Skip to main content

Suspected Deposit Fraud items worth $330 M identified in one year for a Top 20 U.S. Bank

article banner

Overview.

A super-regional U.S. Bank with operations in the Eastern and Southern parts of the United States. The Bank was growing rapidly and expanding its retail and commercial banking services across the country.

Challenges.

As with all retail and commercial banks, one key service that they offer is current accounts, which allow for frequent check deposits. The volume of checks deposited with the bank fluctuates daily, monthly as well as seasonally (peak time during the holiday season). And with the increase in volume, check fraud also increases.

Some of the challenges the Bank faced:

  • Many high value fraudulent checks hitting the accounts every day
  • Bank’s customers required all their items updated at the start of the business day
  • The Bank was unable to meet turn times and deadlines due to frequent volume fluctuations

Solution.

The Coforge team used a detailed assessment of the processes to come up with specific improvements:

  • The Coforge team used a detailed assessment of the processes to come up with specific improvements:
  • Account Reconciliation specialists researched suspected items and decided whether to pay or add to ‘suspect’ queue
  • A dedicated team was created to perform reconciliation in Payee Positive Pay, Positive Pay and they cross-trained others to manage volume spikes
  • A 3 hour turn time early morning shift was created to meet the day's first deadline
  • Suggested automated reporting of exceptions via a vis manual tracking
  • Suggested an additional queue for check value of greater than $10K for second review to prevent invalid approvals

The Impact.

$330M

Worth of deposit fraud items identified to avoid losses

83K

Checks identified as ‘suspects’ in one year

100%

Of prior days volume was processed before start of business day of the Bank

Bring us your challenge.

Let’s Coforge your next success story.

Related reads.

WHAT WE DO.

Explore our wide gamut of digital transformation capabilities and our work across industries.

Explore