HIGH POINT, N.C., Nov. 5, 2019– Advanced Fraud Solutions (AFS), a leader in deposit fraud detection software, today announced a strategic partnership with SQN Banking Systems (SQN), a leading provider of integrated fraud detection products for the financial industry. The partnership will provide SQN customers with an enhanced omnichannel transit check fraud detection solution, while equipping AFS clients with the industry’s premier solution for on-us fraud prevention.
The partnership integrates AFS’ industry-leading transit check fraud detection module, TrueChecks®, with SQN’s suite of cutting-edge solutions designed to prevent on-us fraud at financial institutions. The joint solution will help clients detect and prevent fraudulent checks in both their transit and on-us channels. To do this, the companies are combining best-of-breed technology from each firm. Using TrueChecks®, the industry’s largest cooperative check fraud prevention database, and SQN’s SENTRY: Fraud Suite, customers will receive real-time responses on counterfeit, NSF, Closed Account, Duplicate, and other fraudulent transit items. This will reduce the potential for check fraud-related losses. SQN’s SENTRY suite of fraud prevention solutions will deliver equally impressive return-on-investment on the other side of the house. The SQN platform stops fraudulent checks drawn on a financial institution’s own accounts.
By integrating the TrueChecks®database with SQN Banking Systems, we’re creating a complete solution to protect both sides of an institution’s check business.Joe Uhland, President, SQN Banking Systems
AFS, SQN Banking Systems integration protects financial institutions, customers
“Financial institutions understand the value of reducing risk,” said Joe Uhland, President, SQN Banking Systems. “By integrating the TrueChecks®database with SQN Banking Systems, we’re creating a complete solution to protect both sides of an institution’s check business.”
“Despite the falling volume of checks in circulation, checks remain a high-risk threat. By taking a proactive approach, financial institutions can better safeguard against fraud and reduce losses,” said Ted Kirk, VP of Strategic Partnerships, AFS. “Today’s news also redoubles the value of AFS’ cooperative approach – SQN customers are invited to contribute to the TrueChecks® database. The more up-to-date information is received, the more FIs across the network benefit.”
About Advanced Fraud Solutions
Advanced Fraud Solutions was founded in 2007 with the simple mission to help financial institutions and businesses prevent fraud in real-time. We do this by utilizing our comprehensive private cloud-based software solutions at the frontline and in the back office. Every day, our innovative fraud prevention tools help banks, credit unions, and merchants of all sizes eliminate losses and safeguard their financial assets, providing the level of protection that today’s customers demand. At Advanced Fraud Solutions, we know the best way to fight fraud is to prevent it. Learn more at Advanced Fraud Solutions.
About SQN Banking Systems
SQN Banking Systems’ history began in 1983, when we introduced the first PC-based Signature Verification System. Since then, we’ve developed and installed a comprehensive line of fraud detection software products. Our solution help our clients become more competitive, profitable, and secure. We’ll continue to provide innovative, world-class fraud protection software and services across multiple channels, including both hosted and on-site applications.