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Would you like to know
…if a check numbered 3421 for $872.41 hit last month (or last year) and also hit today
…if an account that usually has 4 debits this time of the month suddenly has 24
…if an account with an average balance of $63.42 has a deposit of $4,000.00
…if an item in an RDC batch last month (or last year) was also in a teller deposit today
These are just a few of the situations MICR Automation Fraud Detection System will let you look at quickly and easily.
A few seconds looking at the actual items in question while there is time to return them can save you and your customers lots of money and unlimited grief.
It's all about organizing information, and looking for patterns. We do it for you.
Check 21 with its easy creation of IRD’s, and Remote Deposit Capture which leaves untold millions of checks in public hands, create major new opportunities for mistake and fraud. With our integrated fraud detection, you protect both yourself and your customers.
The MICR Fraud Detection System catches not only multiple presentments from RDC depositors, but it catches checks that came in via RDC and then again via a teller deposit. It catches duplicates in all incoming debits from any source, and maintains a profile of account activity for each account to spot other fraudulent activity. It looks for unusual activity on low average balance accounts, and examines deposits for known fraudulent items.
The system is rules based. Rules may be applied globally, or to specific accounts or classes of accounts. White lists allow specific accounts to be excluded from a rule. Multiple instances of the same rule allow different parameters to be applied to specific accounts or groups.
New rules may be created easily. A test version of the system allows rules to be tested against historical data before being deployed. Testing assures that known bad situations are actually caught, and avoids large numbers of false positives.
Download the Fraud Detection Case Study |
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Fraud Detection |
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With RDC scanners as common as fax machines, an entirely new threat exists—untold millions of checks in public hands |