Community Bankers Association of Georgia Associate Member FraudXchange Offers a Solution to Help Banks Fight Check Fraud

Birmingham, Ala., Feb. 7, 2024– 

The Community Bankers Association of Georgia associate member FraudXchange introduces a suite of fraud prevention solutions exclusively for CBA of Georgia members. Georgia banks must be an eligible member of CBA of Georgia to enroll.   

Though today’s financial landscape is rapidly evolving, checks remain a consistent form of payment. Unfortunately, since the pandemic, the financial institutions across the United States have experienced a significant increase in check fraud, partially due to mail theft. While larger banks may have implemented their own defense mechanisms, community financial institutions have been left vulnerable, lacking the confidence that their existing systems are sufficient. These institutions are desperately seeking a robust and effective solution to safeguard their assets and reputation.

In response to the check fraud crisis and the frustrations expressed by financial institutions, FraudXchange has developed three solutions to help community banks combat fraud.

• Acts as a centralized platform for financial institutions to report and exchange fraudulent transactions, fostering swift and decisive action.
• Offers secure and tracked communication between member banks and credit unions, minimizing the need for time-consuming phone calls and emails.
• Expedites the return of funds by working seamlessly alongside existing regulations, including Regulation E, Regulation CC, and others.
• Complements existing regulatory guidelines outlined by FFIEC and NCUA, ensuring compliance and efficiency in fraud management.
• Empowers member institutions to adhere to agreed-upon timeframes, enhancing collaboration and coordination in combating fraud.

• Utilizes advanced artificial intelligence and image analysis technologies to prevent fraud in financial institutions.
• Offers Comprehensive Check Fraud Detection, including Automated Signature Verification (ASV-AI) and Check Stock Validation (CSV-AI).
• Provides real-time insights by inspecting in-clearing items throughout the day, strengthening defenses against fraudulent activities.
• Empowers financial institutions to identify CAR/LAR Discrepancy and conduct Check Style Analysis for comprehensive fraud detection.

• Functions as an API-enabled fraud prevention database specializing in identifying stolen checks.
• Provides fraud watchlist screening services for various use cases, such as teller capture and onus image cash letters processing.
• Equips financial institutions with alerts on suspicious activities related to their data or customer accounts detected in the online fraud ecosystem.
• Enables institutions to promptly notify affected customers, fostering customer protection and trust.

“I have worked with financial institutions for over 30 years,” said FraudXchange founder David Brasfield. “I always try to listen to what frustrates them and understand their pain points and lately the most resounding sentiment recently has been a frustration in preventing and recouping costs associated with check fraud. We are confident that our new suite of fraud solutions will equip them to fight fraud more efficiently.”

Data recently released from the Financial Crimes Enforcement Network showing that through the end of October 2023, depository institutions had filed more than 440,000 suspicious activity reports pertaining to check fraud, indicated a continued increase in check fraud.

“Our members have expressed sincere frustration dealing with rapidly increasing fraud. The FraudXchange’s solutions offered exclusively to Community Bankers Association of Georgia member banks provide an option to help our members to fight back,” said John McNair, President & CEO of the Community Bankers Association of Georgia.

About FraudXchange

FraudXchange, a cooperative network, unites financial institutions to share insights and strategies for fraud prevention. With rapid reporting of fraudulent transactions, secure communication, dark web monitoring, and employee email fraud detection, FraudXchange equips financial institutions to protect their operations. TAFraudSentry, powered by advanced AI and image analysis, offers comprehensive check fraud detection with features like ASV-AI, CSV-AI, CAR/LAR Discrepancy, and Check Style Analysis, enabling real-time insights for financial institutions to bolster their check fraud defenses. DarkDefend.com Functions as an API-enabled fraud prevention database specializing in identifying stolen checks. To combat the rising threat of check fraud, visit fraudxchange.com or contact join@fraudxchange.com or (770) 451-1111. Together, we secure the financial future.

About Community Bankers Association of Georgia

Community Bankers Association of Georgia is a non-profit organization serving community banks throughout Georgia for 50 years to enhance their profitability and growth. CBA was founded in 1969 by a group of Georgia community bankers to protect the political interests of locally owned community banks. Representing approximately 130 community banks and 100 associate member companies, CBA offers services in three distinct areas: Legislative, Professional Development and Member Services. CBA is the state’s only advocate working solely for the interests of community banks and their customers. For more information, visit www.cbaofga.com or call (770) 541-4490.