The case studies explore check and card fraud trends and how financial institutions can prevent check fraud through the integration of a real-time check verification solution. Case study participants included credit unions – including American Heritage Credit Union, CoastHills Credit Union, Meridian Federal Credit Union, and Piedmont Advantage Credit Union – who all implemented AFS’ TrueChecks solution.
AFS’ case studies highlight trends in check fraud, including one that suggests that fraudsters are relying on larger check values. For instance, the average counterfeit check ranges from USD 2,500 – USD 4,500. Given the increased communication between financial institutions in order to stop check fraud, fraudsters are depending on individual, higher value checks versus trying to submit multiple fraudulent checks for smaller amounts.
TrueChecks delivers real-time responses to counterfeit, NSF, closed account, duplicate, and other fraudulent items. The solution provides credit unions with account level information from thousands of financial institutions, using over 10-years of historical data from customers, processors and third-party sources.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.