Early Warning facilitates the secure exchange of information and knowledge between organizations and offers solutions for responding quickly to evolving fraud challenges.
PAYMENT CHEK® Service
Payment Fraud Prevention Service
The PAYMENT CHEKservice helps identify potentially high-risk payments made from checking accounts, which indicate potential payment fraud. For both physical and online items, the PAYMENT CHEK service validates an account’s existence, reports its status and whether the payer’s name, address and other elements match the account.
Consumer Lending - Credit Card, HELOC and Mortgage, Installment Loans/Lines of Credit
When combined with other risk management tools and existing customer records, the PAYMENT CHEK service helps with making a decision to extend or delay availability of a customer’s credit. By restricting credit where there is reasonable doubt of collection, organizations can prevent actual losses that would have otherwise occurred. Positive notification also enhances customer interaction when it aids in decisions to release or shorten a lengthy hold.
Check Acceptance Companies and Payment Processors
The PAYMENT CHEK service helps payment processors and their customers reduce the risk associated with accepting check and ACH payments by verifying an account’s existence and assessing the risk associated with accepting and processing the item. A merchant that is made aware of a high-risk item may decide to promote an alternate, lower-risk payment method for a particular transaction. Extending the service in this manner helps to strengthen relations between merchant and consumer as well as processor and merchant.
The PAYMENT CHEK service is available as a real-time or batch offering. The service is capable of being deployed enterprise-wide across business lines, including retail banking, consumer lending, mortgage, credit card and more.
The Early Warning Difference
Early Warning maintains a common platform and safeguards the National Shared Database to allow financial services organizations to contribute and share information for the purposes of detecting, preventing and deterring fraud. Unlike other fraud prevention services, Early Warning serves in a Trusted Custodian role. In this capacity, the database is governed by a set of strict Operating Rules, created and adopted by financial institutions, which clearly define acceptable criteria for contributed data. Early Warning also supports consumers' rights to dispute and correct inaccurate or incomplete information furnished to Early Warning in accordance with the Fair Credit Reporting Act (FCRA).
For more information on the PAYMENT CHEK fraud prevention service, please contact us.