Improving Detection of Deposit Fraud

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Question:

We are a [redacted vendor name] bank using [redacted vendor name] AML software. We have noted an increase in small check fraud between $100.00 and $5,000.00 at our teller stations and ATM deposits. Currently, with manual reports worked daily and certain alerts within our software, we are able to catch the larger dollar amounts in check fraud. We want to know if any banks using the same software know of anything that could help us catch more of these smaller amounts in attempts to reduce loss, whether it be manual reports through our vendor, reports in [redacted], or parameters that can be changed in our vendor software.

Answer:

Here are two suggestions that may prove helpful—

1. Post your inquiry in our private financial institution personnel only discussion forum at https://www.bankersonline.com/forum/ubbthreads.php/forums/38/1/private-f..., where vendor and vendor product names can be mentioned, but the general public has no access. Other forum users may be able to offer suggestion in responses to your questions.

2. Contact your service provider(s) and ask them if they have suggestions or a user group to contact (or join) to discuss the issues you have raised and others.