Check fraud remains a costly challenge, draining financial institutions of over $1.3 billion annually. As fraudsters adapt, traditional tools fall short. Criminals now exploit ATMs, mobile deposits, and remote channels to evade outdated detection methods.
AI-driven check fraud detection solution
Check fraud management for
banks and credit unions
Abrigo Fraud Detection customers are recovering their investment in six months or less. This is based on their average monthly reduction in fraud losses.
90%+ Fraud Detection
Abrigo Fraud Detection has identified more than 90% of fraudulent check value for customers by calibrating to each institution’s unique risk profile, providing accuracy and protection.
Combat check fraud
Abrigo is your reliable partner in fighting check fraud. We provide your institution with advanced AI tools to protect against fraudulent activities. Abrigo Fraud Detection provides a tailored approach, combining machine learning with rule-based logic to enhance accuracy and efficiency. By automating fraud detection and decisioning, the system reduces manual workload, flags suspicious transactions, and streamlines investigations. This empowers fraud teams to act swiftly, minimize losses, and protect assets before fraud can occur.
Enhanced fraud detection with Mitek’s award-winning check image analysis
Abrigo’s fraud detection solution incorporates Mitek’s advanced image analysis. It utilizes insights from a nationwide check fraud data consortium. By evaluating over 24 attribute scores, the system identifies counterfeit and altered checks with greater precision, helping financial institutions mitigate fraud more effectively.
Features & advantages of check fraud detection
Comprehensive check fraud detection
to stay ahead of the curve
Abrigo provides a multi-layered fraud detection approach that uses three key components:
- Integrating Mitek’s advanced check image analysis
- A nationwide check image consortium
- Abrigo’s Fraud Data Consortium
Our solution identifies forged, altered, and counterfeit checks in teller systems, mobile deposits, remote deposits, and ATMs. Supported by a robust decision engine, Abrigo offers a user-friendly case management system. This combination simplifies the identification and resolution of check fraud. This makes it faster, easier, and more accurate than ever before.
ML-powered Transaction Risk Score
AI-driven insights are applied to each check transaction. A fraud risk score is assigned, ranging from 0 to 1000. The higher the score, the greater the likelihood of fraud. The system also provides clear explanations behind each score to enhance understanding and support informed decision-making.
Abrigo consortium for check fraud data
The Transaction Risk Score is powered by a nationwide database of confirmed fraudulent check activity. This database is unique to Abrigo and supports real-time pattern matching.
Check image analysis
Deep computational visual analysis reviews 24 different check attributes. These include check stock, payee integrity, ink consistency, and signature validity. This process helps you detect fraud more quickly.
Consortium analytics
Join a nationwide group of financial institutions that share check fraud data. This collaboration allows you to learn from your peers and improve your detection capabilities.
Step-up authentication
Use real-time text message verification to involve customers directly in the fraud review process. This feature supports quicker alert resolution, improves accuracy, and reduces false positives.
Check fraud reports
Monitor analyst performance to gain actionable insights into fraud's impact at your institution. This will help you make better decisions and anticipate new threats.
"Abrigo's check fraud solution identified a $190k fraudulent check, preventing a significant loss to our bank. Without the tool, we likely would have incurred the full loss."
Mike Gillen, BSA Officer, Richwood Banking Company
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Integrated systems with Abrigo
Financial crime systems built for your institution
Breaking down silos between fraud detection and AML
Abrigo is dedicated to supporting banks and credit unions in the fight against financial crime. With Abrigo’s comprehensive financial crime solutions, your teams can collaborate effectively. This includes tools such as fraud detection software and AML software. This collaboration enhances the detection, management, and resolution of suspicious financial activities within your institution.
Resources on check fraud detection
Check fraud and the dark web – Detection and prevention
Whitepaper
Download this whitepaper to discover more about the dark web. Learn how financial institutions can combat the rise in check fraud occurring on the dark web.
What is check image analysis and how does it prevent fraud?
Blog
Check image analysis is a new tool that financial institutions can use to combat rising check fraud rates.
Beyond immediate fraud losses - The true cost of fraud
Infographic
Learn about the full impact fraud loss can have on your financial institution
