The report covers matters of how the increasing adoption of mobile banking has created new opportunities for fraud. The paper explores in detail how fraud operators use mobile deposits as a means to steal funds. The paper also highlights best practices for banks and credit unions to securely accept mobile deposits.
According to the paper, the use of mobile banking apps has soared since the beginning of 2020. The FBI reports that there has been a 50% surge in mobile banking since the beginning of year. And that fraud operators are actively looking to exploit new mobile banking customers using a variety of techniques.
Among the paper’s recommendations to secure mobile deposits, AFS details the addition of real-time assessment, access to better, more robust data, as well as the use of AFS’ leading check fraud prevention solutions, TrueChecks, to help mitigate potential losses.
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