Frequently Asked Questions

A: While the volume of checks written in the United States has declined over the past two decades, the Federal Reserve reported that over 11.2 billion checks were collected through the Federal Reserve system in 2021.  The value of those transactions totaled over $27 trillion, which is relatively consistent with the value of checking transactions dating back to 2010.  More than 50% of Americans wrote checks in 2023 and checks remained the most popular business-to-business payment method.

A: There were over 680,000 Suspicious Activity Reports of potential check fraud in 2022, up from 350,000 in 2021, resulting in an estimated loss of $24 billion.

A: By creating a unique digitally-enabled ID printed on paper checks, CheckCheck’s patented technology bridges the divide between physical and digital banking, filling a security gap created by remote deposit capture technology that has been exploited by criminals. 

A: Initial efforts to reduce losses associated with duplicate presentment gave rise to the use of “for mobile deposit only” signature blocks on the back of paper checks.  Initial efforts to prevent whitewashing involved adding new dyes to paper checks which react when exposed to certain chemicals. These solutions are easily exploited.  Recent efforts to address check fraud involve the use of artificial intelligence to evaluate certain check features.  None of these products have been successful in independently eliminating these forms of check fraud, but each of these prior check fraud mitigation efforts are compatible with the CheckCheck technology to further reduce check fraud losses.

A: Because CheckCheck utilizes a unique identifier, and does not capture any personally identifiable information, CheckCheck ensures the protection of customer and bank data.