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The Green Sheet

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Early Warning Advances Mobile Banking by Reducing the Threat of Duplicate Deposit Fraud.

Tuesday, March 12, 2013 (Early Warning Services, LLC / Early Warning Services, LLC)

SCOTTSDALE, Ariz., March 12, 2013 - Early Warning, a leader in fraud prevention and risk management for more than 20 years, unveils the initial launch phase of an enhancement to their Deposit Chek® Service created specifically to address the threat of duplicate deposit fraud.

According to the latest figures, 64 percent of the country’s top banks now offer their customers the ability to deposit checks using smartphones, tablets or other mobile devices1. Consumers increasingly enjoy the convenience of expanded mobile banking; however, as with all new innovations in banking, fraudsters will eventually find a way to exploit the service. In an effort to keep potential duplicate deposit fraud at bay, financial institutions have been compelled to maintain tight restrictions around remote deposit capture (RDC).

The latest generation of Early Warning’s Deposit Chek Service now allows banks to provide their customers with greater convenience, funds availability and enhanced fraud protections. The duplicate item feature is designed to verify the legitimacy of mobile deposits by cross-checking them against deposits made at branch locations, ATMs, teller windows and lockboxes of other institutions across the country. Six of the nation’s largest financial institutions, some of the biggest proponents of RDC, are currently in the initial rollout and testing phase of the functionality. This will be followed by a broader launch in which the enhancements will be made available to all financial institutions.

Leveraging Early Warning’s advanced technology and matching capabilities, Deposit Chek Service’s duplicate item detection is the industry’s first solution to provide the breadth and depth of cross-institution item-level matching – providing a much broader view of potential duplicate deposits across financial institutions and channels. The Service also provides advance notification of potentially high-risk deposits, enabling institutions to place necessary holds but also expedite funds availability on low-risk transactions by validating the existence and status of accounts at the point-of-transaction.

“The growth of mobile banking has been an exciting development for both institutions and their customers. Our latest enhancement to Deposit Chek Service helps ensure that mobile banking and specifically remote deposit capture can continue to grow and evolve to serve the changing needs of the industry,” said Paul Finch, chief executive officer for Early Warning. “Being able to screen a deposit made via a customer’s smartphone against deposits made across the industry means financial institutions can more confidently increase daily deposit limits and ease other restrictions around RDC, ultimately allowing them to better serve their customers.”

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1 Javelin Strategy & Research, 2013


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