Unit21 automates the check investigation process for financial institutions

Unit21 has unveiled its enhanced cheque fraud prevention and investigation capabilities. This new suite of tools addresses the rising threat of cheque fraud, which leads to increasing financial losses across the banking sector every year.

According to a recent report by Thomson Reuters, check fraud accounted for 20% of all reports, meaning that nearly 670,000 check fraud reports were filed by financial institutions in 2023.

“Check fraud is becoming an increasingly greater challenge for banks and credit unions, and traditional detection methods are no longer sufficient,” said Ian Macallister, COO at Unit21. “Our new check fraud prevention and investigation capabilities enable financial institutions to stay one step ahead of fraudsters by automating and centralizing the fraud detection process. This protects their bottom line and increases the security and trust of their customers.”

Unit21’s innovative platform provides a complete view of check-related transactions and activity, reducing fraud losses, improving customer protection and dramatically reducing investigation time.

By integrating advanced AI techniques, image analysis and dark web monitoring, the new capabilities enable financial institutions to proactively detect and stop fraud losses before they enter the deposit channels, while automating the check verification process within the institution.

New features include:

• Dark Web Monitoring: By monitoring dark web activity and suspicious communications on platforms known for criminal activity, Unit21 can proactively alert financial institutions to stolen checks before they reach the bank or credit union.
• Review fraud rule templates: FIs can implement flexible, code-free rules within minutes of go-live, providing immediate protection against check fraud and reducing false positives.
• Review the Investigation Toolkit: Unit21 helps automate the investigation of suspicious checks by matching signature files and reviewing digitally altered or deleted checks. This reduces manual effort and human error and leads to faster and more accurate identification of fraudulent activity.
• AI agent to detect check fraud: Anti-fraud teams can use AI-powered investigations to raise alerts and reduce false positives with clearer insights and actions, saving them time and resources.

“After activating Unit21’s check fraud rules and alerts, particularly dark web monitoring, we were able to prevent $50,000 worth of potential check fraud with just seven alerts. I was surprised at how quickly we were able to achieve success,” said Jo Davenport, SVP Fraud Director, CFCI at Third Coast Bank. “In addition, our customers really appreciate our proactive efforts. Not only did the alert increase their sense of security, it also increased their trust in us to have their best interests in mind.”