CheckAlt Duplicate Detection will now help its financial institution customers identify multiple deposits of the same item from any capture point within the bank or credit union including branch, teller, ATM, mobile and remote capture locations.
Leveraging the check routing number, check account number, check number, and check dollar amount, CheckAlt’s system reviews each item being processed against previously deposited items for indications of duplication. Items found to be duplicates are rejected and not sent for clearing.
According to the 2013 Federal Reserve Payments Study Detailed report, the total unauthorized check value attributed to fraud in the US amounted to USD 1.1 billion in 2012, with an average value of USD 1,272 per unauthorized check payment.
CheckAlt is a Check 21 application and processing provider. CheckAlt assists financial institutions in processing their items from capture points within the bank or credit union, and in attracting and retaining business customers with white label payment solutions.
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