Greater Iowa Credit Union Combats Fraud with Advanced Teller Capture Solution

IMM, the only eSignature provider that specializes in eSignature and digital transaction solutions exclusively for financial institutions, and Advanced Fraud Solutions (AFS), a leader in deposit fraud detection software, today announced Greater Iowa Credit Union has successfully rolled out its joint teller capture and fraud detection solution, protecting the credit union and its members from potential fraudulent activity. Within the first 90 days of implementing the solution, Greater Iowa Credit Union was able to flag and reject fraudulent checks, saving thousands of dollars.

Headquartered in Des Moines, Greater Iowa Credit Union has more than $479 million in assets, 32,000 members and operates eight branches. A long-term IMM customer, the credit union added the IMM Teller Capture solution with real-time AFS module in July 2019. Since implementation, the system has identified multiple fraudulent transactions that previously would have otherwise gone undetected. Both the credit union and its members have now been spared from the cost that could have been incurred.

“We are continuously evaluating our technology to identify new opportunities in which we can better serve our members,” said Lynn Carr, vice president of member services for Greater Iowa Credit Union. “We evaluated fraud detection options and the IMM, AFS solution was the only platform that was designed specifically for financial institutions. It seamlessly integrates with our current technology infrastructure and did not require any changes to our existing processes.” 

— Lynn Carr, Vice President of Member Services for Greater Iowa Credit Union

Carr continued, “Our staff loves the system because of its ease-of-use and intuitive design. They can process member transactions quickly and efficiently with no delays, and now have the added assurance that it will automatically identify any suspicious activity and immediately flag the transaction and alert the employee. Within the first weeks of rolling out the system, we mitigated fraud losses while adding an additional layer of security, protecting the credit union, and our members.”

For more than seven years, IMM and AFS together have provided credit unions with the tools to easily and quickly fight fraudulent check transactions at the teller line. Initially collaborating in 2012, the companies have expanded and strengthened their partnership and integrations over the years to provide real-time transaction review and notification of potentially fraudulent check transactions. The AFS fraud detection module, TrueChecks®, is available as an embedded module within the IMM Check 21 teller capture solution to provide a seamless employee fraud detection experience. 

“Providing banks and credit unions with the most accurate and timely information regarding potential fraud decreases losses from returned items and counterfeiting schemes,” said Phillip Elwyn, vice president of IMM. “Giving these financial institutions the ability to fight fraud the moment it happens is paramount to protecting the institution, without creating an operational headache.” 

The joint offering has proven to lower the fraud loss ratio for IMM’s financial institution customers. IMM offers the AFS solution directly to its customers through the Teller Item Capture platform, which interfaces directly with a financial institution’s core platform. This coordination with TrueChecks provides real time transaction review and alerts. Since fraud detection is embedded directly into the IMM teller application, frontline workflow is streamlined to create seamless experiences. 

“With this continued partnership, IMM customers gain access to AFS’s vast deposit fraud database, featuring account level information from thousands of financial institutions,” said Ted Kirk, VP of Strategic Partnerships, Advanced Fraud Solutions. “Together, we can better assist banks and credit unions in stopping fraudulent checks and reducing losses.”