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.
AFS provides banks and credit unions with proven fraud prevention tools that mitigate potential losses related to check, card, and online banking fraud. With fraud on the rise, banks and credit unions have looked to AFS to implement its check fraud (TrueChecks®), card fraud (TrueCards®) and ACH fraud (TrueACH®) solutions in order to stop fraud and streamline customer experience.
“Our standout fraud prevention products and dedicated, experienced support team were at the core of our success in 2018,” said Lawrence Reaves, President and CEO at AFS. “With more customers sharing fraud-related data, we were able to significantly grow our database and improve the effectiveness of our solutions. The result is that our customers experienced less fraud, saving them money and the potential for fallout resulting from defrauded consumers.”
— Lawrence Reaves, President and CEO at AFS.
In addition to growing its revenue, expanding its North Carolina-based workforce, and adding to its client roster and database, AFS also secured several strategic partnerships. These partnerships, which include fraud solutions providers Vertifi, Q6 Cyber, Share One and others, helped further strengthen AFS's product offering by equipping their financial institution clients with additional fraud prevention data sources, and providing new delivery methods for this expanded dataset.
"To banks and credit unions experiencing unacceptably high fraud losses: AFS's solutions have shown proven, real-world results," said Josh Sheehan, VP of Sales at AFS. "AFS's leading check, card and ACH fraud products allow financial institutions to verify transactions in real-time. With TrueChecks® financial institutions benefit from a database sourced from thousands of financial institutions, with data spanning over a 10-year period – to prevent fraud and reduce losses."
AFS currently works with nearly half of the top 100 U.S. credit unions as well as with top U.S. banks.