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.
Advanced Fraud Solutions' TrueChecks™ is now available in both frontline and batch in conjunction with Corporate America Credit Union, offering a strategic advantage to credit unions.
Credit Unions across the nation trust Advanced Fraud Solutions' TrueCards™ to identify and immediately address fraudulent activity.
Only two months after offering mobile check deposit as convenient service app to its 170,000 members, Apple Federal Credit Union has experienced fraudulent transactions.
TrueChecks® Batch Review is Now Integrated with ProfitStars® ImageCenter™ Item Processing.
Advanced Fraud Solutions has been recognized on the prestigious 2013 Inc. 5000 list. AFS is also a recipient of the Triad Business Journal's Business Journal Fast 50 award.
TrueChecks™ 5.0 is released. Now capable of identifying counterfeit, closed and NSF information at the teller via the web with REG. CC Complaint holds integrated into every risk alert. Now the risk is identified and the decision recommended for the teller that meets Reg CC regulation and compliance.