James Watts
speaker
202 appearances
1 recordings
1 series
first heard May 2025
last heard May 2025
James Watts’s voice in public audio — every appearance, attributed to the second.
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Appearances
the rails from the US Faster Payments Council.
Thank you.
It's a pleasure to be here, Reid.
You know, Reid, it is actually amazing that checks are still a huge topic here in the year 2025.
And let's be real, checks will probably be around long after we retire.
Even the 2024 Fed Business Payment Study said that 73% of businesses use checks as a payment vehicle in 2024, which was the highest vehicle used out of all the payment methods.
So when it comes to check fraud,
What we are seeing is the perfect storm right now, due to the longevity of the network of check processing.
And most institutions are using the same technology from when it was created through today.
And it can't keep up with the advanced fraud that's happening today.
It's interesting, though, how fraudsters are taking advantage of the check clearing process.
I mean, these guys are using the same technology that the industry adopted to make the check clearing process easier for financial institutions to their advantage.
You know, when we talk about traditional check fraud systems, they're not designed for real time fraud detection.
They're typically after posting or day one or day two.
So that's why on our side, we lead our customers to move their check fraud data
analysis and detection as close to the point of deposit as possible, because even though the settlement and the check processing clearing isn't real time, the fraud is real time.
It's happening because of the way the network works.
You know, through our consortium, we see across 8000 financial institutions.
And when we talk about the level of sophistication and the technology use, it runs the entire spectrum when it comes to level of skill of the fraudster, as well as the level of technology used.
I mean, today we still see old school alteration methods of soaking in acetone and rewriting, changing the payee or the amount of the check and then depositing it, which again, traditional systems are not designed to catch that.
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