HIGH POINT, N.C., June 15, 2020 – Advanced Fraud Solutions (AFS), the leader in deposit fraud detection software, today announced a new report, Guide to Treasury Check Validation, on the latest deposit fraud tactics targeting U.S. Treasury checks. Over 128 million stimulus checks have already been issued by the IRS. This is a payout of over $218 billion in much needed relief. The flow of Treasury checks has also corresponded with an uptick in check fraud targeting banks and credit unions.
Financial institutions face two big challenges when it comes to properly validating these Treasury checks: processing at volume and processing across channels, including remote and mobile deposit.Ted Kirk, VP of Strategic Partnerships at Advanced Fraud Solutions
AFS’ report details several of the most frequently deployed deposit fraud tactics being used on Treasury checks. It includes social engineering, duplicate deposits and counterfeit checks, and best practices on how to secure checks across deposit channels. AFS also highlights new enhancements to TrueChecks® – the industry’s leading check fraud database and comprehensive check fraud prevention solution. TrueChecks’ direct link to the U.S. Department of the Treasury database gives financial institutions the ability of Treasury check validation in real-time or in batch, across their deposit channels.
Treasury check validation is instrumental in protecting financial institutions and their members/customers
“Financial institutions face two big challenges when it comes to proper Treasury check validation: processing at volume and processing across channels, including remote and mobile deposit,” said Ted Kirk, VP of Strategic Partnerships at AFS. “The volume of Treasury items currently hitting banks and credit unions is historic. This influx will also represent a test on the security of remote and mobile deposits, as more customers opt for safer, more socially distanced ways to bank.” To secure Treasury items, and protect financial institutions from deposit fraud, the report details several key features of the TrueChecks platform, including:
- How TrueChecks make check decisioning easy by displaying Regulation CC-recommended actions and associated risk at the moment of presentment;
- How TrueChecks can integrate and connect seamlessly into most core systems. It can also be setup via a customer API, in as little as 48 hours;
- Details around the TrueChecks database. In addition to the Treasury link, it features 10+ years of valuable fraud data from thousands of banks, credit unions, and processor sources;
- How TrueChecks works across deposit channels, including at the teller line, back office, remote and mobile deposit, and more.
To access the white paper, click here.