This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
07/22/2022
Combating check fraud: Still a major challenge in the digital age
ABA Banking Journal
Checks remained the payment method most impacted by fraud activity (66 percent), reports from the 2021 Association for Financial Professionals Payments Fraud and Control Survey. Financial institutions encounter deposit fraud in many ways, including counterfeits, forgeries, alterations, serial numbers, stop payments and check kiting.
While many organizations are rightly focused on combating digital fraud, fraudsters are also still dialed in to check fraud. Improving efforts to combat check fraud should start with financial institutions utilizing extensive mathematical and machine learning methods to analyze transactional data, check stock and signatures to identify potential suspicious items and corresponding risk exposure. Effective check fraud prevention will help FIs evade exploiters and their newest innovative fraud schemes.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information