SOLUTION

Check Fraud

Detect and prevent check fraud with our complete solution.

Holistically combat check fraud scams.

Combining behavioral evidence with consortium insights, Verafin provides financial institutions with powerful check fraud prevention.

Customer-driven and machine learning analytics greatly enhance your check fraud investigations with targeted analysis and visual smart evidence, while our Check Fraud Consortium Analytics offer insight into deposit-side activity for a complete picture of in-clearing check risk.

Check Fraud Consortium Analytics

Verafin’s Check Fraud Consortium Analytics identify in-clearing check fraud collaboratively, without sharing Personally Identifiable Information (PII) between institutions.

By leveraging fraud alerts on the deposit side of the transaction, a notification is sent to the in-clearing financial institution that a check drawn on one of its accounts is likely stolen, allowing investigators to verify the check authenticity.

Consortium of

0

financial institutions
in the Verafin network

Check Fraud Consortium Analytics

Verafin’s Check Fraud Consortium Analytics identify in-clearing check fraud collaboratively, without sharing Personally Identifiable Information (PII) between institutions.

By leveraging fraud alerts on the deposit side of the transaction, a notification is sent to the in-clearing financial institution that a check drawn on one of its accounts is likely stolen, allowing investigators to verify the check authenticity.

Consortium of

0

financial institutions
in the Verafin network

Features

IN-CLEARING CHECK ANALYSIS

Verafin analyzes a customer’s check activity for indicators of unusual checks and alerts you to a wide range of potentially fraudulent activity, including unusual dollar values, large check number sequence gaps, and duplicate check numbers.

CHECK KITING ANALYSIS

Detect check kiting activity with 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 consistency in flow of funds or payer and payee details.

CHECK IMAGING

Verafin provides you with the ability to view images of potentially suspicious checks within the alert. At a click, you can view the front and back of a check, compare features against other checks drawn from the same institution or written by the same payer.

OCR & IMAGE ANALYSIS

Using machine learning, including Optical Character Recognition (OCR) and image analysis, Verafin enhances detection of fraudulent or fake checks, and reduces false positives by identifying pre-authorized checks and correcting encoding errors.

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Holistic Detection

Verafin’s bold and innovative Check Fraud Consortium Analytics help solve the challenge of check fraud through collaboration — without sharing PII.

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Early Prevention of Check Kiting

Verafin’s check kiting alerts warn of potential kiting activity before the fraudster can add more checks across additional accounts.

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Faster Discovery of Fraudulent Checks

Verafin’s predictive approach to check fraud analysis allows for faster identification of out-of-pattern checks or checks that appear similar to known fraudulent activity.

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Improved Check Investigations

Verafin’s check image functionality gives you the ability to visually compare checks by payee and originating financial institution without having to leave the alert. Expedite investigations with smart evidence, including debit/credit, exposure and check history graphs, and balance charts.

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Holistic Detection

Verafin’s bold and innovative Check Fraud Consortium Analytics help solve the challenge of check fraud through collaboration — without sharing PII.

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Early Prevention of Check Kiting

Verafin’s check kiting alerts warn of potential kiting activity before the fraudster can add more checks across additional accounts.

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Faster Discovery of Fraudulent Checks

Verafin’s predictive approach to check fraud analysis allows for faster identification of out-of-pattern checks or checks that appear similar to known fraudulent activity.

null

Improved Check Investigations

Verafin’s check image functionality gives you the ability to visually compare checks by payee and originating financial institution without having to leave the alert. Expedite investigations with smart evidence, including debit/credit, exposure and check history graphs, and balance charts.

More 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 Verafin to FinCEN. 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, 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. 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 >

Interested in learning more about Verafin's Check Fraud Solution?

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