Accelerating Notification to Real-time
Early Warning is collaborating with Advanced Fraud Solutions to help financial institutions identify high-risk paper transactions - without the need for additional hardware installation.
Our enhanced offering delivers DEPOSIT CHEK® service data to the frontline staff to with a real time, web based solution for every teller in the organization.
A Migration Path for DEPOSIT CHEKŪ Readers
For over a decade FSO's have successfully used Early Warning's DEPOSIT CHEKŪ readers at the front line to receive account level status information from the DEPOSIT CHEKŪ service.
The analog solution consists of dedicated phone lines and check reader hardware in the teller workstation area. The account status information aids in transaction decisions with data that includes NSF, Closed and Open and Valid account information.
Advanced Fraud Solutions has collaborated with Early Warning to introduce a web-based version of the DEPOSIT CHEKŪ service. The same data available from the analog hardware readers is now delivered over the web to every teller workstation in sub-second response rate- without the need for dedicated phone lines or hardware.
How Does Web-based DEPOSIT CHEKŪ Work?
The process begins when check and ACH items are presented at the teller. Without having to leave the workstation the route and account number is transmitted to Advanced Fraud Solutions' secure site. This information is compared against account and item-level information found in the DEPOSIT CHEKŪ service.
The transmitted information is matched to any high-risk accounts or transactions in the database and returned in less than a second directly to the teller workstation.
What Are the Benefits of Web-based DEPOSIT CHEKŪ?
The benefits include the proven data that DEPOSIT CHEKŪ offers to identify high-risk deposits and now the efficiencies of a web based delivery system that removes the need for readers, maintenance, cords, hardware, and dedicated phone lines.
About Early Warning
Early Warning is recognized throughout the financial services industry for its Trusted Custodian® role, maintaining and safeguarding the National Shared Database, a common platform that allows FSOs to contribute and share information for the sole purpose of preventing, detecting and deterring fraud. Most major financial institutions contribute daily account status updates and other information to the DEPOSIT CHEK® service. They also contribute transit and return information on the accounts of non-participating financial institutions. This long-established best practice among leading institutions in the U.S. helps reduce exposure to losses and combat deposit fraud.
Early Warning's DEPOSIT CHEK® service helps to answer the following types of questions:
- Is the payee's account open and valid?
- Is the account in a closed, NSF or high-risk status?
- Has the account recently returned checks?
- Is there a stop-payment on a deposited consumer check, official check or money order?