Federal Reserve Financial Services' New FedDetect® Offering Tackles Commercial Check Fraud
According to a 2024 survey of treasury practitioner members and prospects by the
“Commercial checks remain a critically important form of payment, but they’re also vulnerable to fraud,” said
FedDetect Duplicate Notification underscores the Federal Reserve’s purposeful investment to support banks and credit unions as they fight fraud related to check clearing. Despite reductions in check volume, a recent FRFS study of financial institution risk officers found that check fraud had the largest year-over-year increase, up 12% in 2023. The FedDetect service helps financial institutions mitigate loss of funds due to fraud or deposit capture errors by sending notices of potential duplicate
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