The Proliferation of Check Fraud

Many experts and financial institutions agree that check fraud attempts are up 300%+ from pre-pandemic levels.

Additionally, according to the US Postal Inspector Service, we have seen a rise of over 70%+ in mail carrier and mailbox robberies from 2019 to 2021 as criminals are looking to get their hands on checks to wash.

Unfortunately, traditional check fraud detection systems have fallen short in the goal of detecting a majority of counterfeit, forged, and altered checks. In order to combat this ongoing problem, banks are taking a “best-of-breed” approach, combining image forensic AI with transactional analytics systems to enhance their check fraud detection capabilities.

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