Federal Reserve Financial Services recently announced the expansion of FedDetect Duplicate Notification for Check Services to include commercial checks, alongside its existing Treasury check notification service. As a result, financial institutions can see deposit information and images of potential duplicate items for commercial checks, supplementing their existing check fraud mitigation tools, the Fed said in a statement.
The FedDetect Duplicate Notification service offers banks of first deposit early notice of potential duplicate checks processed by the Fed banks. Reports are available for both commercial and Treasury checks deposited by financial institutions on the current day or within a specific date range, according to the Fed.
In related news, the American Bankers Association’s Fraud Contact Directory allows banks to connect with other institutions to resolve warranty breach claims for checks as well as claims for unauthorized and/or fraudulent transfers for wires, ACH, RTP or FedNow. The directory of fraud contacts is searchable by bank name, city, state or FDIC number. ABA has also launched the #PracticeSafeChecks campaign to educate bank customers about check fraud.
