Meridian Trust Federal Credit Union (MTFCU) was chartered in Cheyenne, Wyoming in 1954. As of March 2019, the credit union has $409M in assets, 7 branches and 28,858 members.
To stop deposit fraud at the frontline, MTFCU needed to enhance their ability to spot and stop fraudulent checks. With TrueChecks, along with the appropriate training, MTFCU was able to stop check fraud-related losses and improve member experience.
Challenge
Like most credit unions around the U.S., Meridian Trust Federal Credit Union experienced unacceptably high losses on check. They needed an easy-to-use, real-time fraud detection system.
Solution
In just over three years on the TrueCheck platform, Meridian Trust Federal Credit Union reduced check fraud losses, denying nearly $800K in fraudulent deposits. Additionally, MTFCU was able to place accurate holds on nearly $2M in funds.
Two things stand out most about TrueChecks: the ease of use and the accuracy.
Kristin Dingess, Process Improvement Coordinator for MTFCU
Meridian Trust 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.
