Check Fraud Prevention
There are white papers galore written by the industry’s best teller image capture providers which explain the business case behind teller image capture. It’s encouraging to the market that this workflow is catching on in both large financial institutions and community banks. In fact, based on a recent flurry of large banks making decisions to move to teller image capture, the numbers for this market segment should reach nearly 60% per Celent.
Duplicate payments can hit an account at a paying bank at any time causing consumers and businesses alike to be overdrawn or charged extra fees. Bankers hate duplicate transactions because at times they can be held liable for the double posting, and it creates customer dissatisfaction even if the errant item is first deposited at another bank. Most of the duplicate incidences at the paying bank are due to…
Mobile banking has expanded “online banking” into the realm of immediate gratification; how perfect for today’s younger generation. But actually, it’s not only GenY-ers who want instantaneous information and accessibility. The list also includes business people, soccer moms, college students and just about everyone with a smart phone.
Every business fears the potential losses associated with accepting counterfeit and forged checks. Although banks lose an estimated 893M per year in check fraud, the untold story of losses at the merchant/business location is more dramatic. Industry consultants have estimated these losses can be as high as $10B per year!
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