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Deposit Fraud Protection

Early Warning Deposit Chek

Catalyst Corporate offers real-time and batch deposit fraud protection through the Early Warning™ Deposit Chek® Service. Deposited items are compared to Early Warning's extensive national database to identify high-risk deposits and return items. Matches are reflected immediately (real-time service) or in reports the next business morning (batch service) to credit unions participating in Catalyst Corporate deposit capture services. These notifications result in substantial cost savings by allowing credit unions to quickly identify fraudulent checks.

With the real-time service, tellers receive immediate notification – at the time of deposit – on items that carry return risk, such as NSFs, stop payments, closed accounts and lost or stolen checks. Addressing items with the member present reduces labor spent processing charge-backs and recovering funds. And, credit unions can provide better service by warning members of potential returns, preventing NSF fees. Notification also is provided on risky deposit items received from ATMs, ITMs, mobile devices and member businesses.

With the batch service, credit unions receive advance notification of high-risk deposits and return items the next business morning.

TranzCapture real-time and batch deposit fraud protection services can be used together.

Features & Benefits:

  • Service can be enabled for one or all deposit channels from within TranZact
  • Individual dollar thresholds can be set by deposit channel
  • MICR lines from credit union deposited items are compared to a database that includes the account status of 95 percent of checking accounts nationwide.
  • The service validates approximately 60 high risk, medium risk, and low risk warning codes to inform credit unions of the likelihood of a return.
  • Examples of high risk warnings are Closed Account, Stop Payment, Recent Return History, and Overdrawn Account.
  • Credit unions using the Early Warning Deposit Chek batch service receive Return Notification Reports that provide advance warning of actual return items.
  • Approximately 30 return reasons explain why items are being returned. Examples include Insufficient Funds, Stop Payment, Endorsement Missing, Signature Missing, Counterfeit, Check Altered.
  • Warnings received by credit union staff allow for timely placement of holds on member accounts.

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