HIGH POINT, N.C., Feb. 11, 2020 /PRNewswire/ -- Advanced Fraud Solutions (AFS), a leader in deposit fraud detection software, today announced updates to the TrueCards® platform, AFS' omnichannel debit and credit card fraud prevention solution. The latest TrueCards enhancements include an integration with Q6 Cyber to proactively monitor Dark Web-based threats; an automated risk notification process; a 3D view of Merchant Frequency; detection of duplicate transactions; as well as enhanced search screens.
TrueCards takes a proactive approach to card fraud, allowing banks and credit unions to identify and mitigate card fraud across any debit or credit card network. TrueCards is custom-built per financial institution and is able to work across processors. With TrueCards, banks and credit unions can streamline how they asses debit and credit card risk, while mitigating potential fraud losses, via a seamlessly integrated, centralized risk management system.
"The enhancements to the TrueCards platform will be highly valuable as serious fraud schemes, like card-not-present fraud, continue to evolve and accelerate," said Ted Kirk, VP of Strategic Partnerships at AFS. "With the rise of digital payments, coupled with the availability of leaked personally identifiable information, card fraud will continue to be an issue for financial institutions. TrueCards represents a proactive approach to debit and credit card fraud management."
According to The Nilson Report, card fraud losses are expected to rise and, in the U.S., reach an estimated $12.12 billion by 2020.
"The Q6 integration with TrueCards gives financial institutions a heads-up on which card accounts have been compromised by monitoring the Dark Web," said Eli Dominitz, founder and CEO at Q6 Cyber. "In instances when account details have been compromised, it's only a matter of time before a fraud attempt might occur. Financial institutions need to be able to react quickly and with precision to determine risk and, if needed, suspend compromised accounts."
With TrueCards, banks and credit unions can determine the true point of compromise and block all cards at risk almost immediately. And with TrueCards' updated automated risk notification process, fraud management is streamlined, making preventing losses easier.
The learn more about TrueCards or schedule a demo, click 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.
SOURCE Advanced Fraud Solutions