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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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  • Schedule a Demo
Interactive Teller Machines: How ITMs Mitigate Fraud And Score Big Savings For FIs

Interactive Teller Machines: How ITMs Mitigate Fraud And Score Big Savings For FIs

Interactive teller machines are seen as a solution for financial institutions looking to expand banking hours and their geographical footprint. ITMs are also increasingly a fraud target as they roll out across the United States.

The High Point, N.C-based Advanced Fraud Solutions, which provides deposit fraud detection software, in a new report, “Guide to Securing ITMs from Fraudulent Deposits,” detailed benefits of interactive teller machines for both financial institutions and consumers; their risks and targeting by fraudulent actors; and best practices for credit unions and banks toward itm deposit security.

Read the Guide to Securing ITMs report

Interactive teller machines offer convenience and protection against fraud

“Consumer adoption and fraud typically coincide,” Lawrence Reaves, president and CEO of AFS, said. “As new ITMs roll out across the U.S., it should come as no surprise that they will also be targeted by fraudsters.”

AFS reported credit unions have started deploying ITMs to provide members with a 24-7, on-demand banking experience. Since their introduction in 2011, ITM adoption has steadily grown. ITMs allow financial institutions to provide customers with all of the necessary banking functions – including account opening, face-to-face teller experience, etc. – without the need for tellers to be physically present.

ITMs offer a variety of self-service options broken down into two categories: The ability to execute disbursement transactions such as depositing checks, withdrawing cash funds, initiating new accounts and fulfilling loan payments; and communication directly with a teller via video conference.

The AFS study did state consumers still expect in-person interactions. “According to an ATM Marketplace survey, 64% of consumers prefer the traditional teller window to a fully-automated ATM interaction with no human contact.” The report added, over the next few years, financial institutions will need to stay flexible to stay competitive. Banks and credit unions need to accommodate the diverse needs and expectations of both younger and older consumers.

Fraudsters are quick to try to take advantage of ITMs technology

Check usage took part in some 40% of B2B transactions, according to an AFP 2019 payments survey. The FBI reported check fraud in 2018 racked up more than $18 billion in losses in the U.S. Also, about 70% of all organizations in the country.

The report also pointed out fraudsters will be quick to test and take advantage of any potential weaknesses in ITMs. AFS suggested in addition to developing a sound operational strategy for rolling out ITMS, credit unions and banks should also consider likely fraud scenarios. As with any new banking solution (most recently, for example, mobile deposits), fraudsters are quick to look for ways to take advantage of newly acquired technology. Particularly low-technology, easy to execute forms of fraud like check fraud continue to be a pervasive issue. Paper checks contain loads of information and are more easily forgeable and stolen, making it easier to commit fraud.

The AFS white paper offered ways to mitigate potential ITM-initiated check fraud losses:

Add real-time assessments.

By evaluating check deposits made through ITMs in real-time, credit unions and banks can quickly assess risk and stop potentially fraudulent items before a loss can occur.

Access better check fraud data.

Financial institutions should leverage the best, most up-to-date fraud data (especially from outside sources) to properly assess risk. By tapping into a nationwide fraud database with thousands of contributing members, financial institutions gain better insight into a check deposit’s funding account. This also includes known counterfeits, insufficient funds alerts, closed accounts, duplicates and other fraudulent items.

Advanced Fraud Solutions offers TrueChecks, a check fraud prevention solution. The solution uses a private cloud-based check fraud database to triangulate and assess potentially fake items.

— Roy Urrico, Credit Union Times

Full, original article available here.

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  • Who We Work With
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