by
Catalyst Corporate | Nov 29, 2022
As traveling and shopping ramp up this holiday season, fraudsters are also hard at work planning ways to capitalize on fraud opportunities, including check fraud. Fraud can be difficult to detect during the holidays due to heightened purchase volume– creating the “perfect storm” for fraudsters.
To avoid falling victim to check fraud, consumers and financial institutions are urged to stay informed and take advantage of frontline detection solutions to help stop fraudulent attempts before they happen.
Catalyst Corporate offers credit unions a premium check fraud detection solution with its Advanced Fraud Solutions (AFS) TrueChecks® Service to minimize losses during this busy season…and all year long.
TrueChecks is efficient, user-friendly fraud detection software that can pay for itself by stopping fraud losses before they hit your bottom line or ruin your members’ holiday season.
AFS estimates that 60-70% of fraudulent deposits are captured by the TrueChecks service, which is designed to catch fraudulent checks at the point of presentment. TrueChecks’ comprehensive database contains account level information from thousands of financial institutions and more than 10 years of account-level, historical check fraud data from customers, processors and third-party sources.
TrueChecks can provide credit unions useable data within seconds of deposit. 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 provides tellers with simple Accept (Green), Hold (Yellow) or Deny (Red) responses to help communicate potential risk.
TrueChecks is available with Catalyst Corporate’s TranzCapture suite of deposit services, as well as ImageClear deposit services, where it performs real-time check verification across deposit channels. Real-time verification is also available via direct access to the Advanced Fraud Solutions portal.
Put the “bah humbug” on check fraud this year with the AFS TrueChecks Service from Catalyst Corporate. Contact us for more information today.