Value proposition
Check fraud is a constant threat to the financial services industry. To combat this activity, financial institutions from across the country are sharing account and transaction information for the purpose of risk and fraud mitigation. The DEPOSIT CHEK® Reader is a dial-up hardware device that accesses a database containing account and transaction information from financial institutions across the country. This solution provides advance notice of potential returns and helps reduce losses associated with bad and fraudulent checks.
Why choose Corporate One?
Through a partnership with Early Warning Services, Corporate One offers DEPOSIT CHEK Readers to credit unions, giving them access to the same valuable information used by most major banks to mitigate deposit and payment fraud loss
Benefits
- Having this knowledge helps to reduce losses associated with bad and fraudulent checks that are drawn on participating financial institutions
- Check readers may be utilized at the teller window, account-opening desk, ATM operations, transit item review and other deposit processing areas
- Immediate and measurable return on your investment
- Complements your other fraud protection tools
How It Works
- Each night, most of the nation's largest financial institutions upload their most current data on accounts and transactions to Early Warning Services. Hundreds of millions of accounts are represented.
- Your credit union scans checks using DEPOSIT CHEK Readers, which query the National Shared Database.
- Items are matched against accounts that carry one of several specific status codes: Closed, Closed for cause, Non-participant, Stop payment, Non-DDA and others.
- The device displays a response in seconds, giving front-line staff the opportunity to make a more informed decision about accepting the item.
- When there is reasonable doubt of collectivity, your credit union is able to place extended holds on suspect items in accordance with Regulation CC.
Who is Early Warning?
Early Warning Services provides risk management solutions used in the detection of high-risk deposits, payments and individuals. Acting as a Trusted Custodian®, Early Warning Services maintains and safeguards the National Shared Database consisting of account, transaction, and people information used exclusively for the prevention of fraud.
Getting started is easy. Just complete the Contact Us form and a representative will contact you.
