Tax filing season is underway – help your financial institution prepare to identify fraudulent duplicate tax refund check deposits.
Early notification of potentially fraudulent activity helps risk officers identify bad actors and take appropriate action to limit future losses. For banks of first deposit (BOFDs), the FedDetectSM Duplicate Treasury Check Notifier Service offers daily reports on potential duplicate Treasury checks processed by the Federal Reserve Banks. This service reviews all Treasury checks that were deposited across multiple payment channels, including ATMs, mobile devices and tellers by your institution or any other BOFD on the current day or previous 60 calendar days. The service was launched in late 2021 and already is helping institutions of all sizes add a layer of protection against fraudulent Treasury check activity.
Sign-up is easy and your relationship manager can help you onboard these reports for your institution. Submit a contact request to receive more information, or submit a participation agreement (PDF) to begin receiving your institution’s reports.