New Case Study Explores the Benefits of Omnichannel Check Fraud Prevention Technology Partnership Between Providers, Advanced Fraud Solutions and Alogent
Advanced Fraud Solutions (AFS), a leader in fraud prevention services, and Alogent, an end-to-end payment processing solutions provider, today announced the release of a joint case study, Fighting Check Fraud in Real-Time. The case study explores how AFS’s TrueChecks®, in conjunction with Alogent’s ImagePoint Hub, significantly reduced check fraud losses at two financial institutions, bolstering their omnichannel protection, simplifying check decisioning and lowering fraud losses to members and the FIs.
Check fraud is one of the most common forms of fraud, accounting for 35% of industry fraud losses. And with the growing popularity of new deposit channels – particularly mobile deposit – fraudulent deposits to exploit paper checks are on the rise again. AFS and Alogent formed a strategic partnership to combat check fraud across all deposit channels. The partnership provides a real-time, omnichannel fraud solution for financial institutions. As a result, two of the first credit unions to implement the solution experienced significantly less fraud losses. Both also improved member experience associated with better check decisioning.
Check fraud is a persistent threat to banks and credit unions. By partnering with Alogent, we were able to create significant fraud savings for our mutual customers, providing them with an integrated, real-time check fraud solution that addresses both in-branch and remote deposit capture points.Ted Kirk, VP of Strategic Partnerships at AFS
“When check fraud hits a credit union, it’s the members who are ultimately defrauded,” said Carol Nault, Executive Vice President and Chief Operating Officer, Summit Credit Union (Greensboro, NC), who participated in the case study. “After implementing TrueChecks®, the rate of checks returned due to NSF decreased nearly 50%. In our experience, adding additional fraud protection tools and applying the same standards across capture points can significantly reduce fraud losses.”
An omnichannel, real-time fraud prevention solution
“Check fraud is a persistent threat to banks and credit unions,” said Ted Kirk, Director of Industry Partnerships, Advanced Fraud Solution. “By partnering with Alogent, we were able to create significant fraud savings for our mutual customers, providing them with an integrated, real-time check fraud solution that addresses both in-branch and remote deposit capture points.”
The joint solution, which draws on the TrueChecks® database containing over ten years of data from contributing institutions. The database allows banks and credit unions to mitigate fraud in real-time, leveraging:
- A vast fraud database compromised of data from a large network of financial institutions, item processors and optional third-party sources
- Real-time responses on counterfeit, NSF, Closed Account, Duplicate and other fraudulent items
- Easy API-based integration into existing and familiar workflows
- Decisioning with Reg CC-recommended action and associated risk