Preparing for the Holiday Surge: How Real-Time Check Processing Helps Banks and Credit Unions Combat Fraud and Boost Efficiency
As the holiday season approaches, banks and credit unions are bracing for a surge in user activity. With holiday shopping, end-of-year business settlements, and increased seasonal spending, transaction volumes are set to rise, bringing attention to the critical need for secure and efficient check processing systems. Account holders expect fast access to funds, making real-time posting an essential capability for financial institutions. Not only does it expedite transactions, but it also plays a key role in reducing the risk of fraud, ensuring a seamless and secure user experience - even during peek seasons.
- Immediate Fraud Detection: Real-time image and data validations flag suspicious transactions as they happen, allowing financial institutions to act quickly.
- Swift Action Against Fraud: Whether it's an unauthorized payment attempt or an unusual transfer, institutions can block or investigate suspicious transactions before they're processed.
- Higher Security Levels: By identifying fraud in real-time, both institutions and account holders benefit from enhanced security and reduce the potential for fraud losses.
- Prevention During Vulnerable Times: Instantaneous posting helps prevent fraud during the high-risk holiday period when consumers and businesses are particularly vulnerable.
The holiday season should be a time of enjoyment, not one marked by the distraction of fraud. However, user errors, system malfunction, and a lack of data interoperability can burden banks and credit unions, creating friction and delays. Institutions that adopt a transaction-level item processing system can avoid these setbacks by instantly identifying and preventing duplicate deposits. This approach works by verifying each image against other deposits, regardless of the channel through which they were originally received. In doing so, it helps prevent scams, while also reducing administrative workloads down the line.
For financial institutions, real-time processing and access to data results in a more efficient use of resources. With this approach, funds are made available faster than with traditional batch processing methods. Real-time image and data validations also allow items to be processed at the point of presentment, reducing the need for manual interventions. This not only accelerates the transaction process, but also frees up staff to focus on higher-value tasks, rather than spending time managing errors in the back office.
Unify, Alogent’s award-winning deposit automation platform for all full- and self-service channels, is designed for the unique demands of financial institutions, inclusive of a transaction level approach. Unify’s robust fraud mitigation capabilities empower banks and credit unions to provide exceptional service even during the busiest times, leveraging AI and machine learning for the most robust defense. Stay ahead of emerging threats, streamline business operations, and provide the level of service that account holders expect – especially during the peak holiday season.
Learn more about alogent shield's fraud mitigation
Be the first to know! Click below to follow us on LinkedIn for news and content updates!