Even with the rise in digital channels, criminals are still using stolen and counterfeit checks and kiting schemes to cause financial institutions extensive losses. In-clearing check schemes are a serious fraud threat and timely detection remains a challenge for institutions.
With targeted alerts and visual smart evidence, including a powerful check image viewer, Verafin helps you quickly identify fraudulent checks to mitigate losses. Verafin analyzes your customers’ in-clearing check activity to alert you to potential kiting activity or indicators of fraudulent checks, including unusual dollar values, large check number sequence gaps, and duplicate check numbers. Leveraging the power of the Cloud, Verafin applies big data intelligence and machine learning technologies including Optical Character Recognition (OCR) and image analysis to reduce false positives and improve detection capabilities.