HIGH POINT, N.C., November 20, 2019 – Advanced Fraud Solutions (AFS), a leader in deposit fraud detection software, today announced the release of The Changing Landscape of Check Fraud white paper. The report examines the latest threats and trends in check fraud and check fraud prevention. In recent years, to meet the expectations of their customers, financial institutions (FIs) have adopted new technologies that make processing checks easier and more on-demand. Meanwhile, check fraud tactics have evolved around these newer channels, resulting in unacceptably high losses.
Despite a steady drop of checks in circulation, check fraud remains stubbornly pervasive. Check deposits continue to be the most targeted payment channel with 70% of organizations reporting fraud attempts.1 And while FIs have never been able to fully prevent instances of check fraud, the expansion of deposit channels – including mobile and remote-deposit capture – has made preventing fraud more difficult.
Low-technology forms of fraud are easy to overlook, but just as easy to perpetrate,” said Ted Kirk, VP of Strategic Partnerships, AFS. “At Advanced Fraud Solutions, we believe in taking a proactive, omnichannel approach. Fraudsters have more access than ever to marketplaces, resources and information to pull off sophisticated check fraud schemes. Now is the time for FIs to step up their efforts and add an additional layer of security across their deposit channels to shut down fraud and prevent losses.
Ted Kirk, Vice President of Strategic Partnerships, AFS
Protect deposit channels from check fraud with TrueChecks
In addition to the above, the paper details why check fraud has remained so prevalent; the adoption of newer deposit channels and associated security challenges; as well as best practices to proactively spot and stop fraud before a loss can occur. The paper also explores how to combat check fraud across deposit channels using Advanced Fraud Solutions’ TrueChecks®, the industry-leading fraud detection database. To combat fraud, TrueChecks provides real-time responses to counterfeit, NSF, Closed Account, Duplicate, and other fraudulent items.
via PRNewsWire
