Solving the Counterfeit Check Problem
Advanced Fraud Solutions helps credit unions with the problem of counterfeit checks through their TrueChecks program.
TrueChecks provides a proactive approach for identifying and stopping counterfeit fraud. By analyzing demand drafts, TrueChecks identifies counterfeit demand drafts and prevents kiting by providing frontline staff with information such as:
- National and Regional counterfeit check and money order information
- National and Regional Fraudulent account information
- Fraudulent routing numbers
- Industry counterfeit alert information
- Names of fraudulent people and businesses
When a teller is presented a check, he or she can easily enter the check information into the TrueChecks system. TrueChecks then analyzes the check information, if the check has fraudulent information, then TrueChecks issues either an “alert” or a “denial.” An alert provides a teller with relevant information that assists in determining what type of hold to place on the check. A denial lets the teller know that the check should not be accepted under any circumstance. A denial is usually associated with known counterfeit accounts, counterfeit routing numbers or a customer history of check fraud. TrueChecks constantly analyzes data to alert frontline personnel.
The advantages of the TrueChecks program include:
- Identifies counterfeit demand drafts proactively at the teller window
- Pinpoints counterfeit route, account, and institution information
- Provides compliance with Reg CC extended hold requirements
- Protects you with a SAS 70 Type II Compliant hosted solution
- Leverages your existing infrastructure, avoiding upfront costs
- Deployed Rapidly, typically installed overnight
- Integrates seamlessly with existing frontline workflow
- Ongoing toll-free technical and training support
Pricing for the TrueChecks program is based on the asset size of the credit union and billed on an annual subscription basis. Credit unions have the option to cancel the service at any time.
According to Freedom Credit Union (Warminster) Vice President Operations Barbara Schmidt, TrueChecks pays for itself after just a few weeks. “At Freedom Credit Union, TrueChecks stopped $86,000 of fraudulent checks in the first eight weeks after installation.”
Visit the Advanced Fraud Solutions web site to learn more about TrueChecks!
For more information or to get started, please contact your Association Representative at 800-932-0661, or e-mail CUSolutions@pcua.org.
- Business Development / Sales
VP, Business Development
800-932-0661 x 5330
Sr. Account Executive