Solution

Check Fraud Prevention

Check Fraud Prevention

Complete check fraud detection software for preventing all check fraud scam typologies.

A Complete Picture of Check Fraud Risk

Nasdaq Verafin’s Check Fraud solution helps your financial institution detect and prevent all forms of check fraud. We combine counterparty, image and behavioral analysis into one holistic solution for improved fraud prevention with fewer false positives.

Leveraging machine learning analytics trained on millions of transactions and fraud data in our Cloud, along with consortium and cross-channel insights, we identify new risk factors, expedite investigations, and enhance detection for all check fraud scams.

Counterparty Analysis

With insights from our massive consortium data set, counterparty analysis profiles both the payee and payor, along with the Bank of First Deposit, offering a powerful tool to prevent all forms of check fraud.

Image Analysis

Nasdaq Verafin’s check image analysis strategy includes using over 300 image-based features in its risk model to help investigators identify fraudulent check use. We examine the front and back of the check and use Optical Character Recognition (OCR) to help uncover discrepancies and determine risk scores.

Behavioral Analysis

Behavioral analysis considers a variety of evidence to identify suspicious checks, including MICR information, core data, Check21 files, and other payment channel activity, comparing suspicious transactions to the past behavior of the bank account holder.

Cross-Channel Intelligence

Nasdaq Verafin’s cross-channel fraud detection allows your institution to see across multiple channels, such as wire, ACH and instant payments, in a single solution, to quickly determine high and low risk payee-payer relationships.

Investigation Tools

A variety of investigation tools are available to help expose the differences between suspicious checks and known good checks. Trade manual reviews for an embedded Check Viewer, and a Heat Map tool that displays differences between a suspicious check and previously cleared checks.

Additional Features

CHECK KITING DETECTION

Detect check kiting activity with Nasdaq Verafin’s analytics for individual and business accounts. Fraudulent account activity alerts are enhanced with a timeline of the unusual activity, the amount of your institution’s exposure, and information about any inconsistency in flow of funds or payor and payee details.

HELOC FRAUD DETECTION

You are alerted when a check is drawn on a Home Equity Line of Credit (HELOC) account. These accounts can be the target of lucrative scams.

Check Fraud Typologies

From stolen check fraud to counterfeit check fraud, forged check fraud and more,
Nasdaq Verafin’s approach solves all forms of check fraud with:

Altered check detection
Forged maker detection
Forged endorsement detection
Counterfeit check fraud detection
Fake check fraud detection
Duplicate presentment detection
Check kiting detection
HELOC check fraud detection

Check Fraud Typologies

From stolen check fraud to counterfeit check fraud, forged check fraud and more, Nasdaq Verafin’s approach solves all forms of check fraud with:

Altered check detection
Forged maker detection
Forged endorsement detection
Counterfeit check fraud detection
Fake check fraud detection
Duplicate presentment detection
Check kiting detection
HELOC check fraud detection

Benefits

Reduce False Positives & Increase Fraud Detection

Our holistic approach, including image, behavioral, and counterparty analysis, helps your institution increase fraud detection while reducing false positives.

Stay Ahead of Evolving Check Fraud Schemes

Our machine learning models are frequently retrained on new data and information from within our vast consortium network to keep pace with current fraud trends and stay one step ahead of fraudsters.

More Efficient Investigations

Utilizing an all-in-one platform, fraud analysts can seamlessly transition from detection to investigation — saving your institution time and resources.

More Nasdaq Verafin Features

Automated SAR functionality. At the click of a button you can create a pre-populated SAR. Complete your narrative and queue it for overnight electronic submission directly from Nasdaq Verafin to FinCEN. Nasdaq Verafin can also remind you when it is time for 90-day refiling, if the suspicious activity continues.  Learn more >  
Integrated case management. Integrated case management functionality lets you create a fully audited and tracked investigation. Upload related files, assign tasks to other users, and document your decisions — all in one location.  Learn More >  
Enterprise reporting. With hundreds of ad-hoc data reports, and the ability to create custom reports that include the information fields you need, Nasdaq Verafin helps improve auditing, reporting and record-keeping of all aspects of your fraud and AML detection efforts.  Learn more >
Cross-Channel Fraud Detection. Fraudsters will target every available channel to enrich themselves at your customers’ (and your institution’s) expense. Nasdaq Verafin’s cross-channel analysis generates data-rich alerts that help you proactively detect scams and stop fraud losses from Deposit Fraud, Check Fraud, Card Fraud, Loan Fraud, Wire Fraud, ACH Fraud, and Online Account Takeover.  Learn more >

Related Resources

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