LAS VEGAS-Check 21 technology and a direct connection with the Federal Reserve has changed the check fraud landscape at Clark County CU, according to Roy Holmstrom, CIO and CFO.
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"If an item isn't being honored, we're on top of it within 24 to 48 hours," he said. "We know if an item won't be honored before the hold on that item has expired."
Total check fraud loss at the $562-million CU was less than $10,000 last year, Holmstrom said.
Check 21 allows financial institutions to transfer and process checks electronically-and thus more quickly-by substituting an original paper check with a digital image of that check.
