Recognizing the Red Flags: The Rise in Stolen Check Fraud

Presented by

Corey Lynch, Nick Pearson

About this talk

Mail-related check fraud is surging, with check fraud-related SARs filed to FinCEN reaching over 680,000 in 2022. In response to a nationwide surge of stolen check fraud schemes targeting the U.S. mail system, FinCEN has released a new alert to financial institutions, including financial red flags to help identify and report these crimes. Join Verafin experts for an informative presentation on the latest red flags on stolen check schemes, how Verafin uses the power of consortium analytics to fight check fraud, and why seeing the full picture of fraud and understanding the risk associated with the deposit side of the transaction is essential.
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Verafin is the industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. 3500 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states.