How Milford Bank Keeps Customer Deposits Secure
By Jorge Santiago
Executive Vice President
Every day, millions of people make bank deposits without fear of fraud or identity theft. That’s because banks have worked hard to secure deposits wherever they are made—at an ATM, in a branch, or using a mobile device. The Milford Bank goes above and beyond to ensure that all deposits go through security and fraud detection processes in order to protect your deposits.
One of the most effective forms of security protection The Milford Bank provides is duplicate detection. Duplicate detection allows The Milford Bank to review deposits that have been flagged due to repetitive entries or fraudulent behavior. The system flags the transaction based on set criteria and prevents the deposit from being processed until corrected.
Similarly, unusual behaviors and amounts that have identical qualities to a previously deposited check will be caught during the duplicate detection process. This type of security detection is applied on multiple levels: deposit channel, banking management, and software systems. A strict reviewing process occurs when a deposit is made at a deposit channel.
After the deposit is made, management then verifies each transaction. The deposit is then sent through a fully hosted web portal that secures the deposit and stores the data for comparison against previous and future deposits. Deposit data is maintained for at least 90 days in cases of reconciliation. Therefore, fraudulent behaviors are minimized.
As a result of The Milford Bank’s multi-layer security process, deposits are thoroughly tracked from all deposit channels. This is part of The Milford Bank’s focus on prioritizing the security of its customers and their funds. Customers should rest assured knowing that The Milford Bank provides a highly secure banking experience for its customers.