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Advanced Fraud Solutions

First in Fraud Defense

  • Who We Work With
        • WHO WE WORK WITH

        • Credit Unions
        • Half of the top 100 credit unions trust Advanced Fraud Solutions to serve as their omnichannel deposit fraud mitigation systems, protecting check, card and ACH.

        • Banks
        • Banks from $100 million to $100 billion rely on Advanced Fraud Solutions for their deposit fraud data, and to help them make real-time decisions on items.

        • Partners
        • Financial services hardware and software providers partner with Advanced Fraud Solutions because of their industry-leading fraud mitigation services and years of experience.

  • Solutions
        • SOLUTIONS

        • TrueChecks Logo
        • TrueChecks®
        • Despite falling check volume and usage, check fraud continues to rise. Our real-time deposit fraud detection software catches bad checks and reduces losses for banks and credit unions.

        • TrueCards Logo
        • TrueCards®
        • Learn about Advanced Fraud Solutions’ card fraud detection tools that use Dark Web sources to pinpoint at-risk cards in your debit and/or credit portfolio.

        • AFS Positive Pay Logo
        • Positive Pay by AFS
        • Learn about Advanced Fraud Solutions’ proactive check and ACH payment monitoring tool that helps financial institutions and businesses mitigate vendor and payroll fraud.

        • TrueACH® with Account Validation
        • Learn about Advanced Fraud Solutions’ ACH account validation tool that helps keep financial institutions in compliance and reduces faster payments fraud.

  • Insights
    • Check Fraud
          • 2022_Changing Landscape of Check Fraud
          • 2022: Changing Landscape Of Check Fraud

            Check fraud remains a pervasive issue. Banks and credit unions still cite check as a major fraud risk. Even despite a lower volume of checks in circulation, fraud… Download now>>

          • Check Fraud Remains a Significant Threat_300x123
          • Check Fraud Remains a Significant Threat

            Check fraud remains tenaciously persistent. Fraudsters continue to take advantage of access to inexpensive technology, social engineering tactics, and remote business practices to engage in illegal and deceptive check fraud schemes. Read now>>

          • Advanced Fraud Solutions Appoints Jordan Bothwell to Vice President of Strategic Partnerships_300x123
          • Advanced Fraud Solutions Appoints Jordan Bothwell to Vice President of Strategic Partnerships

            Advanced Fraud Solutions announced the appointment of Jordan Bothwell to Vice President of Strategic Partnerships. Jordan joins the position following a decade of experience in fraud prevention and… Read now>>

    • Card Fraud
          • Shedding Light On The Dark Web
          • Shedding Light On The Dark Web

            The Dark Web is home to many of the fraudsters targeting credit unions and banks. In this webinar, hosted by Q6 Cyber and Advanced Fraud Solutions, we will venture into the Dark Web (back by popular demand!) and profile the latest trends in financial fraud and cybercrime. Watch now>>

          • Advanced Fraud Solutions Adds Enhancements To TrueCards Platform
          • Advanced Fraud Solutions Adds Enhancements To TrueCards Platform

            Advanced Fraud Solutions (AFS), a leader in deposit fraud detection software, today announced updates to the TrueCards® platform, AFS’ omnichannel debit and credit card fraud prevention solution. Read more>>

          • Beating BIN Attacks: How To Protect Against Card-Not-Present Fraud
          • Beating BIN Attacks: How To Protect Against Card-Not-Present Fraud

            Card-not-present fraud (CNP) continues to flourish. In fact, there’s been a 25% increase in exposed CNP records, a total of 45 million, since 2019. Download now>>

    • ACH Fraud
      • Protecting ACH Payments_2022
      • Advanced Fraud Solutions Announces New Account Validation Tool to Address Nacha’s WEB Debit Account Validation Rule
      • How Financial Institutions Can Manage ACH Risk_300x123
      • Protecting ACH Payments

        How do financial institutions, who increasingly rely on ACH, safeguard faster payments and stay in compliance with Nacha? AFS’ new report issues related to fraud and compliance have also become top-of-mind for financial institutions.  Download now>>

      • AFS Announces New Account Validation Tool to Address Nacha’s WEB Debit Account Validation Rule

        AFS announced TrueACH® with Account Validation – a new ACH tool that enables financial institutions to confirm account status and authorized user(s). TrueACH with Account Validation was developed in response to Nacha’s WEB Debit Account Validation Rule, which requires financial institutions to apply a “commercially reasonable… Read more>>

      • How Financial Institutions Can Manage ACH Risk

        Financial institutions increasingly rely on the ACH Network to facilitate transactions. With that comes a responsibility to manage ACH risk, including helping to prevent fraudulent payments and mitigate any potential losses. Read more>>

    • Positive Pay
      • Fighting Fraud: How To Secure Business Accounts Against The Latest Fraud Tactics, Threats
      • Advanced Fraud Solutions Announces New Positive Pay Solution To Help Financial Institutions Fight Vendor Fraud
      • Looking Out For Payroll And Vendor Fraud: A Financial Institution's Guide
      • Fighting Fraud: How To Secure Business Accounts Against The Latest Fraud Tactics, Threats

        Amid the COVID-19 pandemic, fraud operators have capitalized on the behavioral shifts of workers and consumers, as well as the migration of payments online and the massive increase in PPP loans, stimulus checks, and expansion of unemployment benefits. Watch now>>

      • Advanced Fraud Solutions Announces New Positive Pay Solution To Help Financial Institutions Fight Vendor Fraud

        Advanced Fraud Solutions (AFS), a leading provider of deposit fraud detection software, today announced the launch of AFS Positive Pay – a positive pay solution designed so that financial institutions, and their enterprise customers, can proactively monitor changes in payments information. Read now>>

      • Looking Out For Payroll And Vendor Fraud: A Financial Institution’s Guide

        A financial institution’s guide to protecting business accounts from payment tampering, redirection, and business e-mail compromise. Download Now>>

    • Consumer Scams
      • Beware Of Mobile Deposit Scams
      • Romance Scams On The Rise: How Fraud Operators Exploit The Rise Of Online Dating In A Socially-Distant World
      • Four Dangerous Stimulus Scams
      • Beware Of Mobile Deposit Scams

        According to the FBI, there has been a 50% surge in mobile banking since the beginning of 2020. Download now>>

      • Romance Scams On The Rise: How Fraud Operators Exploit The Rise Of Online Dating In A Socially-Distant World

        The rise in online dating sites, coupled with the onset of social distancing in 2020, have helped make personal loneliness a target for virtual con artists. Download now>>

      • Four Dangerous Stimulus Scams

        Reports of stimulus payment-related fraud have sharply increased following the passage of the second stimulus package. Read now>>

    • Business Banking
      • Looking Out For Payroll And Vendor Fraud: A Financial Institution’s Guide
      • Protecting Business Accounts Against Fraud
      • How Banks And Credit Unions Can Build A Culture To Fight Fraud
      • Looking Out For Payroll And Vendor Fraud: A Financial Institution’s Guide

        A financial institution’s guide to protecting business accounts from payment tampering, redirection, and business e-mail compromise. Download Now>>

      • Protect Business Accounts Against Fraud

        For businesses, trust in their financial institution is paramount. But with so many businesses under attack from fraud operators, where do they turn? In this webinar, the AFS fraud experts explore the latest fraud tactics — including BEC, vendor and payroll fraud — being deployed against businesses… Watch now>>

      • How Banks And Credit Unions Can Build A Culture To Fight Fraud

        Among all the things we train our customers on here at AFS, teaching them the tips and tricks of catching deposit fraud is one of the most important. Read now>>

    • Webinars
      • ACH Payments: Preventing Fraud, Addressing Compliance

        Join AFS experts as they discuss the latest threats to faster payments; how to best safeguard ACH transitions; and what measures banks and credit unions can take to meet Nacha’s account validation requirements. Download Now>>

      • Protect Business Accounts Against Fraud

        In this webinar, the fraud experts at Advanced Fraud Solutions will explore the latest fraud tactics — including business email compromise, vendor and payroll fraud — being deployed against businesses and what financial institutions can do to help businesses proactively identify fraud, mitigate their losses and protect mobile deposits. Download Now>>

      • AFS Presents: Check Fraud Prevention 2021

        Fake check scams cases spiked in 2020. Fraud operators spied opportunities to accelerate their attacks and profit off of romance scams, secret shopper scams, unemployment scams and other fraud schemes. Download now>>

    • White Papers
      • The Changing Landscape Of Check Fraud

        In 2020, check fraud was down, due in part to branch closings and the migration to digital payment methods. Download now>>

      • Beating BIN Attacks: How To Protect Against Card-Not-Present Fraud

        Card-not-present fraud (CNP) continues to flourish. In fact, there’s been a 25% increase in exposed CNP records, a total of 45 million, since 2019. Download now>>

      • Protecting ACH Payments

        How do financial institutions, who increasingly rely on ACH, safeguard faster payments and stay in compliance with Nacha? AFS’ new report issues related to fraud and compliance have also become top-of-mind for financial institutions.  Download now>>

  • About AFS
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ACH Fraud Prevention And Awareness

ACH Fraud Prevention And Awareness

The Automated Clearing House (ACH) Network is used by a vast number of financial institutions to handle bill payments, cash transfers, and direct deposits. Virtually everyone has made an ACH transaction at some point, but unfortunately, a rising number of criminals have started using the Network to scam innocent individuals and take money directly out of their checking accounts. ACH fraud prevention is critical to stop it.

ACH fraud can be committed in a number of ways. The most common way ACH fraud is committed is by obtaining banking information from targets via phishing emails and malware. The malware monitors keystrokes and can obtain passwords and saved forms from almost any device.

ACH fraudsters only need two important pieces of information to gain access to a person’s bank account – a routing number and checking account number. This information is sometimes provided directly by the victim, and once the money is taken, the victim is usually on the hook by the bank for the drafted amount.

Learn about TrueACH with Account Validation

Sadly, as implied above, ACH fraud is becoming more and more common. It is believed that fraudsters intentionally target certain types of individuals. According to the Federal Bureau of Investigation (FBI), ACH fraud has cost consumers and law enforcement agencies more than $100 million as of 2009. This figure is believed to be higher since many victims do not file police reports out of embarrassment.

How does an ACH scam work?

There are many ways ACH fraud can be committed. In an attempt to gain information from a victim, a network of fraudsters may pose as a “bank” or “lending company.” The fraudsters will often send emails or letters stating the victim has been approved for a loan or credit card. However, they must provide their checking account information so the bank will know where to deposit the money. These fraud attempts can be hard to spot. More advanced criminals sometimes use the name of legitimate and well-known financial institutions.

Fraud can also occur via web transactions. Such frauds use Trojan horses (malware programs) to attack a person’s device and obtain their financial information and passwords. Trojan horses are often obtained through infected websites, which often mimic the appearance of a legitimate website. Once the Trojan horse takes over, the fraudsters can access the accounts of an individual and carry out financial transactions using their personal information.

Other types of ACH scams

  • Work-from-home schemes 
  • Overseas money transfers 
  • Fake offers of free or significantly discounted products  

Fraudsters engaging in oversee scams often promise to pay a person a large sum of money if they wire several smaller sums of money over time.

As expected, the larger sum of money is never delivered. As a result, the victim is often left thousands of dollars in debt. Advanced Fraud Solutions’ TrueACH with Account Validation® solution is built to help FIs prevent ACH fraud before it’s too late. 

Who is at risk for ACH fraud? 

Many security professionals now believe ACH scammers target certain types of individuals and companies. In general, small to mid-sized companies tend to be more at risk than larger companies due to a lack of cyber security.

Larger companies spend millions of dollars to protect their sensitive financial data, and smaller, mom-and-pop companies simply do not have the financial resources to invest in such extensive security measures.  

It is also believed that lower-income individuals and those who frequently apply for loans online may be at higher risk as well. Scammers often profile certain neighborhoods and monitor email accounts to see if an account holder is frequently applying for loans or credit. They will then attempt to scam individuals who may be in dire need of funds. 

Avoiding ACH Scams 

Fortunately, there are measures your bank or credit union can take to fight back against ACH fraud. By taking the following steps, financial institutions can prevent ACH scams: 

  • Educate account holders about the dangers of ACH fraud. 
  • Immediately notify account holders of any suspicious account activity. 
  • Utilize multi-layer, multi-factor authentication security. 
  • Encourage customers to take advantage of transactions alerts. 
  • Warn account holders about popular ACH scams. 
  • Deploy TrueACH® from Advanced Fraud Solutions to implement ACH fraud prevention before a loss occurs.

Banks and credit unions should also encourage their account holders to update their passwords multiple times each year. A strong password should have at least ten characters and a unique combination of letters, special characters, and numbers. 

Banks can implement ACH fraud prevention

ACH fraud may be on the rise, but by taking the advice above to heart, banks and other financial institutions can stop ACH fraud in its tracks and keep account holders safe. Protect your institution from ACH fraud – start by requesting a free demo of TrueACH® today!

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  • Who We Work With
    • Credit Unions
    • Banks
    • Partners
  • Solutions
    • TrueChecks®
    • TrueCards®
    • Positive Pay by AFS
    • TrueACH® with Account Validation
  • Insights
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    • White Papers
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