Stolen check fraud
Stolen check fraud is occurring right before your eyes.
Banks process over 64 billion checks a year at speeds of 2,500 items per minute. Numbers like that make it difficult to hone in on and eliminate stolen check activity. If you can’t detect it, you can’t catch it.
Verafin watches for the clues.
- Analysis of check sequence numbers to detect the use of duplicate checks which may indicate a copied or forged check
- Searches for excessive gaps between check sequence numbers which might indicate a stolen check book
- Compares a customer’s check activity volume to their expected check activity behavior
- 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
- Check kiting
- Inactive account (employee) fraud
- Loan fraud
- Identity theft