April 20, 2015 — Credit Union Journal publishes Greg Council’s take on ensuring the security of remote deposits — Rapid innovation in mobile and remote deposit technologies means members today have more choices when it comes to how, when and where they interact with their credit union or other financial service providers. While the dramatically more efficient remote deposit technology offers credit union members greater convenience and flexibility, it also magnifies potential risks. The potential for human error and fraud — such as a check being altered or deposited multiple times on different dates or at different credit union locations — are real and persistent challenges.
How do credit unions uncover common vulnerabilities — such as checks being altered or deposited into multiple accounts? What measures do they put into place to ensure optimal performance and security? Common areas for risk exposure in rolling out remote deposit delivery systems are: multiple or duplicate deposits, CAR/LAR mismatches, counterfeit checks, poor quality deposits, and signature forgeries. There are five key steps CUs can take in fraud prevention to offer greater security and better monitoring of remote deposit transactions….
Find out about all five steps in the Credit Union Journal.