Credit Unions Save Millions in Potential Check Fraud Losses

Case Study

TrueChecks® saves credit unions around the U.S. millions in potential check fraud losses. Five credit unions tell their story.


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American Heritage Credit Union 

Profile: American Heritage Credit Union is one of the 100 largest credit unions in the U.S., serving more than 185,000 members. American Heritage Credit Union was founded in 1948 and features over 35 branches and $2.4B in assets.

Overview: To combat fraud at American Heritage Credit Union’s 35 branches, and to help the credit union’s 200 plus employees, Advanced Fraud Solutions integrated the TrueChecks solution into their check decisioning process.

Challenge: American Heritage Credit Union and its members were falling victim to fraudulent check and check fraud schemes, including loan fraud schemes using check, that resulted in losses.

Solution: By implementing TrueChecks over a two-year period (Oct. 2016 - Oct. 2018), American Heritage Credit Union caught and denied 191 items, saving members more than $725,000 in potential fraud losses.

A lot of fraud tries to come in over the weekend so on Mondays we review all the ATM and remote capture items in TrueChecks Batch. We constantly report counterfeit items back into the system. The average counterfeit check ranges from $2,500 - $4,500, so catching just one is a really big deal. It has saved us tremendously!
— Lynette Smart, Branch Operations Assistant at American Heritage Credit Union

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Carolina Trust Federal Credit Union 

Profile: Carolina Trust Federal Credit Union has been serving the financial needs of its members since 1958. Today, Carolina Trust Federal Credit Union features five branches and over 39,000 members. 

Overview: Experiencing an uptick in losses related to check fraud, Carolina Trust Federal Credit Union decided to take action in order to protect its members.

Challenge: Carolina Trust Federal Credit Union experienced an uptick in check fraud, resulting in losses. Spread across five branches, Carolina Trust Federal Credit Union needed a solution that could easily integrate with its existing system.

Solution: By implementing Advanced Fraud Solution real-time check decisioning software, TrueChecks, Carolina Trust Federal Credit Union saw an immediate 93% decrease in fraud losses. (The ROI of implementing TrueChecks was 708%.)

Integrating TrueChecks was uncomplicated and the training was easy to implement. The simplicity of the system has helped propel Carolina Trust to achieve such great results... With new types of check fraud constantly evolving, financial institutions need the fraud prevention that TrueChecks provides.
— Nicole Barringer, AVP of Quality Assurance at Carolina Trust Federal Credit Union

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CoastHills Credit Union 

Profile: CoastHills Credit Union was established in 1958 to serve the needs of military personnel at Vandenberg Air Force Base. Today, CoastHills Credit Union serves the entire Central Coast region, and features over 100 employees spread across 12 branches. CoastHills Credit Union controls over $1.1B in assets.

Overview: CoastHills Credit Union was experiencing unacceptable rates of check fraud losses before integrating TrueChecks. Despite continued fraud attempts, CoastHills Credit Union has been able to significantly reduce losses.

Challenge: CoastHills Credit Union saw a continued uptick in check fraud, resulting in unacceptably high fraud losses. CoastHills Credit Union needed a system that would proactively spot potentially fraudulent items at the frontline and in the back office.

Solution: By implementing TrueChecks at the frontline and TrueChecks Batch in the back office (to monitor their growing remote, mobile and ATM deposit channels), CoastHills Credit Union saw a significant drop in losses. Today, losses remain low. In fact, since implementing TrueChecks, CoastHills Credit Union has denied over $4.3M in fraudulent checks.

TrueChecks has helped tremendously. Our losses due to counterfeit, altered and fictitious checks dropped significantly when we put TrueChecks® in place, and have stayed low despite the growing check fraud problem nationwide.
— Suzanne Leedale, Chief Experience Officer at CoastHills Credit Union

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Meridian Trust Federal Credit Union 

Profile: Meridian Trust Federal Credit Union was chartered in Cheyenne, Wyoming in 1954. As of March 2019, Meridian Trust Federal Credit Union has $409M in assets, 7 branches and 28,858 members.

Overview: To stop deposit fraud at the frontline, Meridian Trust Federal Credit Union needed to enhance their ability to spot and stop fraudulent checks. With TrueChecks, along with the appropriate training, Meridian Trust Federal Credit Union was able to stop check fraud-related losses and improve member experience.

Challenge: Like most credit unions around the U.S., Meridian Trust Federal Credit Union experienced unacceptably high losses on check. They needed an easy-to-use, real-time fraud detection system.

Solution: In just over three years on the TrueCheck platform, Meridian Trust Federal Credit Union reduced check fraud losses, denying nearly $800K in fraudulent deposits. Additionally, Meridian Trust Federal Credit Union was able to place accurate holds on nearly $2M in funds.

Two things stand out most about TrueChecks: the ease of use and the accuracy.
— Kristin Dingess, Process Improvement Coordinator for Meridian Trust Federal Credit Union

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Piedmont Advantage Credit Union 

Profile: Piedmont Advantage Credit Union started in 1949 to serve airline employees. Today, the Winston-Salem, NC-based credit union has 41,616 members and over $355M in assets.

Overview: Piedmont Advantage Credit Union needed a check fraud prevention solution for its over 100 employees, including tellers and back office staff.

Challenge: Piedmont Advantage Credit Union experienced losses related to check at the frontline as well as through remote deposit channels.

Solution: By implementing TrueChecks over a two-year period (Sept. 2016 – Sept. 2018), Piedmont Advantage Credit Union denied 1,163 checks valued at $2.05M.

TrueChecks is a tool that we trust and use constantly to supplement our procedures.
— Jan Duggins, Fraud Specialist at Piedmont Advantage Credit Union

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Learn about TrueChecks

With the collaborative power of the TrueChecks® database, banks and credit unions can mitigate fraud in real-time and benefit from:

  • A vast fraud database comprised of data from a large network of financial institutions, item processors and optional third-party sources for account status data.

  • Real-time responses on counterfeit, NSF, Closed Account, Duplicate and other fraudulent items.

  • Easy API-based integration into existing and familiar workflows.

  • Decisioning with Reg CC-recommended action and associated risk.