Whether through convenience or habit, cheques will be used for some time yet, and as long as we have cheques, efforts to use them fraudulently for organized or personal financial gain continue to present a significant problem of financial risk to all involved. In fact, cheques have topped the list for highest transaction value for several years, and 2016 was the first time that EFT payments surpassed cheques in greatest total value and it keeps on increasing year after year.
Looking at cheques within the context of the three fundamental questions (are funds available? is the cheque item legitimate? has there been previous negative activity on the account?) allows financial institutions to address the multiple areas of fraud associated with cheques.
A deeper understanding of what fraud is, aids in finding resolutions to the myriad of problems associated with cheque fraud.
Cheque fraud falls into three broad categories:
- Traditional cheque fraud
- Complex cheque fraud
- Emerging cheque fraud
With the ever changing nature of technology, customers now demand the convenience of digital banking anytime and anywhere. That being said, it is no surprise that drawing a balance between customer experience and fraud recognition and prevention is a challenge faced by many financial institutions (FIs) today. So what’s the solution? It lies in collaboration amongst FIs and applying advanced Artificial Intelligence (AI) and Machine Learning (ML) models. Cheque.IQ offers FIs a modern platform that addresses the aspects of cheque fraud in real-time. The best approach to eliminate cheque fraud is through innovative collaboration integrated with evolving technology. Current computer analytical capabilities exceed the scope and scale of a human brain. Three important aspects directly affect the solutions to detecting and preventing fraud in general, but cheque fraud in particular
- Collaborative Advances: Collaboration of experts and data from participating FIs
- Technological Advances: Artificial intelligence (AI), machine learning (ML), mega data analytics
- The Whole Picture: A by-product of the other two and the ultimate weapon in detecting and preventing cheque fraud
Symcor, an alliance of major financial institutions, understands the power of collaboration and offers its participating members effective solutions in the fight toward the eradication of cheque fraud.
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Reducing The Impact Of Cheque Fraud In Canada Through Collaboration And Technology
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