AFS' new report details the latest best practices financial institutions can implement to mitigate deposit fraud losses across all deposit channels.
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.
Fraudsters are becoming increasingly adept at identifying and exploiting the weaknesses in FIs' payment systems. As FIs secure a given payment channel, fraud tends to migrate to more vulnerable areas in search of any loopholes that might exist. AFS' report explores this topic and how to apply omnichannel protections, specifically highlighting check, cards, and ACH for deposit fraud protection.
"As fraud migrates from channel to channel, FIs need to be taking an omnichannel approach. By doing so, FIs will not only be protecting themselves but also their customers. Being reactive not only hurts the bottom line, but also erodes trust and damages the member experience.”
— Josh Sheehan, Vice President of Sales, AFS
The paper also highlights AFS' suite of products, including:
TrueChecks® -- an omnichannel private cloud-based check fraud solution that easily integrates with most core systems via API.
TrueCards® -- a comprehensive solution that stops credit and debit card fraud, spotting issues and trends before they become a problem.
TrueACH® -- a comprehensive omnichannel solutions that works across any network to catch automated clearing house transactions fast.
"As fraud migrates from channel to channel, FIs need to be taking an omnichannel approach," said Josh Sheehan, VP of Sales at Advanced Fraud Solution. "By doing so, FIs will not only be protecting themselves but also their customers. Being reactive not only hurts the bottom line, but also erodes trust and damages the member experience."
Advanced Fraud Solutions was founded in 2007 with the simple mission to help financial institutions and businesses prevent fraud by utilizing our comprehensive private cloud-based software solutions at the front line and in the back office. Every day, our innovative fraud prevention tools help banks, credit unions, and merchants of all sizes eliminate losses and safeguard their financial assets, providing the level of protection that today's customers demand. At Advanced Fraud Solutions, we know the best way to fight fraud is to prevent it. Learn more at www.advancedfraudsolutions.com.