How to Fight Check Fraud: Look Beyond Technology

M&T Bank's Karen Boyer on Why Check Fraud Can't Be Solved With Technology Alone
Karen Boyer, senior vice president for financial crimes, M&T Bank

Tools such as image analysis are of little help to banks dealing with check fraud since, more often than not, checks that are deposited are legitimate, says Karen Boyer, senior vice president for financial crimes at M&T Bank.

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"Image analysis is really focused on 'Does this stock match the check stock that has been clearing?' But if it is a legitimate check, the image detection tool will not be able to detect," says Boyer. "AI can to some extent detect a change in writing but with sophisticated Photoshop, fraudsters are matching everything."

Boyer says there is no "silver bullet tool," and the best way to deal with this type of fraud is to closely monitor accounts. "We need to start backing up and looking at the activity of the account, not just: Is this check legitimate?" she says.

In this video interview with Information Security Media Group, Boyer discusses:

  • The reasons for the sudden rise in check fraud;
  • How check fraud has evolved;
  • What technologies and practices can counter the check fraud problem.

Boyer, who leads the financial crimes practice at M&T Bank, has more than 20 years of diverse banking experience, specializing in fighting fraud.

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.

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