Early Warning Improves Counterfeit Detection for Financial Institutions

Scottsdale, AZ

Fueled by cross bank data, solution addresses persisting check fraud challenge

Early Warning, a leader in fraud prevention and risk management, has announced the availability of its Batch Deposit Chek® Service with Counterfeit Notification. This enhancement to the company’s Deposit Chek Service informs an institution of the likelihood that an item may be counterfeit to both protect consumers and reduce bank losses.

“Despite misconceptions of check usage declining, counterfeit fraud remains a serious threat to financial institutions and their customers,” said David Barnhardt, vice president of product management, Payments, Early Warning. “Research continues to show the impact of fraud losses from counterfeit checks. 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.”

Early Warning’s Deposit Chek Service helps financial institutions of any size expedite funds availability decisions or accelerate preventive actions on deposited items based on whether an account is returning transactions; whether the payer’s account is in good standing; whether it is closed, or has insufficient funds; and if a stop-payment has been placed on an item.

Early Warning’s Batch Deposit Chek Service with Counterfeit Notification is fueled by the company’s proprietary National Shared Database℠ Resource, the industry’s most current and accurate source of collaborative data providing the ability to respond to 95 percent of all inquiries received.

About Early Warning
Early Warning provides risk management solutions to a diverse network of 2,300 organizations; in addition to financial institutions, the company serves 177 entities including government agencies and payment companies, enabling businesses and consumers to transact securely and conveniently. Owned and governed by five of the largest banks in the U.S., Early Warning’s unique business model facilitates a data exchange system based on collaborative, shared intelligence. For 25 years, the company has worked with organizations of all sizes to advance collaborative risk management and fraud prevention. For more information please visit www.earlywarning.com.