25 June 2017
Visit cib.db.com

Wausau uses location awareness tech to fight remote deposit fraud

10 March 2014  |  4395 views  |  1 cheque

Wausau Financial Systems has added location awareness technology to its remote deposit capture (RDC) suite to help banks sniff out suspect activity.

RDC - which lets Americans deposit cheques from a remote location - has rapidly gained in popularity over the last couple of years and is now used by tens of millions of people.

Analyst house Celent recently warned that there has been a small but increasing level of losses that is directly attributable to RDC. These losses appear to be steady among commercial accounts, but growing among retail banking accounts.

To help tackle this, Wausau is tapping IP addresses to track transmission and capture locations, alerting its customer banks if deposits are made outside the expected area.

Jason Olson, solution manager, Wausau, says: "Now, not only can financial institutions quickly identify where the deposit was made, but they can also provide this information to auditors in no time."

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 12 March, 2014, 15:43

Hopefully, Wausau and / or banks will take a fairly broad view of what they call "expected area". Mobile RDC is meant to allow people to deposit cheques while they're on the road. It'd be dumb to expect them to do so only from their homes or offices.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Mobile account opening and RDC skyrockets in US

Mobile account opening and RDC skyrockets in US

22 January 2014  |  6515 views  |  0 comments | 15 tweets | 11 linkedin
Barclays to pilot mobile cheque deposits as UK Government proposes rule change

Barclays to pilot mobile cheque deposits as UK Government proposes rule change

02 January 2014  |  20210 views  |  2 comments | 18 tweets | 21 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit vasco.com/news/PSD2-compliant-solutionsvisit www.finastra.comdownload the report now

Top topics

Most viewed Most shared
Live: EBAday 2017, day twoLive: EBAday 2017, day two
9644 views comments | 4 tweets | 5 linkedin
Worldpay pilots app-only mPOS for small retailersWorldpay pilots app-only mPOS for small re...
9199 views comments | 18 tweets | 27 linkedin
Live: EBAday 2017, day oneLive: EBAday 2017, day one
8786 views comments | 3 tweets | 4 linkedin
UK banks will need to change one million sort codes under ring-fencing rulesUK banks will need to change one million s...
8246 views comments | 8 tweets | 25 linkedin
What Banks and their customers can expect for the futureWhat Banks and their customers can expect...
7252 views comments | 7 tweets | 10 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job