Help mitigate funds loss due to check fraud

November 15, 2021

Although total U.S. check volume continues to decrease, attempted check fraud has not declined at the same pace. Duplicate deposits are often a significant driver of this check fraud activity and can be related to fraudulent mobile deposits, as well as altered, forged or counterfeit checks. To help combat this fraud, we are introducing the new FedDetectSM Duplicate Treasury Check Notifier Service.

This service offers banks of first deposit (BOFDs) who are FedForward® customers daily reports of potential duplicate Treasury checks processed by the Federal Reserve Banks that were deposited by your institution or by any other BOFD on the current day or previous 60 calendar days.

These notifications are helpful in identifying potential duplicate deposits of Child Tax Credits and other federal benefit payments. They are sent directly to your inbox via encrypted email from the Federal Reserve Banks and can be used to supplement your own research or to take appropriate action at your discretion.

Discover the benefits of the FedDetect Duplicate Treasury Check Notifier Service

  • Receive early morning and end of processing day notice of potential duplicate Treasury checks across multiple payment channels within your own institution and across all other BOFDs
  • Quickly see deposit information and available front/back images of potential duplicate items from your own institution and partial deposit information with available front images from other BOFDs
  • Help mitigate the loss of funds due to fraud or deposit capture errors

Interested in learning more? Sign-up is easy and your account executive can help you onboard these reports for your institution. You may also request that we contact you (Off-site) regarding your interest in the service.

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