Deric Vinyard’s Post

FinCEN’s recent analysis of 15,000 check fraud cases reveals that criminals prefer simplistic methods that avoid human tellers but still involve check manipulation. This highlights the need for advanced fraud prevention solutions. VERITUITY a solution that is used to address these concerns by providing verified, secure, automated payment solutions that transitions corporate disbursements off of check, minimizes human interaction and enhances fraud detection, to ensure safer transactions for businesses and consumers alike. #SecurePayments #FinTech #FraudPrevention #FinTech #SecurePayments #Verituity #BankingSecurity #FinancialCrimes #InnovationInBanking #FinancialCrimes #CheckFraud #FinCEN #SecurityAwareness https://lnkd.in/ehmmcXAg

Elements of a card and potential fraud aspects related to it? Here I dive into the basics of a card and potential fraud elements related to it. #cardfraud #fincrime #fraudanalytics #BINfraud #fraudrulesengine #luhnalgorithm

Money Mules Play a Pivotal Role in Fraud Schemes! Money mules are individuals that receive and transfer illegally acquired funds to other individuals or entities. It is a key enabler of digital banking fraud which impacts consumers and organizations across the globe. Mules are also often used for the purpose of laundering money, for example, from scams or other fraudulent activities, through the financial system. In this instance, their aim is to help obscure the trail of ill-gotten gains and make it more challenging to trace the money flows. Money can be moved rapidly through large networks of witting or seemingly unconnected mule accounts held at multiple financial institutions, making it harder to track. Learn how money mules operate and why forward-thinking organizations leverage digital, physical, email and behavioral intelligence to help prevent money mules from aiding fraud. Download the ebook now! https://lnkd.in/ezWZ3Snj

Aegis FinServ Corp™ , #AegisFS #FinTech own our rails and are not exposed to the frauds, Cybertheft, ID Theft and Fakery common to make FIs. #Zelle fraud was stunning for many of the industry and continues to receive discussion from Industry Experts and affected Consumers. Here is a good update as #CFPB weighed in on the issues and are detailed herein. https://lnkd.in/ejA7w6yV

Check fraud is on the rise, with a recent FinCEN report showing over $688 million in suspicious activity tied to mail theft and check fraud. Despite digital advances, paper checks remain a prime target for criminals. Automating payments can help businesses reduce risk, as manual check handling exposes vulnerabilities that fraudsters exploit. Now more than ever, digital transformation in B2B payments is essential to safeguarding financial transactions!

Through my participation in the @FedPayments Improvement scams definition and classification work group, we developed the ScamClassifierSM model. This voluntary classification structure supports consistent classification, reporting, analysis and identification of scams and related trends to help promote accuracy of scam reporting, detection and mitigation. Learn more: https://lnkd.in/gfCU9MF9 #fraud #fincrime #scams #paymentsindustry

Aegis FinServ Corp™ , #AegisFS #FinTech own our rails and are not exposed to the frauds, Cybertheft, ID Theft and Fakery common to make FIs. #Zelle fraud was stunning for many of the industry and continues to receive discussion from Industry Experts and affected Consumers. Here is a good update as #CFPB weighed in on the issues and are detailed herein. https://lnkd.in/ejA7w6yV

Aegis FinServ Corp™ , #AegisFS #FinTech own our rails and are not exposed to the frauds, Cybertheft, ID Theft and Fakery common to make FIs. #Zelle fraud was stunning for many of the industry and continues to receive discussion from Industry Experts and affected Consumers. Here is a good update as #CFPB weighed in on the issues and are detailed herein. https://lnkd.in/ejA7w6yV

Combatting check fraud remains a top priority for financial institutions, with Regions Bank and others reporting significant losses. While instant payments via RTP, FedNow, Zelle, and Venmo are gaining traction, checks continue to pose challenges due to evolving fraud methods like 'check-washing' and mail theft. Despite advancements like Check 21 and remote deposit capture, fraud losses remain high, and traditional risk prevention structures fall short in 2024. The need for robust, adaptive fraud prevention solutions like VALID Systems risk decisioning has never been greater. Let's accelerate the transition towards a fraud-resistant future. #FraudPrevention #DigitalPayments #ValidSystems #FinancialSecurity https://lnkd.in/gkq8ux8v