News

Enhanced batch check service adds counterfeit notification

Early Warning's enhanced batch deposit check service alerts an institution to the likelihood that an item might be counterfeit.

August 11, 2015

Fraud prevention and risk management specialist Early Warning has introduced Batch Deposit Chek Service with counterfeit notification. This enhancement to the company's Deposit Chek Service alerts an institution to the likelihood that an item might be counterfeit, protecting both consumers and FIs, a press release said.

"Research continues to show the impact of fraud losses from counterfeit checks," said David Barnhardt, vice president of product management for payments at Early Warning. "The American Banker's Association found counterfeit losses ranked first in top fraud losses across all check fraud categories from Q2 2012 through 2013. By introducing this counterfeit notification element to our solution, we are supporting banks' efforts to mitigate fraud and instill both customer satisfaction and trust in their institutions."

The new service helps FIs expedite funds availability decisions or accelerate preventive actions on deposited items based on considerations such as whether an account is returning transactions; whether the payer's account is in good standing; whether the account is closed, or has insufficient funds; and whether a stop-payment has been placed on an item.

The service is supported by the company's proprietary National Shared Database resource, which Early Warning describes as the industry's most current and accurate source of collaborative data, providing the ability to respond to 95 percent of all inquiries received.