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 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.
For Banks of First Deposit (BOFDs) that are FedForward® customers, this service offers 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. The Federal Reserve Banks send them directly to your inbox via encrypted email, and the messages can help you supplement your own research or take appropriate action at your discretion.
Discover the benefits of the FedDetect Duplicate Treasury Check Notifier Service:
- Receive notice in the early morning and at the end of the processing day of potential duplicate Treasury checks across multiple payment channels within your own institution and across all other BOFDs.
- Quickly see deposit information, 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. Submit a contact request and your account executive will reach out to you.