Fraud Account Transfer

The Fraud Account Transfer application streamlines the closure of fraud-affected checking and savings accounts and the creation of new ones while preserving essential data. It automates transfers of agreements, combined statements, draws, holds, interest parameters, lockout flags, ODP maintenance, preauthorized transactions, roles, titles, user fields, and warning flags, ensuring a seamless transition with minimal disruption.

This tool is highly beneficial as it automates complex processes, reduces manual steps, and enhances fraud mitigation efforts. By ensuring that fraud-affected accounts are closed swiftly, and new accounts are set up with the same details, it minimizes operational risks.

Additionally, the system includes built-in validation checks, permissions management, and detailed audit logs, providing financial institutions with a secure and efficient solution to handle fraud-related deposit account transitions while maintaining compliance and accuracy.

Benefits

The Fraud Account Transfer application offers the following benefits for the Financial Institution:

• The application allows users to close fraud-affected checking and savings accounts and open new deposit accounts, while retaining essential data and ensuring a seamless transition.
• Transfers account-related data, including agreements, combined statements, draws, holds, interest parameters, lockout flags, ODP maintenance, preauthorized transactions, roles, titles, user fields, and warning flags, from the fraud-affected account to the new account automatically.
• Only checking and savings accounts owned by individuals (not organizations) are eligible, with additional criteria such as member number requirements for credit unions.
• Displays a detailed processing summary, logs API call results, and provides alerts for any issues, ensuring full transparency and compliance.
• Uses Core API calls to execute the transfer process, reducing manual intervention and errors.
• Logs all processing details, including success and failure messages, for transparency and compliance.
• Requires specific user permissions and authorization levels to access and process fraud account transfers, ensuring security and compliance.
• Ability to print and/or save the processing details to a specified location and ability to include the new account number in the file name.