Ted Kirk of Advanced Fraud Solutions discusses possible perils of mobile and remote deposit capture fraud at the Corelation Conference. Watch the video to gain valuable insights for your financial institution.
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.