Jack Henry prepares bankers to enhance check fraud protection with its new integration

By Pavithra R

Jack Henry & Associates, a leading provider of technology solutions and payment processing services primarily for the financial services industry has announced that its Jack Henry Banking division has seamlessly integrated their AlertCenter solution with the SilverLake Teller Capture automated check processing solution to enhance check fraud protection. 

The industry is witnessing a rapid rise Payment fraud, with the majority of scams targeting checks and wire transfers. The Pandemic has also compounded to this rise. Jack Henry identified a 35% increase in extended deposit hold recommendations, an 11% increase in transaction deny recommendations during the first half of 2020 as compared to the same time in 2019. 

“Automating our check fraud mitigation processes with AlertCenter made everyone happy, even the examiners. The connectivity of AlertCenter with SilverLake Teller Capture better equips us to respond to the perpetual and growing threat of check fraud without negatively impacting the customer or employee experience,” said Pam Ihli, senior vice president and CTO of CNB.

Jack Henry emphasizes on the need for banks to more effectively identify fraudulent transit check activity while enhancing customer service. The integration of AlertCenter, offered in partnership with Advanced Fraud Solutions TrueChecks with SilverLake Teller Capture, is expected to stand on this belief. As a result of the integration, banks can now detect potential returns or fraud and expedite funds availability at the teller window or via digital deposit channels while providing customers comfortable deposit limits and instant response times. AlertCenter also features enhancements that help FIs to proactively detect and minimize stimulus check fraud. 

“Check fraud remains an important area of focus on risk mitigation for banks. Protecting these transactions must be an automated and seamless process to provide customers with the fast, trusted level of service that they expect, while still protecting the bank from losses. Making AlertCenter available as a highly integrated feature adds more value to SilverLake customers and provides them with the ability to scale their loss mitigation efforts as the number of checks dwindle and yet criminal activity continues to rise,” said Russ Bernthal, senior vice president of Jack Henry & Associates and president of ProfitStars.

Jack Henry is S&P 500 company that serves approx. 8,600 clients nationwide through 3 divisions: Jack Henry Banking supports banks ranging from community banks to multi-billion-dollar institutions; Symitar provides various solutions to credit unions of all sizes; and ProfitStars offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry.