Real-time status notification
In partnership with industry-leading fraud prevention and risk management company Early Warning®, AlertCenter provides advanced notification on potential returns, enables loss avoidance, helps detect new account fraud, and expedites funds-availability decisions on transit checks accepted at the teller window, as well as in the back office for other deposit channels.
Account statuses for a majority of US deposit accounts are updated nightly in Early Warning’s National Shared Database℠ Resource to provide both positive and negative responses on deposited transit checks, validating the existence and status of share draft accounts, answering the questions, “Does the account exist?”; “What is the account’s associated risk?”; and “What is the likelihood of the item being returned?”
In addition to Early Warning, AlertCenter collaborates with Advanced Fraud Solutions’ TrueChecks®. TrueChecks offers real-time check fraud prevention services powered by a unique, collaborative approach to risk mitigation. Financial institutions, processors, and other industry sources contribute their counterfeit and other Returned Deposited Items (RDI) information to the shared database. With nearly 6 million existing alerts, and over 100,000 new “bad check” alerts added each month, the database protects financial institutions against the growing problem of losses due to check scams, counterfeit items, and duplicate deposits.
What It Does
- Analyzes millions of transactions daily to identify potentially fraudulent transactions early in the fraud cycle.
- Accelerates preventative action, including placing or extending holds per Regulation CC.
- Check data is compared against 600 million accounts.
- Data is inspected for DDA (dynamic data authentication) validity, internal and external duplication, counterfeit, and internal account screening.
What It Does For You
- Protects credit unions by identifying and preventing fraud before it occurs.
- Expedites the resolution of fraud-related issues.
- Safeguards credit union and member assets.
- Enables proactive responses to emerging fraud challenges.