Podcasts
AI and machine learning are revolutionizing the banking sector by enhancing productivity, reducing costs, and offering superior customer service. However, these technologies also pose challenges, particularly when AI models are trained on biased data, leading to unfair decisions and potential regulatory issues.
To understand the causes of AI bias, the banking functions most susceptible to it, and measures to prevent unintended discriminatory outcomes, you can listen to a podcast featuring insights from Valid Systems’ Rodney Drake and Donna Cichani.
During the pandemic, check fraud decreased as fraudsters targeted government stimulus programs. However, by mid-2021, check fraud surged to historic levels. To combat this, financial institutions are advised to partner with third-party companies like Fiserv to manage and mitigate fraud risks.
A recent PaymentsJournal webinar, featuring industry experts, discussed how new technologies and insights can help reduce fraud losses in check deposits.
Check fraud is increasing as criminals exploit social media scams, account takeovers, check washing, and stolen checks. Despite the rise in fraud, customers still expect immediate access to funds, similar to digital payments. Balancing customer demands with fraud prevention is challenging.
In a discussion, Rodney Drake from Valid Systems and Dan Daigler from M&T Bank address the unique challenges of check fraud, the conflict between customer expectations and traditional fraud protections, and how M&T Bank’s Flash Funds offers immediate mobile deposit availability while combating fraud.
Despite declining check volumes, check fraud has surged, doubling in a year as criminals exploit vulnerabilities like ACH conversion, check washing, and counterfeit checks. Traditional detection tools often fall short, making it crucial to understand current fraud trends, the role of behavioral analytics, and the importance of cross-channel visibility.
Rodney Drake from Valid Systems and Kevin Moss, former Chief Risk Officer for SoFi and Wells Fargo, discuss strategies to outsmart criminals and reduce check fraud.