HIGH POINT, N.C. – November 9, 2020 – Advanced Fraud Solutions (AFS), a leading provider of deposit fraud detection software, today announced the release of a new report, Check Fraud Detection Training, highlighting the challenges related to staffing changes and check fraud prevention. Developed as a playbook for banks and credit unions to minimize the potential for check fraud losses, the report details how a staffing crunch doesn’t have to mean an increase in risk.
According to internal AFS data, there has been a 35% increase in Extended Hold recommendations and an 11% increase in Deny recommendations in the first half of 2020 compared to the same period in 2019. The spike in check fraud follows similar fraud trends across payment types; fraud operators have used the chaos and anxiety caused by the pandemic to take advantage of consumers, through romance scams, secret shopper scams, unemployment scams and other fraud schemes. At the same time, branches across the country are dealing with branch closings, rotating personnel, and staff shortages, making them more vulnerable to fraud.
There’s also been a significant uptick in check fraud. The only way to deal with both issues simultaneously is the implement technology and innovation that is intuitive, real-time and accurate.Jordan Bothwell, Director of Business Development and Strategic Initiatives at Advanced Fraud Solutions
Real-time fraud detection with TrueChecks
TrueChecks, AFS’ check fraud prevention platform, provides tellers simple Accept (Green), Hold (Yellow) or Deny (Red) responses to assess risk. The TrueChecks database features over 10 years of account level, historical check fraud data from customers, processors, and third-party sources. Once the item is triangulated against the TrueChecks database, tellers are provided with real-time responses on duplicates, counterfeits, non-sufficient funds, and closed accounts, among other types of fraud alerts. In addition, TrueChecks easily integrates into any existing system. TrueChecks can perform check verification across deposit channels. This includes frontline teller capture systems, ATM or interactive teller machine (ITM) channels and mobile deposits.
To learn more about check fraud detection best practices, download the report here.
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 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.