Remote Deposit Capture RSS Feed
Remote Deposit Capture Newsletter
Remote Deposit Capture Group on LinkedIn
Remote Deposit Capture Group onTwitter
The Green Sheet

Email Page 
Print Page 
 Add to LinkedIn Add to Twitter Add to Facebook Add to Reddit Add to StumbleUpon 
Add to Tumblr
Search discussion boards: 

Remote Deposit Capture Discussion Boards

The Remote Deposit Capture Discussion Boards are open to the entire industry. Post comments, share news, ask questions and more with professionals from throughout the industry.
Go back to Discussion Boards
Remote Deposit Capture Discussions Discuss the ins-&-outs of Remote Deposit Capture here. No vendor solicitations here please.
Discussion Boards > Remote Deposit Capture Discussions > Geo-Location View modes: 
User avatar
Site admin
Site admin
John - 10/31/2019 12:33:32 PM
During my speaking events and RDC Forum Seminars, I almost always get into a conversation about the use of Geo-Location, or scenarios where using Geo-Location could help with compliance or preventing fraud. Many of these conversations tend to be with FIs $50 Billion and under in assets. The conversations tend to break do into 1) “Why?” and 2) “How?”.

Why use Geo-Location? I believe there are two primary reasons; Compliance and Risk Management. From a compliance standpoint, FIs need to both “know your customer” (KYC) and adhere to AML / BSA / OFAC requirements. For example, if an RDC client the FI signed up in Atlanta, GA were to start submitting deposits from Mexico on a frequent basis, that should, at the very least, warrant some enhanced due diligence. In addition, FIs would not be complying with OFAC if a deposit were accepted from a banned country or location. Geo-Location could greatly aid in compliance efforts in these examples if it were part of the deposit acceptance, or at least the reporting process. Without it, FIs are essentially flying blind.

From a risk management standpoint, Geo-Location can be used to help thwart account takeovers, as I previously stated and covered in earlier articles and a webinar. In fact, in a recent RDC Forum, a longtime RDC Member took our advice to heart, implemented Geo-Location and has been able to effectively thwart potential frauds.

“How” to use Geo-Location? This answer is not quite as straightforward. It seems most FIs are unsure if their solution even has the capability to do so. -And if it does, it would require a new initiative to determine how it works, how to implement it, what are the rules which determine if a deposit is accepted / rejected / sent for review, etc.. Yes, it would take some thought and effort to intelligently set this up, but I believe the benefits are worth it.

What's your take? -And to see the results of our latest poll on Geo-Location usage, read the article HERE.


Recent Forum Posts

RE:USAA Patents - Mitek Actions with the Dept. of Justice

Mitek announced quarterly earnings last week, and in their conference call with analysts, they provided some information on this matter… Mitek’s CEO, Max Carnecchia read the below from a prepared statement: Turning our attention to USAA's continued attacks on the financial indu...
Posted on 11/12/2019 11:08:23 AM

RE:USAA Patents

We reached out to USAA to try and get some of the above questions answered. Despite the fact they issued a press release on this matter and provided contact information for questions, when we contacted them, they said they are not making any comments on the matter. Here we are, trying to help the...
Posted on 11/12/2019 10:45:28 AM

USAA Patents

On Nov. 6th, 2019, according to a USAA Press Release, "A U.S. District Court jury in Marshall, Texas, has found that Wells Fargo willfully infringed on two USAA patents for the “auto capture” process...".  USAA has apparently sent hundreds of notice letters to various ...
Posted on 11/7/2019 8:50:13 AM