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."


Featured

New Products

  • PE80 Series

    PE80 Series by SARGENT / ED4000/PED5000 Series by Corbin Russwin

    ASSA ABLOY, a global leader in access solutions, has announced the launch of two next generation exit devices from long-standing leaders in the premium exit device market: the PE80 Series by SARGENT and the PED4000/PED5000 Series by Corbin Russwin. These new exit devices boast industry-first features that are specifically designed to provide enhanced safety, security and convenience, setting new standards for exit solutions. The SARGENT PE80 and Corbin Russwin PED4000/PED5000 Series exit devices are engineered to meet the ever-evolving needs of modern buildings. Featuring the high strength, security and durability that ASSA ABLOY is known for, the new exit devices deliver several innovative, industry-first features in addition to elegant design finishes for every opening.

  • Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.

    Connect ONE®

    Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.

  • Compact IP Video Intercom

    Viking’s X-205 Series of intercoms provide HD IP video and two-way voice communication - all wrapped up in an attractive compact chassis.