New Solution Helps Credit Unions Fight Check Fraud
July 27, 2021
As consumers continue wrestling with the uncertainty of the pandemic, experts warn that their susceptibility to fraud remains a concern. Despite their decreasing volume, checks continue to be the payment method most impacted by fraud. They remain a frequent, lucrative target, with the average counterfeit check or money order scam costing $1,500 per item, according to a Better Business Bureau report.
That’s why Strategic Link partner Catalyst Corporate Federal Credit Union teamed up with Advanced Fraud Solutions (AFS) to offer a state-of-the-art service designed to help minimize check fraud losses.
Between teller turnover, technology challenges, and limited resources, spotting fraudulent deposits at credit unions can be challenging. But TrueChecks — now offered by Catalyst Corporate — can help.
The solution uses Advanced Fraud Solutions’ fraud detection platform and is designed to help catch fraudulent checks at the point of presentment. TrueChecks’ comprehensive database contains account-level information from thousands of financial institutions. It also features more than 10 years of account-level, historical check fraud data from customers, processors, and third-party sources.
Once an item is matched against the TrueChecks database, tellers receive real-time results on duplicates, counterfeits, non-sufficient funds, and closed accounts, among other types of fraud alerts. TrueChecks provides tellers with simple Accept (green), Hold (yellow), or Deny (red) responses to help communicate potential risk.
“TrueChecks can provide your credit union useable data within one second of deposit,” said Karen Coble, Catalyst Corporate’s Vice President of Sales.
TrueChecks is available with Catalyst Corporate’s TranzCapture suite of deposit services, where it performs real-time check verification across deposit channels, including Teller Capture, ATM/ITM Capture, and Mobile Capture.
“Real-time verification is also available via direct access to the Advanced Fraud Solutions portal,” Coble said.