When it comes to recent inflation, some individuals are changing their spending habits while others are simply taking it day by day. Either way, it seems inflation is affecting everyone.
Gasoline prices are up 59.9% and energy rates are up 41.6% from last year, so there’s no doubt that the necessities are more expensive. Even a trip to the supermarket costs more, which might make some feel that poultry is now a luxury item. In these trying times, alternative sources of income like a side gig can ensure that families stay afloat, but a few creative individuals may choose to turn to less than legal means.
From theft to counterfeit checks, there are many illicit methods to minimize the impact of inflation, and technology is only making this easier. Convenient modern banking services such as Remote Deposit Capture (RDC) allow account holders to deposit checks from their mobile devices without having to visit a branch in person. This is great for end users, but it opens up new opportunities for fraudulent activity that banks and credit unions must address. When processing an image of a check, the financial institution needs fraud prevention technology that can detect CAR/LAR mismatch, payee name discrepancies, and even modifications to the check itself. As mobile banking technology evolves, new opportunities for financial fraud are created for those who choose to engage in illegal activities.
However, there’s no need for alarm as there are many companies developing fraud prevention solutions for financial institutions to incorporate into their existing systems. The latest technologies can verify signatures or detect alterations even on blurry or low-contrast images. With the right technology, and the power of machine learning, accuracy and reliability increase automatically over time.
There’s never been a better time to invest in the latest fraud prevention technologies and eliminate the opportunity for criminals motivated by inflation to act.
Parascript is an industry leader in financial fraud prevention technologies with millions of financial documents processed annually. For more information, contact our fraud prevention experts today.