Cheque Fraud Solutions
Stay ahead of evolving cheque fraud threats with real-time insights and multi-bank intelligence.
- Essential VerifyPowered by data from a consortium of Canada’s top FIs, Symcor’s batch fraud solution detects duplicates, suspicious government cheques, and cheque fraud related to account statuses.
- Instant Verify
- Image Verify
- Bank of Account (BOA)
- Verify Lite
Ensure your payments are directed to the intended recipient and authorized debits originate from legitimate accounts.
Payee Verify
Real-time account and name validation for electronic payments.
- Instant Account VerificationConfirm account holder details for both payees and payors instantly.
- Bank-Level Name MatchingMatch names against official bank records with advanced intelligence.
- Deeper Risk InsightsAnalyze account-based insights including age, recent activity, and changes to address or name.
Cheque Data Extraction
Automate manual cheque compilation to support AML reporting.
- High-Accuracy Field ExtractionExtract key fields such as payer, payee, amount, date, and more using advanced document recognition and language models.
- Fast, Flexible Data AccessEnable account-level and date-range searches spanning up to 7 years of historical cheque data.
- Compliance-Ready ReportingOrganize cheque data with images into ready-to-consume compliance reports.
- Operational Efficiency at ScaleReduce manual effort, reduce operational costs, and accelerate AML workflows by up to 80%.
Leverage Canada’s only multi-bank fraud intelligence network, combined with proprietary data, advanced fraud models, to protect against evolving threats-without slowing operations.
Built for accuracy. Designed for speed.
$250M+
in confirmed cheque fraud detected annually
80%+
counterfeit cheques caught with consistent accuracy
25+
years as a trusted FI vendor with zero security breaches
80%
of Canadian cheques processed securely
Tackling Counterfeit Cheque Fraud for Banks
Symcor’s Image Verify solution, powered by COR.IQ, transformed cheque fraud detection-automating verification and reducing errors to deliver a trusted, scalable defence for Canada’s leading banks.
90%
Fraud detection accuracy.
$30 Million
Confirmed fraud detected.
Solutions Used
- COR.IQ
Essential Verify’s business rules were enhanced to address a fast-emerging fraud trend targeting Canada Savings Bond cheques.
Fraudulent activity had increased on Canada Savings Bond cheques, which are prone to fraud due to less rigid fund-holding policies that allow fraudsters to quickly withdraw deposited funds.
100%
detection rate on fraudulent Canada Savings Bond cheques
$600,000+
in confirmed fraud reported by Alliance members
Solutions Used
- Invalid Government Transit fraud marker
Image Verify delivers strong ROI by effectively tackling Payee Name Mismatch and counterfeit cheque fraud.
Counterfeit cheques have traditionally required manual review by experienced staff, creating inefficiencies and limiting the number of items that can be processed. Cheque data was also difficult to recognize and extract for fraud detection.
In 1st
year of rollout, Image Verify detected over $30M in confirmed fraud per financial institution.
Solutions Used
- OCR Tech, ML Models
