Best Practices in Reducing Check Losses: Focus of Bluepoint’s Latest Whitepaper

Paper examines evolving fraud tactics, provides strategies to help financial institutions minimize exposure and prevent losses–

Henderson, Nev., June 27, 2012 — Bluepoint Solutions, a provider of remote deposit capture, item processing and enterprise content management solutions to more than 1,800 financial institutions nationwide, today announced the availability of its latest whitepaper entitled, “Best Practices in Reducing Check Losses.”  This marks the second whitepaper in an ongoing series of educational reports developed by Bluepoint to provide community financial institutions tools and strategies needed to combat emerging threats.

“Check usage declined from 2009 to 2011, but losses associated with check payments remain a significant cost to financial institutions, individuals, and businesses,” said Andrew Tilbury, chief marketing officer for Bluepoint Solutions.  “With an estimated cost to financial institutions of $893m in 2010 alone, check losses from fraud, counterfeits, and forgeries require continued vigilance from financial insitutions of all sizes.  Our latest white paper provides best practices and strategies financial institutions can easily deploy to prevent and reduce losses.”

Bluepoint’s latest whitepaper examines the cost to financial institutions of various types of check losses and provides an in-depth analysis of check fraud data as reported in the 2010 Federal Reserve Payments Study, the 2011 ABA Deposit Account Fraud Survey Report and the 2012 AFP Payments Fraud and Control Survey. Additionally, the paper highlights various types of check losses and the costs associated with each, recent Reg CC changes that impact institution’s hold policies and clearing timelines, and the latest fraud rings and fraud tactics facing financial institutions. The paper provides specific strategies, including suggested hold policies, to combat and prevent losses associated with fraudulent check transactions.

To view an abstract and download a free copy of Bluepoint’s latest whitepaper, click here.