Payments by paper checks have declined by more than 50% over the last decade. However, check fraud has not dropped proportionally. As highly secure EMV payment card transactions become ubiquitous in the U.S., some criminals have returned to counterfeit check fraud. Others have taken to scams with checks that take advantage of unwitting consumers. [Read More]
The dark web — a network of encrypted websites, invisible to traditional search — provides a safe haven for criminal activity and is a storehouse for compromised credit card data and personal identifying information, or PII. [Read More]
Following a year of unprecedented growth in revenue and scale, High Point-based Advanced Fraud Solutions is slated to double its office space in its existing location by mid-year. [Read More]
The holiday season means higher sales for retailers and seasonal opportunities for consumers to give charitably, but it can also mean increased fraud opportunities for criminals. [Read More]
Bring up the topic of banking , and it won’t be long befire the word”security” is dropped in the conversation. Susceptible as they are, banks fall prey to check fraud, card fraud, or online banking fraud every now and then… [Read More]
Advanced Fraud Solutions (AFS), a leader in deposit fraud detection software, today announced its stellar 2018 results, which included: growing revenue by 50%; adding over 80 new accounts to its roster; expanding its real-time fraud database by 40%; successfully raised its headcount by 75%; and the addition of several new strategic partnerships.
Advanced Fraud Solutions, a leader in fraud prevention services for financial institutions, and Q6 Cyber, a leading provider of cyber threat anti-fraud intelligence, announced that they have partnered to integrate Q6 data feeds directly into the TrueCards® fraud prevention software platform.
TrueCards® is a powerful tool allowing financial institutions' fraud teams to proactively and holistically monitor card holder transactions for test sites, breaches, and common points of compromise (CPC). Q6 Cyber employs a unique approach to monitoring the "Digital Underground," including the DarkWeb and DeepWeb. Leveraging years of law enforcement and intelligence experience in the dark corners of cyberspace, combined with cutting edge proprietary technology, Q6 delivers timely, targeted, and actionable intelligence that allows financial institutions to direct and prioritize resources against the most relevant threats and adversaries.
Advanced Fraud Solutions (AFS), a leader in deposit fraud prevention services, today announced the release of four new case studies. The case studies explore check and card fraud trends and how financial institutions can prevent check fraud through the integration of a real-time check verification solution.
HIGH POINT, N.C., Nov. 13, 2018 /PRNewswire/ -- Advanced Fraud Solutions (AFS), a leading provider of deposit fraud detection software, today announced the release of a report titled The Changing Dynamics of Deposit Fraud. The report focuses on the latest fraud trends and best practices related to check, cards, and ACH.
HIGH POINT, N.C., Nov. 15, 2018 /PRNewswire/ -- Advanced Fraud Solutions (AFS), a leader in fraud prevention software, and Vertifi® Software (Vertifi), a leading provider of remote deposit capture (RDC) solutions for financial institutions nationwide, today announced their new integration of AFS' TrueChecks® to help stop check fraud in real-time within the Vertifi DeposZip® software platform. Vertifi customers will now be able to screen checks for fraud automatically as the items are deposited through DeposZip®.
GREENSBORO, N.C., Aug. 21, 2018 /PRNewswire/ -- Advanced Fraud Solutions (AFS), a leader in fraud prevention services, and Alogent, an end-to-end payment processing solutions provider, today announced the release of a joint case study, Fighting Check Fraud in Real-Time. The case study explores how AFS's TrueChecks® in conjunction with Alogent's ImagePoint Hub significantly reduced check fraud losses at two financial institutions, bolstering their omnichannel protection, simplifying check decisioning and lowering fraud losses to members and the FIs.
LIVERMORE, CA, August 8, 2018 – Cubus Solutions, a provider of powerful online banking solutions for credit unions, announced a partnership with Advanced Fraud Solutions (AFS) to integrate AFS’s TrueChecks® with Cubus One mobile RDC and small business Desktop Deposit solution. With this integration, credit unions members can now quickly snap a photo of their deposit check, and AFS will take that information and do a real-time fraud detection and account verification check against data from over 1500 financial institutions, processors, and third-party sources. TrueChecks® delivers responses on counterfeit, NSF, closed account, duplicate, and other fraudulent items.
This weekend the Credit Union Journal dug into the root causes of the recent rise in check fraud:
While paper checks use continues to decline due to mobile and online banking, a new report finds that checks are still the payment method most susceptible to fraud, and that check fraud accounts for the largest dollar amount of financial loss annually.
Among reasons for the check fraud uptick is the industry's adoption of EMV security standards, which have increased firewalls on mobile and online transactions, explained Lawrence Reaves CEO for the Kernersville, NC based Advanced Fraud Solutions (AFS). As a result, thieves are reverting back to check scams.
"Credit unions should utilize a check-fraud solution that leverages an external database that has industry contributed data concerning fraudulent checks," said Reaves. "Almost without exception, the same bad checks are showing up at the credit union's peers' locations."
The study, "2015 AFP Payments Fraud and Control Survey," was sponsored by J.P. Morgan in conjunction with Association for Financial Professionals, found that the most targeted methods of fraud were checks (77%), credit/debit cards (34%) and wire transfers (27%).
Read the full article here: Check Fraud Spikes Due To EMV Standards
Advanced Fraud Solutions released a white paper on OFAC for banks and credit unions to understand new changes in asset control regulations.
Kernersville, NC: Today Advanced Fraud Solutions released a new white paper that helps financial intuitions navigate the regulations and penalties enforced by the Office of Foreign Assets Control. Titled, “Using OFAC Data to Safeguard Against Fraud & Terrorism” the paper leverages AFS’s leading position in the industry to provide guidance on OFAC’s long history, and recent changes.
“As terrorism and organized crime becomes more modular and sophisticated, we are seeing OFAC regulators increase their scrutiny of financial institutions of all sizes,” says AFS President, Lawrence Reaves. “We believe the hefty fines OFAC has become known for will make its way down to smaller banks and credit unions who may unknowingly be in non-compliance with current regulations”.
Advanced Fraud Solutions’ unique position as the premiere fraud prevention software provider for credit unions and banks enabled the company to learn about OFAC’s stiffening audits of financial institutions. In this current political and law enforcement climate regulators will no longer tolerate ignorance on behalf of organizations that are being used as tools for terrorist factions and organized crime.
• OFAC history, from the Korean War to its present day role in the fight against terrorism
• The future of OFAC and its expanding review of mid-size financial institutions
• Details regarding Advanced Fraud Solutions’ powerful OFAC compliance tool
Advanced Fraud Solutions delivers loss prevention tools for the front lines of financial institutions, providing same-day batch solution for identification of high-risk transactions that include frontline, remote, ATM, or additional channels. For more information, please visit AdvancedFraudSolutions.com.
Advanced Fraud Solutions
IMM, a pioneer of integrated eSignature, workflow, and document solutions for the modern business enterprise, and Advanced Fraud Solutions (AFS), a CUSO formed in 2007 to combat financial fraud, have expanded their existing partnership. Initially collaborating in 2012 to help IMM’s financial institution clients more effectively mitigate fraudulent check transactions at the teller line, the companies have since strengthened the partnership and integrations between IMM’s Teller Item Capture and AFS’s TrueChecks™ to provide even faster, virtually real-time notification of potential fraudulent check transactions.
Cachet Financial Solutions, a leading provider of cloud-based SaaS (Software as a Service) RDC and mobile money technologies to banks, credit unions, and alternative financial services providers, announced that it has established a partnership with Advanced Fraud Solutions (AFS), a leader in fraud prevention and risk management software.
Member Driven Technologies, a Michigan-based Credit Union Service Organization (CUSO), and Advanced Fraud Solutions today announced a partnership to provide frontline loss prevention tools to credit unions through the use of AFS’ TrueChecksTM product. TrueChecks proactively identifies losses such as counterfeits, NSF, and closed account data before the check is accepted by the institution. This product offers both real time and same-day batch solutions for identifying high-risk transactions at the frontline, but also from remote, ATM, and additional channels.