Check kiting schemes cause financial institutions extensive losses and play an increasingly large role in a growing national check fraud problem. The number of cases reported to the FBI’s Financial Institution Fraud Unit in Washington, DC has increased dramatically over the last decade.
Fraud professionals continue to become increasingly skilled and sophisticated. As a result, check kiting is becoming increasingly difficult to identify and stop.
Verafin can help.
- Compares deposits and withdrawals against a customer’s expected behavior to find abnormal activity
- Daily analysis of check deposits and subsequent withdrawals within a check’s float time
- Determines if funds were available to cover a check throughout its float time (for example, uncovers hidden negative balance)
- Easy-to-follow investigation workflow
- Risk-rated alerts help manage and prioritize your review workload
- Alerts include evidence and statistics to optimize and focus your review and investigation
- Case management helps you organize and document your investigation (i.e, upload check images)
- Quickly create and electronically submit a prepopulated Suspicious Activity Report (SAR)
- Anti-money laundering
- Debit card fraud
- Remote banking fraud
- New account fraud
- Stolen check fraud
- Inactive account (employee) fraud
- Loan fraud
- Identity theft