Two leaders in fraud prevention collaborate to offer a unique, comprehensive check fraud detection tool to the financial services industry
Recent surveys confirm that losses due to check fraud continue to escalate. Integrating a real-time solution at the teller window that utilizes current and accurate data to detect risk before the check is accepted is one way to help avoid these losses.
Advanced Fraud Solutions is collaborating with Early Warning Services to help financial institutions identify counterfeit checks, items drawn on closed accounts and other high-risk paper transactions – without the need for additional hardware installation.
Early Warning is recognized throughout the financial services industry for its Trusted Custodian® role, maintaining and safeguarding the National Shared Database, a common platform that allows FSOs to contribute and share information for the sole purpose of preventing, detecting and deterring fraud.
Advanced Fraud Solutions maintains a national database of counterfeit check activity and provides tellers with a sub-second response as to the authenticity of the check in front of them.
Later this year, Advanced Fraud Solutions will enhance its TrueChecksTM software with Early Warning’s DEPOSIT CHEK® service, enabling frontline staff to proactively prevent losses at the teller window.
DEPOSIT CHEK service provides account validation and notification of items with a high probability of returning unpaid using status information contributed directly from a majority of U.S. financial services organizations. These responses, combined with TrueChecks counterfeit check warnings, will provide a holistic view of the risk associated with a particular transaction.
Advanced Fraud Solutions will begin offering DEPOSIT CHEK® service as a standalone or add-on component to TrueChecksTM in Q4 2010.
Early Warning Services
- Fraud prevention focus since 1990
- Strict guidelines over data quality and control
- Advisory Committees guide industry solutions
- 100% bank-owned
- National coverage of demand deposit account status