American Banker’s Post

🔔 📈 Did you know that according to the American Bankers Association, check fraud costs banks and businesses an estimated $1.3 billion annually? That's a staggering figure, and one that demands attention and action. At VerityPay, we've made it our mission to be at the forefront of this battle against financial fraud. As the founder of VerityPay, I'm thrilled to share how our innovative pay-by-text platform is transforming the landscape of financial security. Today, I'm proud to highlight how we're directly combating fraud derived from paper checks, a longstanding challenge in the banking industry. Our platform offers a seamless solution that not only simplifies Business to Consumer (B2C) transactions but also significantly reduces the risk associated with paper checks. By enabling secure, digital payments via text, we're helping banks mitigate the vulnerabilities inherent in traditional check processing. But our impact doesn't stop there. We understand the immense burden that fraud places on business bankers. In fact, recent studies have shown that business bankers spend a substantial amount of their time grappling with fraud-related issues, detracting from their ability to focus on more strategic and profitable endeavors. That's where VerityPay steps in. By streamlining payment processes and fortifying security measures for businesses, we're empowering business bankers to reclaim their time and redirect it towards activities that drive growth and innovation within their organizations. Imagine the possibilities when valuable resources are freed up to pursue more meaningful tasks. In a rapidly evolving financial landscape, VerityPay is committed to delivering solutions that not only meet the needs of today but also anticipate the challenges of tomorrow. Together, let's build a future where financial transactions are not only efficient but also secure. Join us in the fight against fraud, and let's pave the way for a safer, more prosperous financial ecosystem. #Fintech #FinancialSecurity #FraudPrevention #Payments #b2bsaas #Banking #checkfraud

FDX’s Latest Update Offers Rules for Account Opening And Two-Way Fraud Notices - Digital Transactions https://buff.ly/3RyZw3F #financialdataexchange #fdx #openbanking #accountopening #fraud

Swift has announced two AI-based experiments in collaboration with its member banks, to explore how the technology could assist in combatting cross-border payments fraud and save the industry billions in fraud-related costs. https://lnkd.in/d24_rpgv   #TechNews #StayInformed #StayAhead #dailydose #followus #staytuned #stayconnected #technews #technology #trending #trendingnow #trendingnews #explore #explorepage #techdogs

Check theft and fraud is growing so fast total loss by banks, that are reimbursing their customers for losses today, is much higher than this estimate. Don’t be surprised when banks stop reimbursing these losses, it’ll be here before you know it. Be prepared and proactive in VerityPay’s secure Pay-by-Text SMS SaaS platform to stop check fraud while cutting costs by 10X.

It's concerning to see the impact of financial #fraud on older Americans in the digital age. According to the National Institute of Justice, they lose nearly $36 billion annually to these types of scams, impersonating a #bank branch or a loved one, with the added threat of AI-powered spam calls, the situation becomes even more #challenging for those less #techsavvy. However, there is hope on the horizon. Fast Company recently featured Charlie, a banking fintech company dedicated to older Americans. Charlie is developing an innovative anti-fraud system called SpeedBump. This system #detects unauthorized money transfers, delays payments for 6 hours, giving users the crucial time needed to prevent fraudulent activity. Do you have a loved one who is aging out of current technology? Would you consider recommending Charlie Banking to them? Why don’t more banks implement anti-fraud systems for elders?

If your business is implementing additional technologies or strategies to reduce friction, you need to consider this... 🤔 With the ever-changing landscape of fraudulent activity making for an ongoing game of cat and mouse, creating less friction for financial services customers can create more opportunity for fraud 💳 So how can you strike a balance between improving user experience whilst keeping your customers, and your business, safe and secure? We're delving into how technology and good digital products can keep fraudsters at bay in our latest blog 👉 https://lnkd.in/eU9btxTt #financialservices #financialfraud #fintech #fightingfraud #banking

Global FinTech Series Staying Ahead of Payments Fraud with Artificial Intelligence #ArtificialIntelligence #financialprocessing #Fraudprevention #PaymentsFraud #RealTimePayments #riskmanagement https://lnkd.in/dpcFkNtt

As we move in real-time, so does fraud. This is a key thing for financial institutions and other companies to understand who operates in the real-time payments space. The growing demand for fast payments calls for fast methods of addressing fraud. Lagging behind can come at the expense of both your customers and business. In Electronic Payments International, Alex Jiminez talks about this intersection of fast fraud and payments in finance. #Technology #Finance #BusinessTransformation #Fraud

As real-time payments become more widely accepted, it creates more opportunities for fraud to move faster. Because payments are happening instantly, it is harder to know when fraudulent payments are taking place. Learn more about what it takes to prevent fraud in real time here: https://hubs.ly/Q02cj3fj0 #Fasterpayments #Fintech #FedNow

At Chase, we focus on protecting customers and think it’s imperative that the industry puts them first, moving to safeguard their data. Ravi Govindaraju, Head of Product for Connected Banking at Chase, recently wrote an op-ed published in American Banker on the golden opportunity currently before the Consumer Financial Protection Bureau as they craft Personal Financial Data Rights. Ravi’s take is that this is the chance for a solution that offers security, privacy, control, and convenience for customers. Many companies, including banks, have made huge strides in the last few years to make permissioned data sharing put the customer first, but there are critical flaws in the system. Now is the time for the CFPB to create a more thoughtful and well-calibrated regulation. Take a minute to read Ravi’s points in full. #dataprivacy #datasecurity #banking