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.
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.
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.

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.
 

Learn more here

Explore more resources

Remote Deposit Capture (RDC) eBook

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AccuAccount: Solution Overview Brochure

Track and manage every loan document in one system and streamline loan management from application through servicing with our core-integrated software platform. From loan application automation, to drag-and-drop document imaging, to document tracking, and five...
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