HIGH POINT, NC, March 8, 2022 – Advanced Fraud Solutions (AFS), a leader in payments fraud detection software, today announced a significant increase in new banking customers and partnerships in 2021. AFS’ growth coincides with the launch of two new products – TrueACH with Account Validation and AFS Positive Pay – as well as improvements to its existing solutions, TrueChecks and TrueCards.
In 2021, AFS oversaw a 26% YoY increase in new banking customers and a 29% YoY increase in new technology and reseller partnerships. AFS also continued to grow its credit union customers, where it currently serves half of the top 100 CUs in the U.S. With the increase in payments fraud over the past two years, AFS’ customers benefited from a reduction in fraud losses on check, card and ACH transactions.
We saw firsthand how payments fraud increased since the start of the pandemic, and throughout 2021. AFS’ dedicated team worked around the clock to innovate and stay ahead of fraud’s advancements, stopping losses before they could occur. The growth in new banking and credit union customers, as well as new partnerships, underscores the progress we’ve made over the past year.Lawrence Reaves, President and CEO, Advanced Fraud Solutions
“We saw firsthand how payments fraud increased since the start of the pandemic, and throughout 2021,” said Lawrence Reaves, President and CEO at AFS. “AFS’ dedicated team worked around the clock to innovate and stay ahead of fraud’s advancements, stopping losses before they could occur. The growth in new banking and credit union customers, as well as new partnerships, underscores the progress we’ve made over the past year.”
AFS’ has taken strategic steps to expand its capabilities, including the release of two new solutions in 2021, True ACH with Account Validation and AFS Positive Pay.
TrueACH with Account Validation is a new ACH tool that enables financial institutions to confirm account status and authorized user(s), and was developed in response to Nacha’s WEB Debit Account Validation Rule. Following its launch, AFS was recognized by Nacha as a Preferred Partner for Account Validation.
AFS Positive Pay is a positive pay solution designed so that financial institutions, and their enterprise customers, can proactively monitor changes in payments information. AFS Positive Pay allows financial institutions and businesses to monitor payments and receive real-time notifications when payment information is at odds with the normal run of business.
To learn more about AFS’ solutions and how AFS works with banks, credit unions and partners, click here.
About Advanced Fraud Solutions
Advanced Fraud Solutions was founded in 2007 with the simple mission to help financial institutions prevent fraud in real-time. We utilize our comprehensive private cloud-based software solutions at the frontline and in the back office. Every day, our innovative fraud prevention tools help banks and credit unions of all sizes eliminate losses and safeguard their financial assets. We provide 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.