As check use declines, check fraud is surging. Fraudulent checks are challenging the financial industry, and no single approach can counter the complexities and varieties of check fraud scams.
Verafin improves check fraud detection by combining behavioral evidence with consortium insights. Our approach leverages customer-driven and machine learning analytics with an anonymized consortium data set from across our network of 2400 financial institutions to enhance your investigations and identify financial crime risk. Together, we provide financial institutions with a powerful check fraud prevention solution and a multi-layered approach to a prevalent and persistent problem.
Takeaways
- Understand the scale and prevalence of check fraud across the industry.
- Recognize different check fraud scams and the layered approaches needed to combat the total problem.
- Discover how collaboration between financial institutions on the depository and in-clearing side is essential to stopping check fraud.
- Learn how consortium analytics can provide insight into the overall risk of fraud as your customers transact with known and unknown entities.