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Surprising stats that prove check fraud should not be ignored

first_img 67SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Preston Packer Preston Packer is the Director of Sales & Marketing for FLEX. Preston has been with FLEX since 2000 and has worked in various sales management roles over that time. Preston’… Web: www.flexcutech.com Details Cash may be king, but for many purchases, cash is just not reasonable or possible. And while payment cards and ACH are popular alternatives, the assumption that paper checks are dead is a risky one to make. The overall usage of checks during the past decade have declined, but not at an accelerating rate. (1) In fact, in the US, paper checks are not going away anytime soon, especially in business transactions, where 51 percent of B2B payments are still made by check.(2) Despite the continual decline, checks today are the payment method most often targeted by fraud. This is why your credit union cannot ignore making improvements to the security of your paper check handling and processing.71 percent of companies experience check fraudAccording to the 2016 AFP Payments Fraud and Control Survey, 71 percent of companies experienced actual or attempted check fraud in 2015. Since check usage itself is down, this number also represents a decline in check fraud, down from 77 percent in 2014. Forty-four percent of organizations that experienced check fraud in 2015 suffered between one and five incidents; whereas 22 percent were subject to between six and ten incidents.If you belong to the camp that checks are disappearing and fraud isn’t a concern, keep in mind that check fraud has not declined at the same rate as check use. The same study found that while check fraud may be slightly down, the fraudsters are getting better at what they do. Since checks have been around for so long, these defrauders are familiar with checks and are able to commit check fraud with relative ease with the help of sophisticated equipment. Checks are physical items that can be altered fairly easily and modern technological equipment aids counterfeiting. For this reason, check fraud accounted for the largest dollar amount of loss of any type of fraud in 2015.Putting Protective Measures in PlaceThere are effective protective measures credit unions can offer to assist in preventing fraud at the frontline or from within member accounts. The previously mentioned AFP study uncovered that a majority of companies were targets for check fraud one to five times in 2015, and twenty-one percent were attacked more than 21 times. This suggests that fraudsters “cast a wide net” in hopes to find vulnerabilities, and once found, will repeatedly attack the same credit union, business or individual.Member education and employee training is a great first step to preventing fraud. Especially since credit union members may believe that check fraud is less likely to occur than mobile payments fraud. However, forty-two percent of AFP study respondents reported an increase in check fraud attempts in 2015.Integrating technologies that process paper checks is another step to preventing check fraud. This would mean, for instance, combining systems that aggregate check deposits – the teller line and remote deposit capture channels for instance. Having integrated systems will automatically detect duplicates (dedupe) in real-time and remove them from the processing system. This would be in addition to a “For Mobile Deposit Only” and “VOID” programs, that are already most likely in place at your credit union.Combining technologies might be the most effective way to prevent check fraud. Most credit unions employ some type of check-21 processing system, whether it be teller or branch capture. Adding a fraud detection service to the check-21 process will help validate accounts and/or funds availability. Integrated fraud detection combined with teller capture check-21 can increase the speed of transactions and protect credit unions from the trend of fraud in the processing of checks, even as checks begin to disappear.Sources:http://bankinnovation.net/2015/05/the-disappearing-check-how-long-until-the-end/https://wholesale.wf.com/global-focus/why-do-u-s-companies-still-use-checks/last_img read more

66 Ex-Militants Undergo Presidential Amnesty Football Screening

first_imgSixty-six Niger Delta former militants have been screened at the Oron Sports Stadium, Akwa Ibom as part of the on-going Presidential Amnesty Sport for Peace Initiative’s sports process in the restive region. They were screened between Wednesday and Friday by a three- man coaching crew of Sia-One Sports Academy, headed by Dipreye Teibowei.Also on the entourage to Oron were Dennis Dimie Siasia, Head, Logistics/Admin from Sia-One Sports Academy and the Presidential Amnesty Liaison officer, Piriye Kiyaramo.Teibowei said about 30 out the number will be selected for training at the Sia-One Academy. The training, sponsored by the office of the Special Adviser to the President on Niger Delta and Coordinator of the Presidential Amnesty Programme, Brig. Gen Paul Boroh (Rtd) is part of the process of reintegrating ex-agitators back to their communities with sustainable source of livelihoods. In attendance at the screening exercise, was the leader of ex-agitators in Akwa Ibom state, General Nico Sintei, who facilitated the process.Former Super Eagles Chief Coach who is also the founder of Sia-One Sports Academy Samson Siasia urged the Federal Government to continue the good work is doing in reshaping the lives of the agitators in Niger Delta areas.“We just did the screening of the agitator 2 days ago in Oron . 66 of them came out to participate. Federal government need to continue the support for this Amnesty programs that will change Niger Delta states for good”, Siasia disclosed.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

Freshmen contribute to 4-1 season-opening SU win over Vermont

first_img Comments Facebook Twitter Google+ No one was standing in the cage when Syracuse forward Chiara Gutsche dived, whacking the ball with her stick as she tumbled down. As the sophomore landed on her left arm, the ball hit the back of the net, scoring the game’s final goal.That goal wouldn’t have happened, SU head coach Ange Bradley said, without the movement from freshman forward Kira Wimbert. Wimbert ran through a window, crossed the field and got the ball. She diverted the ball’s course, turning it around toward Gutsche and passed from the other side of the circle to lead to the goal.Eight freshmen received playing time in the field hockey season opener on Friday afternoon at J.S. Coyne Stadium. The contributions — playing a hand in each of SU’s four goals — led to a 4-1 SU win over Vermont.“They won. That’s a big thing,” Bradley said. “They won their first game. Doing something for the first time together is not easy, so I’m really pleased with that, but we have a long way to go.”This year ties the 2008 season for the fewest number of upperclassmen on the roster (5) in the Ange Bradley era. As a young team, SU needed its freshmen to step up. So they did. Two goals were scored by freshmen, and the other two goals were assisted by first-year players.AdvertisementThis is placeholder textWimbert was on the field for less than 5 minutes when she scored her first goal. A blocked shot rebounded in her direction and she was ready.“It was amazing,” Wimbert said. “Our coach always tells us to have our stick down in the circle and I had my stick down, and I put it right in. It felt great.”Despite the youth of the team accounting for five of SU’s six points, Bradley also cited the team’s youth when she said the team needed to be faster, put more pressure on the ball and read the field better.SU was just two for nine from corner attempts, and both successful opportunities came in the first half.“Right now, with having inexperience, they’re not seeing it as quick,” Bradley said.Laura Graziosi’s goal came when Carolin Hoffmann sent the ball Graziosi’s way on a corner attempt. Graziosi was at the top of the circle when she shot, and the echoing thud at the back of the net gave SU a 2-1 lead. Hoffmann took another shot off the corner minutes later and sent the ball to freshman Tess Queen. Queen stopped the ball and passed it a short distance to junior Roos Weers. Weers sent the ball flying into the cage and gave SU a two-goal lead going into the half.Weers was the only upperclassman in the box score for SU.Vermont’s only goal came in the first half off a penalty shot. Vermont sophomore Sydney Melfi lined up in front of SU goalie Borg van der Velde and shot, sending the ball past the sophomore goalkeeper. In total, van der Velde had four saves, two in the first half and two in the second.SU shut down Vermont in the second half, not letting any shots near the goal, and Vermont didn’t have success from the corner.“It’s a young group,” Weers said, “but we have a lot of potential and I’m so excited to see where we can go.” Published on August 24, 2018 at 5:46 pm Contact Kaci: [email protected]last_img read more