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W W W. M A I N E B I Z . B I Z 21 N OV E M B E R 2 7 , 2 0 2 3 B A N K I N G / F I N A N C E / I N S U R A N C E Other efforts At Camden National Bank, cases of fraud involving checks as well as financial losses due to check fraud have doubled over the last two years, according to Renee Smyth, the bank's chief experience and marketing officer. She says that while Camden National has not brought on additional staff to combat check fraud, it continues to invest in technology including artificial intelligence to analyze and detect unusual account activity. While the bank has prevented nearly 90% of attempted check fraud, Smyth says that it would be difficult to reach 100% given mail fraud and other risk factors. "Camden National Bank is well-positioned to combat the current fraud landscape with a dedicated fraud mitigation team, tools to identify fraudulent activity and continued fraud education for employees and customers," she says. At M&T Bank, a Buffalo, N.Y.-based institution with 17 offices in Maine, commercial account holders can sign up for a service called "Payee Positive Pay" to review and return fraudulent checks early in the payment process. C O N T I N U E D O N F O L L OW I N G PA G E » F O C U S S O U R C E : Federal Reserve Bank's 2022 Payments Study Let us help you write your next chapter. For the life you choose. At Norway Savings Asset Management Group, it's not necessarily the size of your nest egg we care about — it's the story behind it. Your planning decisions are a reflection of your values and your future. They're about the choices you've made to get here, and your vision for what comes next. We take the responsibility of protecting your financial future incredibly seriously. We make sure your story lives on. 207.482.7920 norwaysavings.bank N ot F DIC I n su red • N o B a n k G ua ra ntee • M ay Lose Va lue TRENDS IN NONCASH PAYMENTS BY NUMBER, 2000–21 TRENDS IN NONCASH PAYMENTS BY VALUE, 2000–21 $10B $0 $30B $20B $40B $50B $60B $70B $80B $90B $10T $0 $30T $20T $40T $50T $60T Checks Checks ACH debit transfers ACH debit transfers ACH credit transfers ACH credit transfers Credit cards Credit cards Non-prepaid debit cards Non-prepaid debit cards Prepaid debit cards Prepaid debit cards 2000 2003 2006 2009 2012 2015 2018 2021 2000 2003 2006 2009 2012 2015 2018 2021

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