Communication Federal Credit Union (CFCU), originally Pioneer Bell Credit Union, was founded by employees of Southwestern Bell Telephone in downtown Oklahoma City in 1939. CFCU is a full-service credit union with approximately 270 employees and 22 branches in Oklahoma and Kansas, serving around 120,000 members.
CFCU has always prioritized fraud prevention and risk management, and Nathan Blais, Senior Vice President Risk Management, explained how they evaluated and chose Advanced Fraud Solutions (AFS) for their fraud mitigation needs.
Check-washing scams are experiencing a frightening resurgence. Across the country, fraudsters are stealing checks and altering them to steal large sums of money. The number of reported cases in 2022 reached 680,000, nearly double the previous year, according to the Financial Crimes Enforcement Network.
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…
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.
ore U.S. consumers than ever are swiping and tapping to check their bank account balance, to transfer money or deposit a check. The result has been a mobile banking boom. To keep up with demand, banks and credit unions have been fast to develop their own apps and mobile-friendly services, including enhancing ATMs with the latest check deposit imaging capabilities
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.
The Automated Clearing House (ACH) Network is used by a vast number of financial institutions to handle bill payments, cash transfers, and direct deposits. Virtually everyone has made an ACH transaction at some point, but unfortunately, a rising number of criminals have started using the Network to scam innocent individuals and take money directly out of their checking accounts.
ACH fraud can be committed in a number of ways. The most common way ACH fraud is committed is by obtaining banking information from targets via phishing emails and malware. The malware monitors keystrokes and can obtain passwords and saved forms from almost any device. ACH fraudsters only need two important pieces of information to gain access to a person’s bank account – a routing number and checking account number. This information is sometimes provided directly by the victim, and once the money is taken, the victim is usually on the hook by the bank for the drafted amount.
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…
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…
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 (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.
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 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).