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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
        • AFS Positive Pay
        • 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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A Look Back At Fraud And Payments Trends

A Look Back At Fraud And Payments Trends

New technology that allows consumers instant access to money drove up the opportunity for fraud. Three key factors contributed to this growth: faster funds, connected fraudsters and competition. Additionally, there was no slowing down for check and card fraud last year. Check fraud is one of the most significant challenges financial institutions are still facing. It is the most common form of financial crime just because it is so easy to execute. Although check fraud continued to rise, card fraud took the spotlight in 2018. Learn how to spot and prevent fraud at the point of presentment.

Learn about TrueChecks®

Check Fraud: Most Common Scams and Types

Check fraud is still and will continue to be, a persistent issue. Despite the advent of electronic payment products, check fraud accounts for billions of dollars in losses each year, making this tactic a prime target for fraudsters.

There are three main types of check fraud:

  • Forged
  • Altered
  • Counterfeit checks.

Fraudsters use all kinds of scams, but there are a few that took center stage in 2018.

Those scams include:

  • Excess of purchase price
  • Sold goods
  • Surprise bonanzas

Card Fraud: Schemes and Trends

2018 was the year credit and debit cards took center stage, and we said goodbye to cash. Consumers were more dependent upon and used card payments at increasingly higher rates in 2018 than ever before. Credit card fraud increased, and debit cards remained one of the most frequently used forms of payment in 2018. Card fraud remains a constant threat and will continue to be despite continuing improvements to card security. With the widespread implementation of chip and pin technology, it has made traditional credit card fraud tactics harder to pull off, but nevertheless, it remains a persistent problem. While fraudsters have many ways to scheme consumers, the three most common card fraud schemes of 2018 were: 

  • Chip replacement
  • Skimming
  • Cracking

One card fraud trend that rapidly grew in 2018 was card-not-present (CNP) fraud. The reason behind this rise in CNP fraud was that chip and pin technology made card skimming much harder, but stealing card data online remained prevalent. Another card fraud trend that trended mid-to-late last year was contactless payments. EMV chip cards started to fade away and will continue to as contactless payment methods fueled by technology like the Apple watch will continue to grow in 2019. 

Rapid Growth of Mobile Banking

The evolution of mobile banking has allowed consumers to take an anywhere, anytime approach to banking. Sure, mobile banking is easy and convenient, but there are risks associated with it. One crucial factor for both consumers and financial institutions to be aware of is duplicate deposits. Nearly half of mobile banking users have deposited a check with their mobile device in the past year, and 59% of those users do so at least once a month. The duplicate deposit issue occurs when, after a check is deposited via a mobile device, it’s taken into a branch and deposited again. Also, payment apps such as PayPal and Venmo were widely used in 2018, allowing consumers to transfer funds between accounts at different FIs. Unfortunately, Venmo was hit by a wave of payments fraud in early 2018, and it remains unclear what caused the first quarter’s increase in fraudulent activity. 

Due to the rise in technology, financial institutions should take an omnichannel approach to how to prevent fraud. Fraudsters are always one step ahead as they look for access in areas that lack adequate security protection. Implementing an omnichannel payments strategy can be a game changer for your institution. Taking that one step further to apply the right fraud management tools across all deposit channels can reduce the risk of fraud losses. It is also essential to stay up-to-date on the latest fraud trends and news, so be sure to subscribe to this Fraud Fighters Blog to get the weekly updates. Boosting security, implementing fraud prevention solutions, and knowing the latest and greatest on payments fraud can help prevent fraud and scare away those pesky fraudsters in 2019.

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