Check fraud, a decades-old problem, continues to grow despite a decrease in the number of checks written and paid each year. Current defenses have major shortcomings that allow check fraud to flourish and losses to mount as high false positive rates plague even the best efforts of fraud analysts and investigators.
New approaches to data management, next generation analytics and visual alert disposition techniques can fundamentally improve the efficiency and success of check fraud management efforts at banks of all sizes. This session explores these new approaches and what they offer to banks and credit unions of all sizes.
Register for this webinar to learn:
Why check fraud is an important problem requiring a new approach
How and why existing approaches to check fraud fall short
How new approaches to check fraud enable loss prevention teams to catch more fraud, more accurately and more efficiently
Check fraud remains in the top three loss areas for most banks and credit unions. It's a damaging, ongoing challenge, causing record losses that continue to grow annually. In the latest available comprehensive survey of U.S. banks alone, check fraud resulted in close to $1 billion in losses. Many financial institutions treat check fraud as a cost of doing business. Why? Because a new approach to systematically solving check fraud has not emerged in decades.
Institutions using check fraud detection solutions know their challenges and shortcomings all too well. Inaccurate detection analytics yield a large number of alerts, mostly false positives. Those committed to reducing check fraud losses have no choice but to review these alerts in a short time period, an approach that requires an inefficient, manpower-intensive approach.
It's time for a new approach - one that produces a manageable number of actionable alerts, enables fast, efficient disposition of those alerts, and provides a comprehensive view of fraud so that more sophisticated cross-channel and collusive schemes can be stopped.
Attendees to this webinar will learn:
Why simple, flawed analytics lead to a flood of false positives
How a siloed view of check transactions can leave analysts blind to complex fraud events
How next-generation analytics can dramatically reduce false positives while still identifying fraud
How better tools for alert management and forensic research can drive faster, more accurate disposition and higher rates of fraud detection - and, ultimately, prevention.
Tim has 24 years of investigations experience, 21 of which involve financial fraud investigations and investigations management. Early in his career at First Union, Tim's responsibilities included physical security, threat assessment, ATM fraud and check fraud investigations. Tim's recent responsibilities as a Senior Vice President at Wachovia included leading teams that managed the prevention, mitigation and recovery of large dollar operational losses, charge off processing, and litigation risk /mitigation. He is a Certified Financial Crimes Investigator, a current member of the IAFCI and a former IAFCI Advisory Board Member. Tim is a frequent guest speaker at industry conferences and seminars. Tim is a graduate of Penn State University.
Director, Fraud Solution Strategy - Memento, Inc.
Mike is a 29 year industry veteran and a leading expert on payments fraud. He has worked on "both sides of the aisle" in banks and for solution providers developing and applying technology in item processing, remittance processing, balance and transaction reporting, investment sweeps, account analysis, loan systems, exception processing, overdraft management, reserve reduction, deposit account fraud solutions, and AML solutions. Mike is a frequent speaker at industry conferences and other functions on a variety of fraud topics. He is the current Steering Committee chair person of the Santa Fe Group - Vendor Council, and is a member of the NACHA Internet Council, where he participates in the WEB workgroup.