PLANO, TX – July 25, 2021 – To help credit unions combat rising instances of fraud, Catalyst Corporate said it has partnered with Advanced Fraud Solutions (AFS) to offer a state-of-the-art service designed to help minimize check fraud losses.
According to Catalyst Corporate, the new solution, called TrueChecks, arrives just in time – as stimulus payment-related fraud has sharply increased since COVID-19 economic recovery efforts began last year.
TrueChecks can provide credit unions useable data within one second of deposit.Karen Coble, VP of Sales, Catalyst Corporate
The company noted that given the drawn-out pandemic, coupled with an enormous amount of uncertainty, experts are saying susceptibility to fraud seems prevalent. The Federal Trade Commission received more than 2.1 million fraud reports, including check fraud, from consumers in 2020. Consumers reported losing more than $3.3 billion to fraud in 2020, up from $1.8 billion in 2019, according to recently released data, Catalyst said.
TrueChecks, which uses Advanced Fraud Solutions’ fraud detection platform, is designed to help catch fraudulent checks at the point of presentment.
Catalyst Corporate: TrueChecks Delivers ‘Useable Data Within Seconds’
“TrueChecks can provide credit unions useable data within one second of deposit,” said Karen Coble, Catalyst Corporate’s VP-sales.
Catalyst Corporate said TrueChecks’ comprehensive database contains account level information from thousands of financial institutions. Additionally, the database features more than 10 years of account-level, historical check fraud data from customers, processors and third-party sources, it added.
“Once an item is matched against the TrueChecks database, tellers receive real-time results on duplicates, counterfeits, non-sufficient funds and closed accounts, among other types of fraud alert,” Catalyst Corporate said. “TrueChecks provides tellers with simple Accept (Green), Hold (Yellow) or Deny (Red) responses to help communicate potential risk.
Available With TranzCapture
Catalyst Corporate said TrueChecks is available with its TranzCapture suite of deposit services, as well as ImageClear deposit services, where it can perform real-time check verification across deposit channels, including Teller Capture, ATM/ITM Capture and Mobile Capture.
“Real-time verification is also available via direct access to the Advanced Fraud Solutions portal,” Coble said.
Catalyst Corporate noted Advanced Fraud Solutions was founded in 2007 by credit unions. AFS believes that the best way to fight fraud is to prevent it.