Catalyst News

TrueChecks Combats Check Fraud with Real-Time Alerts

by Catalyst Corporate | Oct 12, 2021

According to data from the FBI, check fraud was reported by 70 percent of U.S. organizations in 2019, resulting in more than $18 billion in losses that year alone.

New check fraud tactics, bolstered by access to new technologies, have made fake checks cheaper and easier to produce. And now, with the popularity and convenience of mobile deposits, check fraud can be conducted remotely with only a smartphone.

These factors, along with new ways to socially engineer victims, keep checks a lucrative target for fraud. Plus, teller turnover and limited resources make spotting fraudulent deposits at credit unions even more difficult.

But now, Advanced Fraud Solutions’ TrueChecks® – offered by Catalyst Corporate – can help. The TrueChecks fraud prevention platform is designed to help catch fraudulent checks at the point of presentment.

“Within seconds of deposit, TrueChecks can provide your credit union useable data,” said Karen Coble, Catalyst Corporate’s Vice President of Sales.

Credit unions that use the integrated real-time TrueChecks alerts have access to the web portal version of TrueChecks for use on the teller line, adding extra convenience for credit unions not equipped with teller capture.

TrueChecks’ comprehensive database contains account level information from thousands of financial institutions. Additionally, the database features more than 10 years of account-level, historical check fraud data from customers, processors and third-party sources.

Once an item is matched against the TrueChecks database, tellers receive real-time results on duplicates, counterfeits, non-sufficient funds and closed accounts, among other types of fraud alerts.

TrueChecks is available with Catalyst Corporate’s TranzCapture suite of deposit services, where it performs real-time check verification across deposit channels, including Teller Capture, ATM/ITM Capture Business Capture and Mobile Capture.

Advanced Fraud Solutions has been helping financial institutions fight check fraud through comprehensive prevention since 2007. For more information on the new TrueChecks service, contact us today.