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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>>

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Counterfeit Check Fraud Prevention

Counterfeit Check Fraud Prevention

Reports of counterfeit checks, for consumers and businesses, continue to pour in from financial institutions across the nation.

Counterfeit checks used by fraudsters result in two types of risk exposure:

  1. Exposure to the depository financial institution
  2. Exposure to the clearing/settlement financial institution.

Review the following checklists to prevent your risk of exposure to your financial institution.

Learn about TrueChecks®

Check Deposit Fraud Prevention Checklist

If a consumer successfully deposits and withdrawals funds on a counterfeited check, the depository financial institution will incur the loss once the check is returned by the financial institution that appears to have issued the fraudulent check.

Follow these recommendations to reduce your exposure to counterfeit check fraud in circumstances where you are the depository financial institution:

  • Perform teller trainings on ways to identify a counterfeit checks.
  • Ask your tellers to consult with consumers on where and how they received suspicious looking checks, as their response may point toward an attempted scam.
  • Consider investing in a fraud prevention tool that catches and reports potentially counterfeit checks at the time of deposit, such as TrueChecks offered by Advanced Fraud Solutions.
  • Review your Remote Deposit Capture policies and watch for any suspicious checks being deposited.
  • Place a hold on the check until the funds are made available from the check issuer to avoid having the check returned as fraudulent.
  • Amp up consumer fraud education efforts during the holidays, as scams spike during this transaction-heavy time of year.
  • Advise your consumers to be especially cautious when performing transactions online, especially when one or more of the following warning signs are present:
  • A message contains poor grammar and spelling
    1. There is a sense of urgency in the message
    2. The buyer advises they wish to purchase something from the individual on behalf of a client
    3. The buyer requests a home address to pick up the purchase
    4. The payment is sent as a cashier’s check or money order for an amount more than the listed price. There will then be a request that the remainder be wired back to the purchaser
  • Advise that consumers never accept a check from a person/business they do not know.

Check Clearing/Settlement Fraud Prevention Checklist

If you clear a counterfeit check that appears to have been issued by your financial institution, your institution may incur the loss after the check has been deposited and the funds have been withdrawn.

Follow these recommendations to reduce your exposure to counterfeit check fraud in circumstances where you are the clearing/settlement financial institution:

Ensure that your check clearing/settlement processes include the following measures:

  • Verify that each check number is valid and that the amount matches what is in the system.
  • Kick out checks as an “exception” if the check number is invalid or has already cleared.
  • Manually review the amount and the payee for any checks that are kicked out as exceptions.
  • Consider employing ‘Positive Pay’ in your clearing/settlement processes to deter check fraud. This automated tool matches your issued checks with those presented for payment to validate their legitimacy. Any checks that don’t match are considered to be potentially fraudulent and are sent back to your financial institution to examine before rejecting or clearing the payment.
  • Confirm you have a process in place to have the check returned to the depository financial institution as fraud if it is a check your financial institution did not issue/write.
  • Reconcile all official/cashier checking accounts daily.
  • Ensure the appropriate employees are trained on how and when to use check fraud prevention tools.

Network and share this information with other financial institutions so we can get a better handle on what active fraudsters are up to and work together to continue to combat fraud.

— originally published in CUInsight

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  • Who We Work With
    • Credit Unions
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    • TrueCards®
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    • TrueACH® with Account Validation
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