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 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.
