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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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Combatting Fraud: The Crucial Role of Financial Institutions in Contributing Deposit Data to Anti-Fraud Databases 

Combatting Fraud: The Crucial Role of Financial Institutions in Contributing Deposit Data to Anti-Fraud Databases 

In this guide, we’ll explore the basics of using contribution data to enhance fraud prevention efforts. Specifically, we’ll cover the following:

  • What is contribution data and why is it important for fraud prevention?
  • Different types of contribution data, including consortium contributions
  • How contribution data can be leveraged to improve fraud prevention solutions

By the end of this guide, you’ll have a better understanding of the role that contribution data can play in fraud prevention and how you can take steps to leverage this valuable resource in your own organization.

The Responsibility of Financial Institutions

Financial institutions have a significant responsibility to keep consumers’ finances safe and secure. Unfortunately, fraud remains a major threat to the industry. While machine learning and AI have benefited the financial sector tremendously, there is no substitute for real data contributed by FIs. Contribution databases are founded on historical data provided by financial institutions, enabling them to provide real-time results accurately and proactively. Sharing transaction data and account status information with anti-fraud databases like AFS is a crucial and often overlooked tactic in preventing fraud. 

Limitations of AI/ML in Fraud Prevention 

As mentioned, AI/ML models have a growing role in fraud prevention, but they will always have their limitations. AI/ML models rely heavily on the accuracy and relevance of the data that is fed into them. This is where contribution databases come in.  

Database-Driven Fraud Prevention 

Database driven fraud prevention is a technique used to identify and prevent fraudulent activities in financial transactions by analyzing data stored in databases. These workflows use data to enable recommendations for review and decisioning of transactions. This involves analysis of data from multiple sources, such as transaction histories and account information to identify potential fraud. 

One type of database commonly used in database driven fraud prevention is a transactional database that contains historical deposit data from financial institutions across the country. This type of database includes historical check, ACH and wire information such as history of returns, status of an account, issue and paid files data, and other crucial information that can be used to identify fraud. 

transacton data in a contributed database

These transactional databases are typically designed to handle large volumes of data and to provide fast access to information. They may also include features such as real-time processing and analytics capabilities that enable rapid identification of potentially fraudulent activities. 

By leveraging the power of database-driven fraud prevention techniques and using real transactional data, FIs can proactively detect and prevent fraudulent activities, protecting themselves and their consumers from financial losses and other negative impacts. 

Shared Data: How Consortium Contributions Enhance Fraud Prevention 

Within the broader topic of contribution data, there is a specific type of data sharing that can have a significant impact on fraud prevention efforts: consortium contributions. Unlike traditional data contributions, where each organization maintains its own database, consortium contributions involve pooling resources and sharing data to achieve a common goal. By leveraging the power of shared data, consortium contributions can enhance the effectiveness of database-driven fraud prevention solutions and provide benefits for all parties involved.  

Consortium contributions are a way for FIs and other organizations to pool resources and share data to achieve a common goal. In the context of fraud prevention, consortium contributions can be incredibly valuable as they allow multiple parties to contribute and access data, which can help to identify patterns and anomalies that may not be visible in individual datasets. 

By sharing data across applications, organizations can gain a more complete picture of potential fraud activities and reduce the risk of false positives and false negatives. For example, if one organization identifies a potentially fraudulent transaction, they can share that data with other members of the consortium, who can then use that information to identify similar patterns or transactions in their own datasets. 

In addition to improving fraud prevention efforts, consortium contributions can also provide other benefits, such as increased efficiency and cost savings. The benefit of consortium contribution is that institutions can prevent fraud more effectively by sharing their transaction data through a consortium. By doing so, each entity contributes to a collective pool of knowledge, allowing the industry as a whole to have a more complete understanding of potential fraudulent activity. This approach acknowledges that, currently, institutions are limited by their individual knowledge and experience, and that by working together in this way, they can gain a more comprehensive view of the risks and threats they face. Ultimately, the goal is to create a more secure and trustworthy financial system for everyone involved. 

Consortium contributions are a proven way to improve fraud prevention efforts and achieve better outcomes for all involved, and as a leader in database-driven fraud prevention AFS is actively exploring consortium initiatives. 

man using MacBook

The Advanced Fraud Solutions Database 

AFS has constructed the leading fraud-prevention database comprised of real data supplied by FIs across the country. Our database allows FIs to share information about suspected fraudulent activities. Contributing transactional data to AFS allows FIs to remain proactive in identifying fraud trends and activities that may otherwise go unnoticed.  

Benefits of Sharing Deposit Data with AFS 

Sharing deposit data with AFS has several benefits, including increased effectiveness in detecting fraud. By sharing deposit data, potential fraud trends that may span multiple institutions can be identified. This can help to detect and prevent fraud more effectively.  

  • Improved Customer Protection Additionally, sharing data and insights about deposit fraud can better protect FIs’, businesses, consumers from financial losses. If a consumer’s account has been compromised, for example, the source of the fraud can be quickly identified, and action taken to prevent further losses. 
  • Improved Operational Efficiency Fraud can be costly for financial institutions, both in terms of financial losses and operational resources expended investigating and resolving fraudulent activities. Sharing data and insights can help reduce the operational costs of combating fraud and better allocate resources towards preventative measures. 
  • Reputation Management Contributing transaction data to AFS can help demonstrate to customers that financial institutions are committed to protecting their finances and preventing fraud. This can enhance their reputation as trusted financial institutions and help them to attract and retain consumers. 

Contribution is an overlooked fraud prevention tactic, and sharing deposit data with anti-fraud databases like AFS is an essential step that financial institutions can take to combat fraud effectively. By working together to share data and insights, financial institutions can better protect their consumers, reduce operational costs and efficiencies, and enhance their reputation as trusted financial institutions. 

red padlock on black computer keyboard

Preserving Our Fraud Prevention Heritage: Contributing to Advanced Fraud Solutions 

At AFS, our mission has always been to provide the most effective fraud prevention solutions to our customers. We are proud to have been a steward of fraud prevention since 2007, and we remain committed to this goal today. 

As part of our ongoing efforts to combat fraud, we rely on the contributions of our customers to help us keep our fraud database up-to-date and accurate. Know that your input is crucial to our ability to detect and prevent fraudulent activities in real-time. 

If you’re an AFS customer, we encourage you to confirm you are contributing valuable transaction data to our database. By sharing your data with us, you are not only helping us improve our fraud prevention solutions, but also contributing to a safer financial industry as a whole. Plus, the contribution setup process is simple and quick. 

We are grateful for your continued trust and support, and we are committed to providing you with the best possible fraud prevention solutions. Together, we can make a difference in the fight against fraud. 

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  • Who We Work With
    • Credit Unions
    • Banks
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    • TrueChecks®
    • TrueCards®
    • Positive Pay by AFS
    • TrueACH® with Account Validation
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