Advanced Fraud Solutions (AFS), the leader in deposit fraud detection software, announced a new report, Guide to Treasury Check Validation, on the latest deposit fraud tactics targeting U.S. Treasury checks. Over 128 million stimulus checks have already been issued by the IRS, paying out over $218 billion, providing much needed relief. The flow of Treasury checks has also corresponded with an uptick in check fraud targeting banks and credit unions.
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AFS’ report details several of the most frequently deployed deposit fraud tactics being used on Treasury checks, including social engineering, duplicate deposits and counterfeit checks, as well as best practices on how to secure checks across deposit channels. AFS also highlights new enhancements to TrueChecks – the industry’s leading check fraud database and comprehensive check fraud prevention solution – including a direct link to the U.S. Department of the Treasury database, giving financial institutions the ability to validate Treasury items in real-time or in batch, across their deposit channels.
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“Financial institutions face two big challenges when it comes to properly validating these Treasury checks: processing at volume and processing across channels, including remote and mobile deposit,” said Ted Kirk, VP of Strategic Partnerships at AFS. “The volume of Treasury items currently hitting banks and credit unions is historic. This influx will also represent a test on the security of remote and mobile deposits, as more customers opt for safer, more socially distanced ways to bank.”
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