Financial technology provider strengthens Remote Deposit Capture solution with fraud mitigation tool.
VSoft Corporation, a global provider of information and technology solutions for financial institutions, announced that it has partnered with North Carolina-based Advanced Fraud Solutions (AFS), a leader in providing fraud mitigation tools for financial institutions, to integrate its real-time fraud solution, TrueChecks®, into VSoft’s OnView Teller Deposit.
AFS offers a wide variety of innovative fraud prevention tools for check fraud, online banking fraud and debit or credit card fraud using sophisticated technology. Through this partnership, VSoft will offer AFS’s TrueChecks solution directly to its customers using its OnView Teller Deposit product. TrueChecks delivers real-time responses on counterfeit, insufficient funds, closed accounts, duplicates and other fraudulent items, which will enable VSoft’s customers to continue processing checks quickly at the teller line while further reducing the risk of fraudulent attacks.
"While check and other forms of fraud continue to be an obstacle for financial institutions and their accountholders, the demand for fraud mitigation tools is higher than ever before. Through our solution and new partnership with VSoft, their clients can assess risks and help decrease losses due to fraudulent activity. In turn, these financial institutions will reduce overall costs while safeguarding their internal information.”
— Lawrence Reaves, CEO, AFS
"While check and other forms of fraud continue to be an obstacle for financial institutions and their accountholders, the demand for fraud mitigation tools is higher than ever before,” said Lawrence Reaves at Advanced Fraud Solutions. “Through our solution and new partnership with VSoft, their clients can assess risks and help decrease losses due to fraudulent activity. In turn, these financial institutions will reduce overall costs while safeguarding their internal information.”
In addition to providing real-time fraud alerts, TrueChecks integrates with VSoft’s OnView Teller Deposit interface to access fraud data from various sources. It also displays Regulation CC-recommended holds for high risk transactions to the teller while being transparent to the accountholder.
VSoft’s OnView Teller Deposit increases efficiency at the teller workstation by capturing, correcting, validating and balancing teller check transactions. Through deposit processing automation, institutions improve the speed of check transactions while also eliminating mathematical and paperwork errors that delay posting and crediting to accounts.
“As technology continues to advance, fraud mitigation tools are increasingly important as more and more financial institutions have experienced breaches that compromised consumer information,” said Murthy Veeraghanta, chairman and CEO of VSoft Corporation. “A partnership with an innovative company like AFS allows us to empower our clients by providing them with the tools to fight fraud. With nearly a decade of trusted fraud prevention knowledge, we’re confident that AFS will help protect our client’s information well into the future.”
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.
About VSoft Corporation
VSoft Corporation offers platform-based services for the banking, financial services and insurance (BFSI) industry. Its core, payment and digital banking solutions reduce cost and maximize efficiency while providing seamless, real-time, high-volume and high-performance transactions across multiple channels. The VSoft platform can be delivered in-house, or as an outsourced ASP or SaaS model to best meet the needs of individual financial institutions. VSoft’s services are trusted by more than 2,600 financial institutions worldwide. For more information, please call 770-225-7692, or visit www.vsoftcorp.com, or follow them on Twitter @VSoft_Corp.