Cannon Federal Credit Union, based in Clovis, New Mexico, has been open since 1952. It’s the 17th largest credit union in New Mexico with assets totaling $77.4 Million and serves more than 8,000 members.
To fight fraud at Cannon FCU’s two branches, Advanced Fraud Solutions integrated the TrueChecks solution into their check decisioning process in 2010. To learn more, read the Advanced Fraud Solutions case study:
Challenge
For Cannon Federal Credit Union employees, check fraud mitigation practices involved a manual check input process that was time-consuming and prone to human error. Tellers had to manually input checks, often having to call to make sure checks cleared. Tellers also held valid check items which led to delays. Members also fell victim to fraudulent check and check fraud schemes, including romance and personal shopping check schemes, leading to losses and collections.
Solution
By implementing TrueChecks, Cannon FCU, from 2018 to 2019 alone, held 597 items and caught and denied 145 items, saving members more than $1.5 million in potential fraud losses.
Before TrueChecks, we had to look at each item ourselves, call to make sure they would clear, or place items on hold that didn’t need to be held. We had fraudulent checks and had to collect from customers. TrueChecks reduced our losses significantly.
Jan Finch, Vice President of Marketing at Cannon Federal Credit Union
Cannon Federal 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.
