Verafin to Host Demonstration on Check Fraud Prevention


Cybercrime is on the rise, and scammers are using tried-and-true methods to perpetrate fraud. From stolen checkbooks to kiting schemes, check fraud remains a significant and costly challenge for credit unions. Many cyber security teams have to rely on first-generation rules-based systems and manual processes to mitigate the risk of loss from these fraudulent checks.

Fortunately, there is a way for credit unions to reduce their fraud risk and defend against other prevalent forms of cybercrime. 

Strategic Link partner, Verafin, is here to help credit unions stop cybercrime in its tracks. The company is an industry leader in enterprise financial crime management, providing credit unions with a cloud-based, secure software platform for fraud detection and management. Leveraging its unique big data intelligence, visual storytelling, and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights, and streamlines credit unions’ Bank Secrecy Act/anti-money laundering (BSA/AML) compliance processes.

Verafin is Here to Help

Credit unions can learn more about cybercrime-fighting tactics with Verafin during a fraud detection demonstration on March 18 from 9:30 to 10:30 a.m., PDT. Find out how Verafin leverages machine learning, optical character recognition (OCR), and image analysis to detect fraudulent checks and reduce false positive alerts.

The demonstration will highlight the following features:

  • Check fraud detection, including analytics that alert you to the presence of a wide range of check fraud scenarios, such as stolen/counterfeit checks, duplicate check numbers, and potential sequence number jumps.
  • Check kiting detection that monitors deposit and withdrawal activity for individuals and businesses, while also analyzing account balance for potential float loss and excessive unusual behavior.
  • Check image viewer, which allows you to visually compare checks to reduce review times and identify unusual checks.
  • Fraud management solutions, including fraud alerts, case management, fraud reporting, management dashboards, and suspicious activity reports (SARs). 

To sign up for this free demonstration, visit Verafin’s event page. To learn more about Verafin, visit its Strategic Link partner page or contact Jason Smith, VP of Strategic Resources, at 208.286.6794.

Have a question or comment about this story? Email us!

Posted in Business Solutions, GoWest Solutions.