Payment Fraud
Payment fraud losses impact financial institutions and businesses alike.
There are numerous ways these losses can occur.
Whether it is from forgery, counterfeiting, alterations, paperhanging, or kiting --- the end result is the same.
The account is closed, has insufficient funds, or a stop payment has been issued.
For an explanation of check fraud schemes visit: Fraud Schemes - Physical and Virtual Checks.
Solutions
For physical and online items presented for deposit or payment at financial institutions, performs validation and status verification of the payer’s checking account.
Responses help detect fraud, prevent losses and expedite funds availability decisions.
Identifies high risk payments, both physical and online, drawn on checking accounts.
In addition to helping detect fraudulent schemes, this service helps:
- Facilitate payment disposition and open-to-buy decisions for credit card issuers.
- Reduce check turn-down rates for check acceptance and payment processors.
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