New Cachet Security Feature Aims to Reduce Remote Deposit Check Fraud
Cachet Financial Solutions, which provides remote deposit capture (RDC) solutions for financial institutions, announced its CheckReview, which helps financial institutions better identify potential check fraud. Cachet will begin offering this new feature within all of its RDC offerings starting in April.
Cachet's new technology allows financial institutions greater control when reviewing digital images of checks submitted for deposit via remote or mobile deposit. With traditional RDC, customers submit checks for deposit using a desktop check scanner or a camera-equipped smartphone. Financial institutions are not able to view and validate the digital image of the check in real time. Rather, images are available for review only after the check has been deposited. Cachet's new technology changes all that.
"With CheckReview, financial institutions can now approve or reject a scanned check before it is deposited," said Jeffrey Mack, president and CEO of Cachet Financial Solutions. "This technology really does change the way financial institutions will manage their fraud risk with RDC."
"The number-one concern for financial institutions regarding RDC is check fraud," he said. "For many, the risk of fraud has simply prevented them from offering any form of RDC to their customers. Our new technology significantly alleviates those concerns."
The proprietary software enhancement provides financial institutions the ability to view and approve a check before it is deposited. The feature can be customized for each financial institution using it. For example, some institutions might choose to use this feature for its newer customers or for checks over a certain dollar amount.
"This is a significant enhancement," said Mack. "From a security standpoint, we believe this will be one of the most important developments in fraud prevention since RDC was introduced."
Cachet will feature CheckReview at the upcoming NACHA Payments 2011 Convention and Expo, April 3-6 in Austin, Texas. "The great thing about CheckReview," Mack said, "is that it can be added to all our RDC Select products; Select Business Mac & Windows, our commercial solutions; and Select Mobile, our consumer mobile deposit solution."