AML Conversations Payment Fraud: Trends, Tactics, and Detection – Session 1
13 snips
Aug 4, 2025 Nikki Siko, a check fraud and remote deposit expert, and Patrick Haney, a specialist in wire fraud, dive into the shifting landscape of payment fraud. They discuss the surprising resurgence of check fraud and the rise of ACH scams. Real-world examples highlight the tactics used by fraudsters, including social engineering. The importance of customer education and innovative detection strategies to combat these challenges is emphasized. They also reveal insights on banks' varying responses to victims and suspects in fraud cases.
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Rising Check Fraud Despite Decline
- Check fraud is rising despite a global decline in check usage.
- Fraudsters exploit numerous methods from simple alterations to sophisticated counterfeit checks.
Elder Fraud via Remote Deposits
- Family members often commit elder abuse through remote deposit fraud using seniors' checks.
- Technology enables easy manipulation of check images for fraudulent deposits.
Mail Theft Fuels Check Fraud
- Mail theft significantly contributes to increasing check fraud.
- The COVID-19 pandemic saw a spike in mail theft related to fraudulent checks.