Mitigating & Managing Deposit Fraud Losses

Cross-Channel Analysis & Machine Learning for Improved Fraud Detection

Despite the decreasing use of checks as a preferred financial method for transactions, institutions across the country are facing an increasing number of deposit fraud attacks. Criminals are exploiting security gaps in the checking process for their own gain, as well as the anonymity and the convenience of ATM and mobile deposit channels.

Leveraging big data intelligence, Verafin applies machine learning and targeted, cross-channel analysis to uncover a wide range of risk factors indicative of fraudulent deposit activity. Our approach to deposit fraud management minimizes false positive alerts and keeps you a step ahead of the latest criminal advances. With a Visual Storytelling approach, Verafin’s Deposit Fraud solution provides investigators with innovative tools to expand and expedite investigations, including visual Smart Evidence and an interactive Check Image Viewer.

In this demonstration of Verafin’s powerful Deposit Fraud solution, Product Experts illustrate how Verafin provides a complete picture of fraud across check deposit channels for enhanced reporting, strategic planning, and more effective loss prevention.

Highlights of this engaging demonstration include:

  • Targeted alerts for first-party fraud and third-party scam attempts through ATM, mobile, and in-branch channels.
  • Leveraging data from the Verafin Cloud to identify fraudulent activity, significantly reduce false positives, and create substantial efficiencies for fraud management teams.
  • Tuning tools that allow users to configure agents to best fit the requirements of their own institutions.
  • In-app Check Image Viewer and comparison functionality.
  • New management of returned check deposits which improves loss management and increases efficiency gains.
  • New functionality in development for managing funds accessibility.
  •   Artificial Intelligence
  •   Deposit Fraud
  •   Fraud
  •   Fraud Management
  •   Fraud Scams