Simply said, checks aren’t going away, so it’s time to start taking action at your financial institution. Coupled with increasing attempts, the cost of fraud continues to also grow. LexisNexis reports the value of fraud is now upwards of 10% more than pre-pandemic levels. In addition to the transaction itself are its hidden costs, like labor, investigations and legal and recovery expenses — causing even greater losses for institutions. Every $1 lost to fraud can cost as much as $4.23, compared to $3.64 in 2020 — an increase of more than 16%. With costs like these, it’s no surprise that the banking industry continues to adopt new techniques, many of which rely on AI and machine learning-based capabilities to keep fraud at bay across all points of presentment — including at self-service locations and devices used outside the branch. In addition to staying ahead of new techniques by fraudsters, banks must also assess a potential increase in vulnerabilities linked to consumer behavior and new devices entering the banking ecosystem. The difficult reality for institutions is that fraud can occur at any step in the user journey and from any device or workflow, making it nearly impossible to pinpoint a one-size-fits-all solution to a growing problem. Addressing the risk is even more complicated, as banks must balance the total cost of fraud losses with security and protection solutions, all without sacrificing the user experience. In the end, a holistic, multi-faceted approach that combines best practices and cutting-edge technologies can help protect both your institution and account holders. Contact us today for a one-on-one discovery call at https://bit.ly/43XGus7. With more than 25 years in the deposits and payments industry, Alogent’s team of experts will share the latest in fraud techniques and how modern check processing solutions tackle both image processing and overhead costs — leaving your institution positioned for success with an agile, scalable approach. Scan the QR code to learn more about “The Truth Behind the Numbers: Transaction Fraud. How Much is it Costing your Financial Institution and What You Can Do”. https://bit.ly/43WJSDe Contact us today to place your announcement ad Call 801-676-9722 Or scan the qr code to fill out the form. Who to congratulate , who to acknowledge , and who to thank for a job well done. Employees are motivated when they are recognized and feel valued. The Independent Report magazine is a great platform to celebrate your team's accomplishments! INDEPENDENT REPORT | 17
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