TOPIC: Checks

Demo | Preventing Losses from Check Kiting and Check Fraud Schemes - Join us Jan 6

January 06 at 12:30 PM - 01:30 PM EST
Preventing Losses from Check Kiting and Check Fraud Schemes
Detecting fraudulent in-clearing checks

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Check Fraud solutions deploying Optical Character Recognition (OCR) and image analysis can investigate irregularities in check number sequences, including check number gaps and jumps, to reduce false positives and prevent fraudulent activities.

Join us for a demonstration of Verafin's Fraud Detection and Management solution that leverages machine learning, image analysis and OCR to detect and evaluate fraudulent checks. In this presentation, we will demonstrate Verafin’s targeted fraud detection scenarios including Stolen/Counterfeit Checks, Duplicate Check Number, Fraudulent Cluster, Sequence Number Jump, and Check Kiting.

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    Business check

    Employee at a credit_union ($178MUSA)
    We have a long time member that just over a year ago opened a business account with us. This business has 2 locations and is receiving quarterly checks from the State of Minnesota. The State is making the checks payable to each location separately, but not including the full business name "Business Name" Montessori Schools Incorporated.  First check is payable to "A City" Montessori and second check is payable to "B City" Montessori. We have verified the business paperwork as well as the MN SOS website to confirm the business name and the only inconsistency is the checks from the state.
    Are these checks acceptable or do you recommend that the member contacts the state to correct the matter?