check fraud shot up a mind-blowing 96% in 2022 according to the...
by Eric Foust
The COVID-19 pandemic spurred large corporations and small businesses alike to double-down on their plans for adopting real-time payments. It also created a prime opportunity for financial criminals. Indeed, faster payments mean...
Last month we heard top things to consider when financial institutions (FIs) are implementing a new P2P payments platform. This month Wade Hobbs, Business Development Manager for Levvel’s Payments practice, went deeper on another important topic - fraud management.
During the COVID-19 pandemic, stimulus fraud was rampant. Now, building on the success of pandemic-driven tactics, fraudsters are turning their attention to new account openings.
As account openings surge and application processes continue to move...
Digital account openings are increasing, with 37% of all checking account applications coming through the digital channel in 2022 according to research by Aite-Novarica. But as the industry is shifting to digital, so are fraudsters. Aite’s research...
Learn more about Nacha’s updated rules and regulations going into effect starting in 2024.
Expanded Predict New Account Risk capabilities from Early Warning® harness shared data to help banks and credit unions fight fraud