July 29 at 12:30 PM - 01:30 PM EST

Preventing Losses from Check Kiting and Check Fraud Schemes

Detecting fraudulent in-clearing checks

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Fraudsters are using tried-and-true methods to perpetrate fraud. From stolen checkbooks to kiting schemes, in-clearing or on-us check fraud remains a significant challenge for financial institutions. As losses continue unabated, many fraud teams have to rely on first-generation rules-based systems, and manual processes to try to mitigate the risk of loss from fraudulent checks.

Join us for this product overview as we discuss the benefits of Verafin’s Fraud Detection and Management solutions that leverage machine learning and image analysis to help detect fraudulent checks and Optical Character Recognition (OCR) to reduce false positive alerts. In this presentation, we will demonstrate Verafin’s targeted fraud detection scenarios including Stolen/Counterfeit Checks, Duplicate Check Number, Sequence Number Jump, and Check Kiting.

Highlights of this product presentation include:

  • Check Fraud Detection: targeted analytics utilizing machine learning and image analysis that alert you to the presence of a wide range of check fraud scenarios including Stolen/Copied Checks, Duplicate Check Number, and Sequence Number Jumps; and OCR to reduce false positives by identifying encoding errors and pre-authorized checks.
  • Check Kiting Detection: monitoring of deposit and withdrawal activity for individuals and businesses, while also analyzing account balance for potential float loss and excessive unusual behavior.
  • Check Image Viewer: in-line check image functionality allows you to visually compare checks to reduce review times and identify unusual checks.
  • Fraud Management Solutions: including adaptive fraud alerts, case management, fraud reporting, management dashboards and SAR reporting.


Tagged as...

  •   Artificial Intelligence
  •   Case Management
  •   Check Fraud
  •   Fraud
  •   Fraud Management
  •   Fraud Scams