040826 ~ Fraud Prevention and Safer Payments - Tom Mikula & Doug Welch

Banks are battling a surge in fraud not through technology alone, but through relentless education—especially targeting seniors and small businesses still reliant on paper checks. Tom Mikula of KeyBank reveals that 95% of fraud could be prevented simply by sitting down with clients to teach safer payment methods like ACH and electronic bill pay. The real danger? A single check photographed on a smartphone can be exploited instantly, with criminals now using microscopic skimming devices at gas stations and sophisticated phishing emails that mimic legitimate institutions. KeyBank’s new Check Control tool sends real-time alerts to business owners when checks are processed, allowing them to block suspicious transactions before they clear. For homebuyers, Doug Welch warns that wire fraud during mortgage closings is rising, urging buyers to verify wire instructions directly with their title company—never trust unsolicited emails. The episode underscores a critical shift: fraud prevention isn’t about paranoia, but about proactive, personalized education. When people understand how payments work and what to watch for, they become the first line of defense.