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COR.IQ News Release

Symcor Expands Risk Management Eco-System to Include Cheque Fraud Detection

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Symcor October 30, 2020
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TORONTO, ON (October 30, 2020) – Symcor Inc, a leading provider of solutions in payment processing, customer communications and fraud detection, has expanded its suite of risk management offerings to include Cheque Fraud Solution (CFS), a holistic system to identify multiple indicators of cheque fraud.

CFS is enabled through COR.IQ, a Symcor-led alliance of Canadian financial institutions (FIs) joining forces to form a collective defence against perpetrators of fraud.

By leveraging advanced data analytics and artificial intelligence, CFS allows alliance members to undertake a comprehensive defence on cheque fraud. CFS proactively alerts FIs to high-risk cheque deposits by examining a series of variables:

  • Duplicate Cheque: Identifies duplicate deposits, both intra-bank and across participant member banks
  • Account Status Lookup: Enables members to query account validity across participants
  • Kiting: Identifies potential kiting schemes across participants
  • Behavioural Analytics: Analyzes new cheques against known chequing transactions to detect anomalies; helps detect counterfeit cheques

During COVID-19, CFS has been instrumental in enabling FIs to quickly and effectively analyze cheques issued under the federal government’s relief payments program. This initiative allows FIs to accelerate customer access to payroll and other subsidies while also mitigating fraud.

“For the past 24 years, Symcor has consistently maintained a reputation of trust and excellence among clients. With COR.IQ and CFS, we remain committed to accelerating industry-wide change to more effectively detect and fight fraud,” adds Saba Shariff. 

It is estimated that 81% of organizations were a target of payments fraud in 2019.[1] Cheques, relied upon for business-to-business transactions (B2B), are vulnerable to fraud. The elevated threat of cheque fraud is compounded by rapidly evolving tactics that fraudsters use to take advantage of financial service systems.

With CFS and its strong foundation of security and industry-leading data governance controls, FIs can actively leverage fraud intelligence with confidence and peace of mind. As a modular solution, CFS allows FIs to target their prioritized fraud signals. The solution is built for operational efficiency and low false positives, with an interface that is seamless and intuitive.

Click here to download the use case of Cheque Fraud Solution

References: 

[1] - 2020 AFP Payments Fraud and Control Survey Report

Looking for a trusted solution for efficient fraud detection? Symcor’s Cheque Fraud Solution is a powerful tool to tackle multiple markers of cheque fraud and is equipped with industry-best security controls. Get in touch with us to discover how our Cheque Fraud Solution can help lower your fraud losses. Email us at sales@symcor.com