A cooperative approach to preventing check deposit fraud losses at the frontline
As new fraud threats targeting financial institutions emerge and evolve, it’s easy to overlook low technology scams such as check fraud. Despite the falling volume of checks, nearly all institutions reported steady or increased rates of check fraud.
TrueChecks®, the industry’s leading check fraud detection software, analyzes account-level historical data from thousands of contributing financial institutions to interdict fraudulent deposits before they hit your bottom line.
Fraud Data
The TrueChecks® database is comprised of account and item level information from thousands of financial institutions with over 15 years of historical data from customers, processors, and third-party sources.
Modes of Delivery
TrueChecks® is available via a web portal hosted on our secured private cloud or integrated with innovative APIs as part of an existing image capture system.
Items Identified
TrueChecks® delivers real-time responses on counterfeit, non-sufficient funds (NSF), Closed Account, Duplicate, and other fraudulent items.
Ease of Access
Virtually transparent to the account holder, TrueChecks® displays Reg CC-recommended action and associated risk.
What our customers are saying about TrueChecks®…
We are amazed at the number of items caught at the frontline. We have been able to reduce our potential losses significantly over the last three months. Seems like a daily occurrence of catching fraudulent items.
Members that are being scammed are also appreciative that we have taken the steps to protect them as well.
TrueChecks® has empowered our tellers to efficiently identify counterfeits at the teller workstation.
In the first two quarters of implementation we saved enough to pay for our entire TrueChecks® system
Since implementing TrueChecks®, Yakima Federal Savings has all but eliminated losses due to counterfeit checks.
TrueChecks® makes it much easier for staff to make the decision about whether or not to accept a check.
