Real-Time Check Fraud Detection Helps Reduce Fraud Losses & Protect Customers

The Federal Bureau of Investigation (FBI) estimates approximately $18.7 Billion loss annually due to check fraud. Checks are still a vulnerable payment channel with numerous companies experiencing actual or attempted check fraud. Check fraud is increasing majorly because financial institutions (FIs) have launched mobile remote deposit capture (RDC), allowing consumers to deposit checks directly from their mobile devices and have funds instantly available. FIs need to accurately predict whether the deposit behavior is risky, so they can set effective funds-availability strategies and stop check fraud in real time, without impacting the experience of legitimate customers.


Fraudsters have become highly skilled in execution and sophisticated in approach as a result of advances in technology and evolution of personal computers, scanners and color photocopiers. Criminals today are adept in defrauding you and your organization without many hassles by taking a blank check from your check book, a check that you may have emailed to pay a bill or a canceled check you may have disposed. Therefore, it is very important today to adopt a logical approach and preventive sense to defeat such malicious check fraud attempts.

Real-Time Check Fraud Monitoring Available 24*7*365

QPS offers a tailor-made check fraud solution covering all aspects of risks including On-Us deposit, RDC, mobile, teller, kiting and signature validation. Check kiting has been a major problem in the US that results because of no clearing period following presentation of a Check causing losses amounting to Millions of dollars.

QPS provides prompt detection of check scams to help FIs safely endorse mobile deposits eliminating fraud at the teller window, ATM, RDC and inter-bank by either declining or holding checks on the spot.

Our cross-trained fraud prevention analysts available 24*7*365 use early warning systems, advanced data analytics, customized scenarios and real-time payment interdiction to detect fraud. The check fraud solution has been designed to deliver real-time fraud detection to enhance fraud prevention rate and manage false positives.

Comprehensive Check Monitoring Across Verticals

  • Counterfeit Checks
  • Signature Forgery
  • Duplicate Presentment
  • Payee Match

QPS fraud prevention analysts help combat counterfeit checks using a detailed verification process encompassing all types of checks and Image Return Documents (IRDs) such as:

  • Headers
  • Check Number
  • Date of Issue
  • Payee Details
  • Dollar Value
  • Dollar Sign
  • Payor Block
  • Payor Bank Field

QPS’s check fraud monitoring and fraud prevention solution:

  • Identifies fraudulent check transactions in real-time before the loss occurs
  • Detects fraud quickly using pattern recognition models
  • Manages false positives
  • Controls flash fraud with user-defined scenarios and detailed scorecards
  • Simplifies workflow with prompt alert and case management system



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Testimonial

"Our use of QPS's allowed us to seamlessly and effectively extend our existing staff into after hours, weekend and holiday coverage to match the never ending efforts of the fraudsters. Their collaborative approach to partnering with Bethpage and our combined laser focus on transaction monito ring has resulted in quite significant confirmed fraud saves and a higher level of member service."

Robert Hoppenstedt
SVP Operations and Marketing, Bethpage Federal Credit Union

"Our partnership with QPS has helped us with a robust round the clock transaction monitoring framework inclusive of rule efficacy and a structured fraud fighting approach."

Shanta Sewnarain
Asst. Vice President - Operations and Risk, Bethpage Federal Credit Union

Looking for a fraud prevention solution to secure transactions?