TrueChecks™ in Action

TrueChecks™ at Health Facilities Federal Credit Union

Health Facilities Federal Credit Union in South Carolina installed TrueChecks™ at each one of their teller windows. On the same day of installation, a handful of queries were made to the system based on the business rules used by the tellers. The system issued 2 denials for counterfeit checks that were entered into TrueChecks™. The two counterfeit checks totaled $4,400. Health Facilities Credit Union was able to avoid taking the counterfeit checks and the ensuing loss at the initial point of contact with TrueChecks™.

Health Facilities Credit Union CEO, Robert Harris stated “We are extremely impressed with TrueChecks™. The investment in TrueChecks™ was validated by the close of business on the same day it was in installed.”  He added, “ The ease of use for the tellers and quality of information is excellent. A great deal of thought has gone into the design and development of this tool. Advanced Fraud Solutions understands how counterfeiter’s work and how to provide the right information at the right time to stop this fraud."

TrueChecks™ at Allegacy Federal Credit Union

In 2006, Allegacy Federal Credit Union installed TrueChecks™ at each one of their teller windows.  The system issued 695 denials for counterfeit checks and 1,277 Kiting Alerts in the first year. With an average counterfeit check in the amount of $2,800, this resulted in a counterfeit fraud savings of $1.95 million dollars in the first year.

Allegacy COO, Darryl Worrell stated, "More than 20 thousand queries were made to the TrueChecks™ system in the first year of use without compromising the level of service at the teller. In addition, "TrueChecks™ has added approximately one million dollars to our bottom-line annually from decreased fraud and negative share losses since we deployed to all of our branches."