New FedDetectSM Duplicate Treasury Check Notifier Service helps fight check fraud
Although total U.S. check volume continues to decrease, attempted check fraud has not declined at the same pace. Duplicate deposits are often a significant driver of check fraud activity and can be related to fraudulent mobile deposits as well as altered, forged or counterfeit checks. To help combat this fraud, we are introducing the new FedDetectSM Duplicate Treasury Check Notifier Service.
For Banks of First Deposit (BOFDs) that are FedForward® customers, this service offers daily reports of potential duplicate Treasury checks processed by the Federal Reserve Banks that were deposited by your institution or by any other BOFD on the current day or previous 60 calendar days.
These notifications are helpful in identifying potential duplicate deposits of Child Tax Credits and other federal benefit payments. The Federal Reserve Banks send them directly to your inbox via encrypted email, and the messages can help you supplement your own research or take appropriate action at your discretion.