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Bluepoint Solutions releases white paper – Cheating with checks: An update on the changing check fraudscape

The Latest Analysis Of Check Fraud And Loss Prevention

NORCROSS, GA (January 14, 2016) — Bluepoint today announced the release of a new white paper, Cheating With Checks: An Update on the Changing Check Fraudscape.

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“Because check volumes continue to drop, financial institutions may be inclined to cross this off their ‘to do’ lists,” according to Bluepoint CEO Hal Tilbury, “but with dollar losses still near three-quarters of a billion dollars a year, affecting about 90% of all financial institutions, this would be both premature and perilous.”

Check fraud may also begin to rise in the future, with the dramatic upsurge in mobile deposit users—200% of more next year—and the rapid deployment of more secure EMV-chip cards. For many banks and credit unions, in-branch loss prevention systems have not been integrated with remote and mobile capture points. In the near future, check fraud may become a more attractive target for fraudsters.

The new white paper pulls together the latest research findings from the Federal Reserve, the ABA, Celent, J.P. Morgan and other industry leaders, and reviews the latest technologies designed to prevent check fraud, including the use of shared data and the consolidation of multiple vendors and systems into a seamless solution across multiple capture points, including mobile deposit.

“Although fully incorporating all the various capture points is the ideal, today’s technologies permit institutions to migrate their capture points incrementally,” said Alissa Fry-Harris, Director of Marketing. “And affordable, fully-integrated systems have become one of the most effective prevention strategies available to both credit unions and banks.

About Bluepoint Solutions

Bluepoint Solutions provides end-to-end payment processing and content management solutions to community financial institutions. More than 1,400 credit unions and community banks nationwide have deployed its enterprise technology, including the largest corporate credit unions and credit union service organizations in the country. Learn more at http://www.bluepointsolutions.com.