How Can Credit Unions Cut Check Fraud Nearly in Half?

Check fraud accounts for 35% of industry fraud losses. In addition, with the growing popularity of new deposit channels – particularly mobile deposit – fraudulent deposits exploiting paper checks are rising again.

Greensboro, N.C.-based cybersecurity firm Advanced Fraud Solutions and Alogent, a-payment processing solutions provider, announced the release of a joint case study, “Fighting Check Fraud in Real-Time.” The study explored how AFS’s TrueChecks in conjunction with Alogent’s ImagePoint Hub significantly reduced check fraud losses at two credit unions, bolstering their omnichannel protection, simplifying check decisioning and lowering fraud losses to the financial institutions and members. (For consumers, losses from check fraud are on the rise to a median loss of $1,488 per incident).

A case study of a credit union using an omnichannel partnership solution has some interesting results.

—originally published in Credit Union Times [full article available via link; paywall]