On November 13, 2024, the Federal Reserve Financial Services (FRFS) announced the expansion of FedDetect Duplicate Notification for Check Services to include commercial checks, alongside its existing Treasury check notification service. Financial institutions can now see deposit information and images of potential duplicate items for commercial checks, supplementing their existing check fraud mitigation tools.
A survey by the Association for Financial Professionals found that 65% of treasury practitioners believe checks are the payment method most likely to be targeted by fraud. However, 70% of organizations that still use checks have no plans to stop using them anytime soon.
The expansion of FedDetect provides financial institutions of all sizes another powerful tool in their risk mitigation toolkit. FRFS Executive Vice PresidenShonda Clay said that they are offering the service at no cost as part of their commitment to supporting depository institutions to combat fraud.
Read the FRFS’s announcement here.
