American Heritage Credit Union (AHCU) is one of the 100 largest credit unions in the U.S., serving more than 185,000 members. American Heritage Credit Union was founded in 1948 and features over 35 branches and $2.4B in assets.
To combat fraud at AHCU’s 35 branches, and to help the credit union’s 200 plus employees, Advanced Fraud Solutions integrated the TrueChecks solution into their check decisioning process.
Challenge
American Heritage Credit Union and its members were falling victim to fraudulent check and check fraud schemes, including loan fraud schemes using check, that resulted in losses.
Solution
By implementing TrueChecks over a two-year period (Oct. 2016 – Oct. 2018), American Heritage Credit Union caught and denied 191 items, saving members more than $725,000 in potential fraud losses.
A lot of fraud tries to come in over the weekend so on Mondays we review all the ATM and remote capture items in TrueChecks Batch. We constantly report counterfeit items back into the system. The average counterfeit check ranges from $2,500 – $4,500, so catching just one is a really big deal. It has saved us tremendously!
Lynette Smart, Branch Operations Assistant at AHCU
American Heritage Credit Union and TrueChecks
With the collaborative power of the TrueChecks® database, banks and credit unions can mitigate fraud in real-time and benefit from:
- A vast fraud database comprised of data from a large network of financial institutions, item processors and optional third-party sources for account status data.
- Real-time responses on counterfeit, NSF, Closed Account, Duplicate and other fraudulent items.
- Easy API-based integration into existing and familiar workflows.
- Decisioning with Reg CC-recommended action and associated risk.
