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In 2022, a bank with 7MM DDAs using Deposit Chek® was alerted to an average of $75M in potential fraud loss on responses including status verification, duplicate item, stop payment, high-risk, counterfeit and treasury high-risk items.
Source: National Shared DatabaseSM Resource Report, 2021
All the capabilities you need to accelerate funds availability.
Enhanced tools:
ADVANCED ACCOUNT RESPONSES
Account status: Indicates the open, closed, or overdrawn status of the external account as well as whether an item is drawn on a new account credit card, brokerage, or other type of account.
✓ Data provided:
Summary of status codes
DUPLICATE AND COUNTERFEIT ITEM DETECTION
Helps detect possible counterfeit and duplicate items through transit, ACH activity and accounts with recent return activity, improving confidence and risk management of associated deposits.
✓ Data provided:
Item-level response
MACHINE-LEARNING MODELS
Provides unparalleled visibility into the return risk associated with ACH and paper check transactions, as well as the historical status for transactions drawn on contributing and non-contributing accounts.
✓ Data provided:
Predictive score
ACCOUNT OWNER AUTHENTICATION
Provides confirmation that the inquiry account data matches to an account owner or account signer.
✓ Data provided:
Yes or No response
Understand risk where it occurs
Deposit Chek® analyzes daily transactions among both contributing and non-contributing organizations. It delivers a comprehensive response to financial institutions, reflective of historical account activity (account status, returns, overdrafts, and ACH), allowing them to assess transactional risk with high scrutiny and precision.
Deposit Chek® use cases
NEW ACCOUNT FUNDING
ACCOUNT OWNER AUTHORIZATION
US TREASURY API INTEGRATION
ACCOUNT LINKING
FUNDS TRANSFER
DEPOSIT SCREENING
ACH
REDUCE LOSSES DUE TO FRAUD
Detect and make decisions on fraudulent new account funding and high-risk deposits, mitigating risk and decreasing fraud at your institution
IMPROVE OPERATIONAL EFFICIENCY
Reduce the burden on your staff to collect on overdrawn accounts and work fraud cases
IMPROVE THE CUSTOMER EXPERIENCE
Automated, real-time deposit screening across all channels reduces unnecessary holds and alerts customers who may be fraud victims at the point of presentment helping to ensure a delightful consumer experience
GROW YOUR CUSTOMER BASE
Expedited deposited funds availability at new account opening with Account Owner Authentication provides a frictionless account opening experience, reducing abandonment due to funding holds
BALANCE RISK, EFFICIENCY AND COMPLIANCE
Your institution is empowered to configure the capability’s business logic to your own risk tolerance.
Discover More
Nickel & Crime Season 3, Episode 4: Knock-Off Nation – A Counterfeit Crisis and the Real Risk of Fake Goods
Nickel & Crime Season 3, Episode 3: Scammed into Scamming – A Global Exploitation Network
Stop Fraudsters Sooner: How to Guard Against Account Opening Fraud
The Early Warning® Advantage
Leverage 30 years of experience to enhance your new accounting opening strategy, verify deposits and payments and make informed decisions.
Robust data
Early Warning is the Trusted Custodian® of the National Shared DatabaseSM Resource which contains a rich set of data, ensuring our information is always up-to-date.
Scalable technology
Grow at your own pace! Access our capability bundles through a simple API. Implement once – and quickly deploy additional capabilities in a snap.
Rich analytics
Our risk assessment algorithms incorporate comprehensive, cross-institution data sets, adding depth and perspective to insights.
Early Warning is the Trusted Custodian® of the National Shared DatabaseSM Resource – which contains a rich set of deposit performance data contributed by more than 2,500 financial institutions including banks like:
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