AUSTIN, Texas – As part of its strategy to help financial institutions combat rising check fraud, Vigilance Financial Systems LLC has upgraded its fraud protection solution FraudSWEEP. Version 3.6 offers financial institutions a parameter-driven option, called KiteTAILER, which detects accounts with suspect check kiting activity to help financial institutions detect fraud more quickly and to act more promptly to thwart check fraud perpetrators. For a kite to be successful, there also will be frequent deposits for larger amounts made at the other institutions, and that would result in frequent large dollar checks clearing the on-us account. Parameters can be customized to determine the detection levels for reviewing suspected check kites to ignore transactions on internal accounts or accounts that management wish to exempt due to prior research findings or policies.
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