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You Want to Modernize Your Check FraudDetection. See How Top Organizations are Doing It.
Check fraud is on the rise again—and fraudsters are getting smarter. From check washing to mobile deposit fraud, traditional systems are struggling to keep up with today’s coordinated attacks. That’s why leading banks and fintechs are turning to modern check fraud software powered by AI.
In this guide, you’ll learn:
- The catalysts behind recent surges in check fraud
- Key patterns and behaviors of a real-world check fraud ring
- AI driven strategies to build a robust defense against check fraud threats
See What’s Working. Download the eBook
In 2024, the preference for check payments among US consumers and businesses remains strong. Unfortunately, this preference is shared by fraudsters, making check fraud one of the most prevalent and damaging forms of financial fraud. Proving its staying power, check fraud caused FIs to file over 665,000 check fraud-related SARs in 2023. On the heels of that 134% increase in check fraud SAR filings from 2020, it’s now projected to reach a stunning $24 billion in losses globally in 2024.
While encouraging customers to adopt digital payment methods, warning about the dangers of check fraud, and prioritizing it as a fraud threat are all important mitigation strategies, they aren’t enough to stem the rising check fraud tide. This guide will introduce you to the sophisticated strategies check fraudsters use, how they operate check fraud rings to maximize attacks, and the strongest modern prevention methods and strategies to fight back.
