Be prepared for the upcoming tax season and sign up for the FedDetect Duplicate Treasury Check Notifier Service to help combat check fraud associated with Treasury payments. Need more convincing? Check out these top five reasons to take advantage of this service:
- Full coverage review
This service reviews all Treasury checks that were deposited across multiple payment channels, including ATM, mobile and tellers, by your institution or by any other bank of first deposit (BOFD) on the current day or previous 60 calendar days.
- Detailed report description
The report provides notification of matching U.S. Treasury checks for the current processing day against U.S. Treasury checks that were presented on the current day or previous 60 calendar days. The report also provides details with available front and rear images of potential duplicate items from your own institution and partial deposit information and available front images of potential duplicate Treasury items from other BOFDs.
- Mitigate loss of funds
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. Early notification of such potentially fraudulent activity helps risk officers identify bad actors and take appropriate actions to limit future loss.
- Secure and routine delivery
This service generates reports sent through secure, encrypted email delivery at pre-designated early morning and end-of-processing-day times. It does not interrupt normal check processing and does not affect presentment of checks to U.S. Treasury.
- Easy sign-up
The FedDetect Duplicate Treasury Check Notifier Service is available to BOFDs that are FedForward® customers, either directly or via an agent, and is provided on an opt-in basis by participation agreement (PDF).
Ready to learn more? Contact FedACH® and Check Services Customer Support or submit a contact request (Off-site), and your account executive will reach out to you.