The latest American Banker Association (ABA) research reveals more than half of the country’s financial institutions (FIs) will soon allow consumers to deposit checks into their accounts via mobile devices. This is exciting news for consumers, but it’s likely to cause concern for those fraud and risk managers working to curtail losses at FIs across the country.
That’s because the ABA’s recent Deposit Account Fraud Survey identified the threat of mobile duplicate fraud as one of the top perceived vulnerabilities in the financial services landscape right now.
This is why Early Warning, a leader in fraud prevention and risk management for more than 20 years, recently unveiled Duplicate Item Detection, an enhancement to Batch Deposit Chek® Service that helps identify if checks deposited via mobile devices are also being deposited elsewhere. The solution empowers FIs to accept mobile deposits with confidence because it offers institutions an industry first: a method of comparing mobile items to the country’s largest deposit database, one reflecting deposit activity at teller windows, ATMs, back offices or other electronic devices – from across the country.
“As consumers demand faster, more convenient methods to bank, mobile banking will continue to expand,” says Early Warning CEO Paul Finch. “Early Warning’s Duplicate Item Detection helps ensure that FIs can support this expansion with peace of mind knowing that we are helping to mitigate duplicate item fraud.”
Although there have been a number of remote duplicate deposit solutions introduced in the marketplace in recent years, most offer FIs a limited view of activity – showing activity in a single channel or at a single institution – and those typically reflect activity during a brief period of time.
Early Warning’s solution is different: not only does it provide FIs with a duplicate item solution reflecting deposit activity across the industry, it offers this unique vantage point over a more far-reaching time period: one that reflects past account activity, present activity and – because the service is ongoing – future deposits as well.
To learn more about Deposit Chek Service’s Duplicate Item Detection component, visit https://www.earlywarning.com/products/deposit-chek-service
About Early Warning
Early Warning Services, LLC creates actionable intelligence to help financial organizations fight fraud, isolate and manage risk, and remain compliant to protect the entire financial system. The company is owned by five of the largest U.S. banks, but works with financial institutions of all sizes as well as with government agencies, payment processors and check acceptance companies. Early Warning offers a unique view of the financial system that enables clients to manage risk and take appropriate action at the earliest point of detection. For more information, visit www.earlywarning.com.