Insights Thought Leadership

Fraud Mitigation Issues all Financial Institutions Need to Manage

Fraud Mitigation Issues all Financial Institutions Need to Manage


Fraud, Automation

According to the most recent ABA Deposit Account Fraud Survey Report, the estimated fraud loss against deposit accounts is $2.8 billion annually. Forgeries and counterfeits each accounted for 29 percent of that loss, followed by 25 percent RDIs, and 8 percent alterations (11 percent were categorized as ‘other’). At 49 percent, over the counter (OTC) is the channel with the greatest loss, followed by RDC at 30 percent and ATM at 12 percent.

With sophisticated fraudsters conducting repetitive, small-deposit account transaction fraud attempts, it is increasingly difficult for financial institutions to detect and prevent fraudulent activity. To successfully thwart these attempts, it is important to start prevention at the point of disbursement and with automated verification and fraud detection at all points in the clearing process. To be successful, financial institutions need technology to improve detection accuracy and optimize labor utilization.

Financial institutions that implement an automated solution designed for detecting check and deposit fraud for counterfeits, alterations, forged-maker signatures, on-us items and transit items during deposit will experience measurable results:

  • Elimination of reliance on manual detection processes
  • Reduced financial losses
  • Minimized reputation risk
  • Decreased operating expenses

The ARGO Fraud solution, OASIS™ (Optimized Assessment of Suspicious Items), provides cross-channel, multi-fund analytics and adjudication workflow to detect fraudulent transactions and suspicious items. Our solution provides over 95% accuracy in detecting counterfeits and other types of fraud.

Download ARGO’s Fraud & AML Solution Overview Interview Brief.

Download ARGO's interview with David Engebos