Lower Check Losses By Combatting Check Fraud: Focus of Bluepoint’s Latest Whitepaper

October 12, 2011

Tools

--Paper examines the fastest growing, costliest form of payments fraud--

CHICAGO--(BUSINESS WIRE)-- Bluepoint Solutions, a 2010 CUNA Tech Council “Best of Show” winner, Microsoft Gold Certified Partner and provider of remote deposit capture, item processing and enterprise content management solutions for financial institutions, announced today during the BAI Retail Delivery 2011 tradeshow and expo it has completed an in-depth white paper entitled, “The Changing Landscape of Payments: Lower Check Losses By Combatting Check Fraud.”

“Despite the pace at which new payments methods are emerging, check fraud remains the most common and costliest type of payments fraud facing financial institutions,” said Andrew Tilbury, chief marketing officer of Bluepoint Solutions. “Even though the volume of checks is steadily declining, the amount of losses attributed to check fraud has sharply increased. Criminals are getting more adept at defrauding institutions. We recognize the significant threat check fraud poses to all institutions, and developed this white paper to examine the impact on credit unions and community banks.”

Bluepoint’s whitepaper examines the common types of check fraud and the associated costs to financial institutions, and then offers viable, proven methods that have been used to successfully combat fraud. The inverse trend of increasing fraud losses against the backdrop of declining check volumes highlights the vulnerability of this payment method, and the need for financial institutions to seriously address this problem. As an industry, financial institutions are getting worse at stopping check fraud, not better. This stands in contrast to the newly available technology that is proven to reduce check fraud losses.

“It was eye opening for my team once we recognized just how big a threat check fraud is to community financial institutions,” continued Tilbury. “What was even more surprising was the lack of tools available to institutions in the small to mid-size range. We drafted the white paper to provide additional insight and education on the topic, and also launched a fraud detection application suite that will now give institutions of this size the ability to query a national shared database. The application is designed to flag and alert institutions of potentially fraudulent items that previously may have gone under the radar.”

To view an abstract and download a free copy of Bluepoint’s latest whitepaper, visit http://www.bluepointsolutions.com/white-papers/check-fraud/. More information about Bluepoint’s real-time and batch module fraud detection suite is available here. Bluepoint is hosting an educational webinar, “Driving the Cost Out of Checks: Reducing Check Fraud in Real-Time,” on Oct. 27 at 2 p.m. ET. Click here to register for the event.

About Bluepoint Solutions

Vista, Calif.-based Bluepoint Solutions is a leading innovator in remote deposit capture (RDC), image-based item processing, enterprise content management and receipt management. Adhering to strict best practice standards, Bluepoint delivers proven technology solutions and consulting services designed to achieve the strategic goals of increased employee productivity, reduced operating costs, and improved customer service. Bluepoint’s family of products and services offer a complete, end-to-end, image-based item capture and payment processing solution. For more information, visit www.bluepointsolutions.com.