Check fraud accounts for 35% of industry fraud losses. In addition, with the growing popularity of new deposit channels – particularly mobile deposit – fraudulent deposits exploiting paper checks are rising again.

Greensboro, N.C.-based cybersecurity firm Advanced Fraud Solutions and Alogent, a-payment processing solutions provider, announced the release of a joint case study, "Fighting Check Fraud in Real-Time." The study explored how AFS's TrueChecks in conjunction with Alogent's ImagePoint Hub significantly reduced check fraud losses at two credit unions, bolstering their omnichannel protection, simplifying check decisioning and lowering fraud losses to the financial institutions and members. (For consumers, losses from check fraud are on the rise to a median loss of $1,488 per incident).

As new deposit channels have gained widespread adoption, particularly ATM/ITM and mobile deposit, fraudulent actors search for new opportunities to exploit fraud prevention systems that have not kept pace with technological innovation.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).