Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
Account-centric enterprise content management solutions allow users to access account holder information based on their account numbers.
An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
API is short for “application programming interface.” Technology companies like Alogent rely on APIs to connect multiple software applications, thereby enabling a two-way exchange of information to support users’ needs.
Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.

Mail Check Fraud, also known as Postal Fraud

Mail Check Fraud (also known as postal fraud) refers to the illegal act of intercepting, altering, or stealing checks sent through the mail in order to commit fraud. This type of fraud typically involves stealing checks from mailboxes or mail carriers, and then either altering the check details (e.g., changing the payee, amount, or signature) or forging a new check altogether. Fraudsters may also redirect checks intended for others by altering the recipient's address. The goal is to unlawfully gain access to the funds or to make fraudulent withdrawals using the stolen checks.

Example: A fraudster steals a tax refund check from a victim’s mailbox, changes the payee’s name to their own, and cashes the check at a bank. In some cases, they may also create counterfeit checks using the stolen information to continue stealing from the victim. This type of fraud often targets checks sent through the mail, such as tax refunds, government benefits, or other financial payments.

With built-in check fraud mitigation capabilities, Unify, Alogent’s modern deposits platform for all full- and self-service channels, helps protect financial institutions and their account holders by mitigating attempts before they reach the back office or downstream workflows.
 

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