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 and near-perfect counterfeits to elaborate 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 fraudulent checks.

Download the full slide deck from this demo, to learn about 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 demonstrated how Verafin’s targeted fraud detection scenarios uncover a wide range of potentially fraudulent activity, including unusual dollar values and low dollar value fraud, out-of-pattern checks or checks that appear similar to known fraudulent activity, duplicate check numbers and potential kiting activity.

  • Highlights of this product presentation: 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 Check, Duplicate Check Number, Fraudulent Cluster, and Sequence Number Jump; 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: inline 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

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