Albert Szmigielski’s Post

Check fraud is a significant issue impacting both financial institutions and individuals. At Fin3, we’re addressing this challenge head-on. We’ve developed Digital Drafts—a groundbreaking type of Digital Negotiable Instrument designed to replace traditional physical checks. Thanks to UCC Article 12, these instruments are fully compliant with regulatory standards, offering a secure and modern alternative to paper checks. Want to learn more? Contact us today! #DigitalDrafts, #DigitalNegotiableInstruments, #CheckFraud #Fintech #Fin3

Checks may be declining, but they’re far from disappearing—and that means check fraud remains a critical challenge. 📝 This insightful The Wall Street Journal article highlights why checks continue to play a role in payments. At VALID Systems, we're committed to staying ahead of the curve with innovative check fraud solutions. Learn more about how we can help protect your business: validadvantage.com. #CheckFraud #FintechSolutions #InnovationInPayments https://lnkd.in/g-XfGQXG

Catch Fraud Before It Happens with Catch! 🚨 Did you know that check fraud surged by 84% in 2022, according to the Financial Crimes Enforcement Network, US Treasury (FinCEN)? As fraudsters get more sophisticated, relying on manual fraud detection methods just isn’t enough anymore. That’s where Catch! by CheckAlt comes in. Catch is designed to stop fraud in its tracks by leveraging cutting-edge technology that quickly identifies and prevents check manipulation—before it’s too late. In an age of rising fraud risks, isn’t it time to rethink how your institution handles check payments? Are you relying on outdated systems, or are you using modern solutions to protect your business and clients? Learn more about Catch! today at https://lnkd.in/gccSbxpc. #FraudPrevention #CheckFraud #BankingSolutions #Fintech #CheckAlt

With 85% of financial institutions experiencing a surge in fraud attempts over the past year, the need for robust identity verification solutions is critical. At Numerated, we understand the challenges lenders face, which is why we’ve partnered with Alloy to enhance fraud prevention and streamline identity verification in commercial lending. Our combined efforts ensure banks can make faster, more secure lending decisions while protecting their portfolios. Dive deeper into how our partnership is revolutionizing fraud prevention in our latest blog article! https://lnkd.in/ghgHMSiw #FraudPrevention #IdentityVerification #CommercialLending #Fintech

A new scam that banks are seeing - It's a fraudulent ploy targeting businesses and individuals required to file a Beneficial Ownership Information Report. Scammers are preying on the confusion surrounding the new reporting requirements and attempting to trick people into paying for services they can access for free on the official and legitimate FinCEN website. Talk to your bank for more information. Stay informed and utilize resources from your trusted partners. #CommWestWorks #WestSlopeBestSlope #SmallBusinessStrong

#YOURMONEY Fraudsters are thankful you still use paper checks Ever heard the saying, "Where there's a will, there's a way?" For criminals, that will is strong—and they always find a way. One common scheme involves stealing paper checks from mailboxes and using household chemicals to "wash" out the original details, replacing them with fraudulent ones. In other cases, fraudsters purchase blank checkbooks or even universal keys for postal drop boxes through illicit marketplaces. Their primary target? Paper checks. While the transition to electronic banking may seem intimidating for some, it’s a much safer alternative. Methods like wire transfers with written authorization, Automated Clearing House (ACH) payments with trusted connections, or electronic transfers secured by multi-factor authentication significantly reduce the risk of fraud.

"Check fraud went up nearly 400% last year," according to FinCEN. Checks have long been an easy fraud target, and the U.S. trails the world in moving away from them as payment forms. For businesses, e-payments are safer, cheaper, and more efficient forms of payment. In cases when a check is required, banks can provide companies with risk mitigation tools that help avoid the hassle and cost of managing a check fraud instance. If you're exposed or want to optimize your payment streams, Synovus has a team of specialists who can help. #checkfraud #riskmitigation #synovus

For large corporations cutting checks, it’s not a matter of “if” but “when” fraud will occur. Payee name verification, coupled with automation, drastically helps reduce the risk. #UMB #TUCE #TREASURY #FRAUD https://lnkd.in/gYVdv4FS

💸 With check fraud losses hitting a staggering $24 billion in the U.S. alone, it’s clear that businesses need to take action now to protect themselves. Despite the rise of digital payments, checks still remain a prime target for fraudsters. At CheckAlt, we believe it’s time to get proactive about fraud prevention. Our latest white paper, Proactive Measures for Financial Safety, dives deep into how financial institutions can enhance their defenses and safeguard their operations. Download our white paper today and get the insights you need to protect your organization: https://lnkd.in/gcXQuTSv #CheckFraud #FraudPrevention #Fintech #BankingSecurity #CheckAlt