Protecting Against Check Fraud: How SENTRY: FraudSuite™ Safeguards Community Banks Like Guaranty Bank 

Check fraud remains a persistent and evolving threat for banks and financial institutions, often causing significant financial losses and customer dissatisfaction. Fraudsters exploit vulnerabilities in check processing systems, leaving banks to navigate time-consuming and costly recovery efforts. 

In 2024, the AFP® Payments Fraud and Control Survey Report revealed that checks are the most targeted payment method, with 65% of organizations reporting incidents of check fraud. This statistic highlights the critical need for financial institutions to adopt advanced check fraud prevention solutions. Read more to see how Community Banks are adopting check fraud prevention technologies and fight back against fraudsters.

Guaranty Bank: A Case Study in Check Fraud Prevention 

Guaranty Bank & Trust Co. of Delhi, a community bank in Louisiana, faced significant challenges with check fraud, including a $25,000 loss in 2023. They needed a solution that could seamlessly integrate into their existing operations to process and detect fraud in real time. 

After implementing SENTRY: FraudSuite™, the bank saw immediate results: 

• 1,200+ checks processed daily with confidence and ease. 

• $19,000 in fraudulent checks prevented within the first six months. 

• Fraud analysts improved efficiency, reviewing 150 checks in just 30 minutes, or 5 checks per minute. 

This enhanced productivity allowed the bank to review not only high-dollar checks but also high-volume, low-value transactions—a growing target for fraudsters. 

Combatting Check Fraud with SENTRY: FraudSuite™ 

SQN Banking Systems’ SENTRY: FraudSuite™ is a comprehensive fraud prevention platform designed to mitigate the risks associated with check fraud. By combining cutting-edge check image analysis, handwriting recognition, and signature verification technology, the solution empowers banks to proactively identify and stop suspicious transactions. 

SENTRY: FraudSuite™ creates detailed “check profiles” by analyzing check images and transaction data, including handwritten details. The system flags suspicious patterns, irregular signatures, and other anomalies, allowing fraud analysts to intervene before fraudulent items are processed. 

This powerful tool not only reduces fraudulent deposits but also enhances operational efficiency and improves the overall customer experience. 

 

Boosting Customer Trust and Operational Efficiency 

When SENTRY: FraudSuite™ flagged suspicious items, Guaranty Bank proactively reached out to customers for verification. The response was overwhelmingly positive, with clients appreciating the bank’s diligence in safeguarding their accounts. 

“The response we got back from these particular customers was overwhelmingly positive – they were appreciative of the fact that we actually called them about their check. It’s been a great customer service tool.” 

-Troy Richards, President, Guaranty Bank & Trust Co. of Delhi   

The user-friendly alert management module played a crucial role in this success, providing analysts with all necessary information on a single screen. This feature enabled faster, more accurate “pay/no-pay” decisions, reducing manual effort and improving service delivery. 

Zero Fraud Losses and Continued Success 

Since adopting SENTRY: FraudSuite™, Guaranty Bank has experienced zero fraud losses from checks and continues to build customer trust through proactive fraud prevention measures. This success underscores the importance of advanced, AI-powered solutions in combating check fraud. 

Protect Your Bank from Check Fraud 

As check fraud evolves, banks need robust solutions to safeguard their financial assets and customer relationships. SENTRY: FraudSuite™ is a proven tool for reducing check fraud losses, improving operational efficiency, and enhancing customer satisfaction. 

Explore how SQN Banking Systems can help your institution prevent check fraud and protect your reputation. Contact us today to learn more about SENTRY: FraudSuite™. 

Contact Us today to learn how SQN can help reduce check fraud losses