In a world of automation - and a world of cost cutting - I continue to be amazed at the willingess of financial institutions to continue with antiquated / costly processes.
I spoke with a bank yesterday that indicated that they are currently screening all address changes. To do this - they immediately mail a $0.75 piece of mail to the former address. They then put an immediate hold on allowing the customer to request any checks or credit cards for 10 business days.
Next - when there are address changes out of state, these transactions are all faxed over to a separate working group. Their job is to manually investigate these through a variety of tools to see if it is suspect. Sometimes they are able to review the suspect reports - but many times they slip through the cracks.
This workflow process is complicated and costly..... yet - they are still seeing fraud.
Much like P.O. Box screening, AVS, Mail Drop screening, etc... have all seen their day as a viable fraud solution - so must the U.S. Mail strategy!!
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