Paycheck Scams
Check fraud - using paper or electronic checks to obtain money illegally - can occur at any step in the user journey and from any device or workflow by forging an account holder’s signature on a stolen check, altering a legitimate check, or writing a counterfeit check for an unauthorized or non-existent account. As the most prevalent type of fraud at financial institutions, check fraud costs billions of dollars in losses annually, while impacting millions of account holders each year.
One example of check fraud is Paycheck Scams:
With paycheck scams, the fraudster reaches out to the victim and offers a work from home job, to be a secret shopper, use their vehicle for advertisement (Car Wrapping), or to test out a money transfer service. A check is then mailed to the victim with instructions.
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.
