The fight against deposit fraud for financial institutions nationwide is a difficult one when facing the challenge alone. But there is a way to join arms in the fight to access more information on returned checks and potential threats to get ahead of the fraudsters.
The industrys most comprehensive check fraud database, TrueChecks, is that uniting force. The continued success of the TrueChecks software is dependent on the critical component of data contribution. Coming from thousands of banks, credit unions, and third-party entities nationwide, the TrueChecks database comprises live check fraud data fed into the system day in and day out. These contributions mean that financial institutions of all shapes and sizes, from all parts of the U.S., are working in unison with the singular mission to fight fraud and stop perpetrators from scamming their members and customers.
Despite the best efforts of the financial industry, fraud doesnt seem to be going anywhere. Just examine the latest industry data covering the fiscal year 2017, the 2018 AFP Payments Fraud Survey of nearly 700 treasury and finance professionals by J.P. Morgan revealed that a record 78% of all organizations were hit by payments fraud. Furthermore, checks continued to be the highest fraud category with 74% of respondents reporting check fraud, followed by 48% reporting wire fraud, and 30% with card fraud.
Additionally, business executives showed growing concern about fraud over the past 12 months. Experians 2018 Global Fraud and Identity Report showed that 45% of business executives were significantly more concerned about protecting their business from fraud than in previous years. That same report also noted that 63% of businesses had experienced the same or higher fraud losses in the past 12 months compared to the previous year.
Theres no doubt the need to share information in the fight against fraud is out there; its how your financial institution chooses to tackle it in the years ahead that will make the difference.
Join the Fraud Squad! If your financial institution is not contributing return data to TrueChecks, contact our support team today to find out how simple it is to join arms in the global fight against deposit fraud.
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