Both consumers and financial institutions should be concerned about check fraud. Banks should take proactive steps internally to prevent check fraud before it happens or to stop check fraud in its tracks if it’s attempted. Here’s what you can do to protect your institution.
Protecting Against Check Fraud
Because check fraud can quickly become detrimental to a bank, it’s absolutely crucial that a financial institution has systems in place to prevent check fraud before it occurs. Very few times are banks able to recover damages after check fraud, and the responsibility certainly cannot be placed on an unwitting consumer.
Automated check image analysis can provide real time comparison of an account owner’s checks and signatures. These systems help compare signatures, handwriting, and other unique details to allow bank employees to spot differences and alert them to potential check fraud before cashing the check. Check image analysis includes a variety of features, such as:
- Signature verification
- Presence of signature
- Check stock verification
- Confirmation of matching legal and courtesy amounts
- Account number, check number, routing information and barcode data verification
- UV Ink Analysis
Financial institutions using SQN automated check image analysis solutions can be notified of any potential fraudulent items at the teller line. This is particularly useful and valuable for checks written in large amounts.
Contact SQN Banking Systems Today
Don’t wait to provide your financial institution with the most advanced and sophisticated check fraud analysis software on the market today. Help your bank employees stop more on-us check fraud before it actually occurs, saving your institution time, money, and lost customers due to check fraud.
Reach out to us today via our online form and we’ll get back to you as soon as possible to discuss your financial institution’s unique security needs.