A Reflection on Fraud Trends in 2022
At AFS, we strive to not only help mitigate and prevent fraud losses at your institution with our fraud prevention software, but we also strive to educate and keep you up-to-date on important fraud trends. Technology continued to grow last year, which created more avenues for fraudsters to attack, and there is no limit to how far swindlers will go to steal information or money. Here is a breakdown of some of the fraud trends we saw last year.
Prosecuting Bad Checks | A Guide For Financial Institutions To Fight Back
Catching check fraud before it’s deposited is obviously the ideal scenario for banks and credit unions because it avoids the litigation and expense of prosecuting for fraud. Not to mention it avoids the fraud loss. However, when bad items do sneak through, there are some important things banks can do to fight back and prosecute repeat check fraud offenders. Here is what you need to know to act to prosecute fraud attempts at your financial institution.
Check fraud is a serious offense and comes with very real legal consequences which vary by state. Depending on the severity of the crime, the amount that was defrauded, and the number of instances of fraud the perpetrator completed, check fraud can be either a misdemeanor or a felony.
TrueWire Product Preview
Join Advanced Fraud Solutions (AFS) for a preview of its newest fraud prevention tool – TrueWire. TrueWire automates the validation of account status and ownership of the sender and receiver of a wire transfer. TrueWire was designed to safeguard wire transactions and streamline payment processing. With TrueWire, banks and credit unions can protect wire transactions from fraud or mistaken payments. On each transaction, TrueWire triangulates payment details with account status and ownership against a nationwide database, providing a recommended action…
Watch Out For These Three Holiday Fraud Threats
It’s no coincidence that the busiest season for shopping coincides with the highest period for fraud. Every day, fraudsters target consumers with an array of legitimate seeming propositions. But during the holidays, fraudsters make extra efforts to trick and defraud consumers. Here are the top three fraud threats coming this holiday season. Fake Retails Sites Are you seeing a deal that’s too good to be true? That might be because it isn’t. Fake retails sites are websites set up to…
Economic Downturns Impact on Check Fraud
TrueWire automates the validation of account status and ownership of the sender and receiver of a wire transfer. TrueWire was designed to safeguard wire transactions and streamline payment processing.
With TrueWire, banks and credit unions can protect wire transactions from fraud or mistaken payments. On each transaction, TrueWire triangulates payment details with account status and ownership against a nationwide database, providing a recommended action and associated risk.
Join Advanced Fraud Solutions as they explore the impact that economic downturns have on rates and what fraud tactics are likely to arise.
Advanced Fraud Solutions Hires Beverly Nichols as Product Manager
Advanced Fraud Solutions (AFS), a leading provider of payments fraud detection software, today announced the hiring of Beverly Nichols as product manager. Beverly joins AFS from Fiserv and will be responsible for bringing AFS’ leading payments fraud detection solutions to market.
Branch Closings Signals Shift to Remote Deposit Channels, Need for Protection
How do financial institutions maintain their footprint without opening or operating potentially unsustainable branches? This is the question that many FIs are asking themselves as branch closures are up 38% since the start of 2022.1 Like the rest of the marketplace, FIs must deal with rising costs, staff shortages and a potential economic slowdown. To cut costs, FIs face the unwelcome prospect that they, too, might have to shutter some of their retail operations. To stay connected with their customers,…
Advanced Fraud Solutions Reports Adoption of its ACH Fraud Mitigation Tool, Reveals Significant Potential Fraud Losses Prevented
Advanced Fraud Solutions today announced the successful adoption of its ACH fraud prevention tool, TrueACH with Account Validation, after a year in the market. TrueACH with Account Validation helps banks and credit unions secure their ACH transactions by enabling them to confirm account status and authorized user(s).
The Impact of Economic Downturns on Check Fraud Rates
Economic downturns have a tendency to change the fraud landscape for the worse. The result is that paper checks, which are one of the payment methods most impacted by fraud, are likely to become increasingly at risk. Easy to duplicate, deposit or steal, check fraud represents a persistent challenge to financial institutions. Given today’s economic outlook, that challenge is likely to come to a head. This white paper, The Impact of Economic Downturns on Check Fraud Rates, provides a historic…
Fiserv and Advanced Fraud Solutions Help Financial Institutions Fight Check Fraud
Fiserv clients will be able to mitigate fraud in real time with access to TrueChecks® from Advanced Fraud Solutions HIGH POINT, NC, June 15, 2022 – Advanced Fraud Solutions (AFS), a leader in payments fraud detection, announced today an agreement with Fiserv, a leading global provider of payments and financial services technology, that will allow Fiserv financial institution clients to automate check fraud detection, risk-based funds availability and decisioning processes, helping to prevent losses and identify fraudulent deposits before they…
Advanced Fraud Solutions Appoints Jordan Bothwell to Vice President of Strategic Partnerships
Advanced Fraud Solutions (AFS), a leading provider of payments fraud detection software, today 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 technology, where she has engaged in various sales and account management roles, most recently as AFS’ Director of Business Development and Strategic Initiatives.
How Financial Institutions Can Manage Payments 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.
Beating BIN Attacks: How To Protect Against Card-Not-Present Fraud
Learn how to prevent card-not-present (CNP) fraud. Card-not-present fraud, or CNP, continues to flourish. In fact, there’s been a 25% increase in exposed CNP records, a total of 45 million, since 2019. In the updated report, Beating BIN Attacks: How to Protect Against Card-Not-Present Fraud, Advanced Fraud Solutions explores the latest CNP fraud trends…
