Case Study
CoastHills Credit Union
TrueChecks has helped tremendously. Our losses due to counterfeit, altered and fictitious checks dropped significantly when we put TrueChecks® in place, and have stayed low despite the growing check fraud problem nationwide.
Jan Finch, Vice President of Marketing at Cannon Federal Credit Union
CoastHills Credit Union (CCU) was established in 1958 to serve the needs of military personnel at Vandenberg Air Force Base. Today, CCU serves the entire Central Coast region, and features over 100 employees spread across 12 branches. CCU controls over $1.1B in assets.
CoastHills Credit Union was experiencing unacceptable rates of check fraud losses before integrating TrueChecks. Despite continued fraud attempts, CCU has been able to significantly reduce losses.
Challenge
CoastHills Credit Union saw a continued uptick in check fraud, resulting in unacceptably high fraud losses. CCU needed a system that would proactively spot potentially fraudulent items at the frontline and in the back office.
Solution
By implementing TrueChecks at the frontline and TrueChecks Batch in the back office (to monitor their growing remote, mobile and ATM deposit channels), CoastHills Credit Union saw a significant drop in losses. Today, losses remain low. In fact, since implementing TrueChecks, CCU has denied over $4.3M in fraudulent checks.
CoastHills Credit Union and TrueChecks
With the collaborative power of the TrueChecks® database, banks and credit unions can mitigate fraud in real-time. Once integrated with TrueChecks, the credit union was able to 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.
