CheckQ - Biometric Check Fraud Prevention System

Check fraud is on the rise. Unfortunately, the true cost of fraud goes far beyond the face value of a check. For every dollar lost, four more are spent identifying and prosecuting the criminal. With the addition of intangible costs such as lower employee morale, workplace disruption, adverse publicity, higher security and legal expenses, experts estimate annual losses at $10 billion for the industry.

In most cases, technology is working against financial institutions. Criminals are using the latest in duplicating technology to fake identities and print bogus checks. They know that, for the most part, a majority of the anti fraud mechanisms used today are reactive in nature and therefore they know that if they do things right, they can defeat the systems and walk out the door with cash. CheckQ is changing that.

Viewing check cashing history in real time allows tellers to be alerted to possible fraud attempts and bad check cashing history.

Benefits   Cash non-account holder checks with higher confidence while simultaneously reducing the risk of doing so.   Flag a potential fraudulent transaction BEFORE money exchanges hands at your facility.   Turn "check cashing" into a profitable revenue stream.   Reduce fraudulent losses immediately.   Criminals stay away from facilities that have our electronic fingerprint readers at teller stations - even if the readers aren't ever used! They won't take the chance.   Reduce teller stress by relieving them of the duty of being a criminologist.   Transaction fee based service means that there is very little - if any - capital expenditure.   Speed and Convenience. CheckQ allows for the expedient and accurate processing of non-account holders that want to cash checks at your facility.   Being on the CheckQ Network allows your institution to benefit from other member institution's check cashing experiences and vice versa - they benefit from yours.   Are you checking your non-account holders against the OFAC list? If not, you can with CheckQ.

Features No Integration Needed The CheckQ client sits as a stand alone application that is minimized until a teller or customer service representative needs to cash a non-account holder check. Software is Free The CheckQ software is free whether you have a single work station or 2,000 teller stations. Simple Enrollment Enrollment to the system for a non-account holder needs to happen only once and can happen at any member institution or branch. The process takes approximately 2 to 3 minutes. Fast Authentication Minimize teller time with non-account holders at your facility. CheckQ gets them in and out of your branch quickly. Eliminate Paper Notes The notes feature of CheckQ allows management to post notes for specific individuals or groups of individuals. No need for tellers to "remember" items about certain individuals or groups of individuals. Color Coded Transaction History Find out where that fingerprint has been in real time and what that fingerprint has been up to utilizing the color coded transaction history. If you see red, go get a supervisor. It's that easy. Management Back Office Software Management has the ability to put in notes, view the details of a specific suspect transaction, or see an individual's total number of transactions. Weekly Reports CheckQ delivers weekly reports to you identifying all transaction volume and history at your facilities.

CheckQ has the industry's only shared biometric database tracking an individual's check cashing transactions. It is populated by records from financial institutions across the U.S. It provides real-time access to previous suspect transaction history within - and outside - your institution. CheckQ compares a check casher's fingerprint to those stored in the national database and confirms a positive history of flags a potential fraudulent transaction.