One of the most important factors in the continued success of the TrueChecks® software is the critical component of data contribution. Coming from thousands of banks, credit unions, and third-party entities nationwide, the TrueChecks® database is comprised of live check fraud data fed into the system day in and day out. These contributions mean that FIs of all shapes and sizes, from all parts of the US, are working in unison with the singular mission to fight fraud and stop perpetrators from scamming their members and customers.
Our team at AFS is committed to building the strength of the TrueChecks® database through any means possible. In fact, today we accept Returned Deposited Item (RDI) data from hundreds of FIs who aren’t even our clients yet. We know that when it comes to preventing check fraud, the more data, the better. This means more protection for our clients and more frustration for scammers and other criminals looking to exploit innocent consumers. Despite the best efforts of the financial industry, fraud doesn’t seem to be going anywhere. Just examine the latest industry data covering the fiscal year 2017, the 2018 AFP Payments Fraud Survey by J.P. Morgan revealed that a record 78% of all organizations were hit by payments fraud according to nearly 700 treasury and finance professionals. Furthermore, checks continued to be the highest fraud category with 74% of respondents reporting check fraud, followed by 48% reporting wire fraud, and 30% with card fraud. (AFP Survey, 2018.)
Additionally, business executives showed growing concern about fraud over the past 12-months. Experian’s 2018 Global Fraud and Identity Report showed that 45% of business executives were significantly more concerned about protecting their business from fraud than in previous years. That same report also noted that 63% of businesses had experienced the same or higher fraud losses in the past 12-months compared to last years. (Experian, 2018) So, there is no doubt the need to share information in the fight against fraud is out there, it’s how your financial institution chooses to tackle it in the years ahead that will make the difference.
Join the Fraud Squad! If your FI is not contributing return data to TrueChecks®, contact our support team today to find out how simple it is to join arms in the global fight against deposit fraud.
— written by Advanced Fraud Solutions
Unknown (2018) The 2018 Global Fraud and Identity Report. Experian. [online source] Retrieved from https://www.experian.com/assets/decision-analytics/reports/global-fraud-report-2018.pdf
Staff Writers (2018, April 10) AFP Survey: Payments Fraud Hits Record High of 78%. Association for Financial Professionals. [online source] Retrieved from https://www.afponline.org/ideas-inspiration/topics/articles/Details/afp-survey-payments-fraud-hits-record-high-of-78