HIGH POINT, N.C., Oct. 8, 2019 /PRNewswire/ -- Advanced Fraud Solutions (AFS), a leader in deposit fraud detection software, announced today a strategic partnership with Automated Systems, Inc., a leader in providing innovative core banking, digital banking, and data processing solutions to community banks nationwide. The partnership integrates AFS's check fraud prevention solution, TrueChecks®, with the Automated Systems' Insite Online Banking and Mobile Apps. Using TrueChecks' industry leading check fraud database, the dual solution provides Automated Systems' bank customers with an enhanced deposit fraud prevention tool that proactively spots and stops fraudulent checks.
According to a 2019 survey, 70 percent of organizations experienced check fraud.1 Given the prevalence of check fraud, despite the falling volume of checks in circulation, checks remain a high-risk threat. For banks, check fraud can result in unacceptably high fraud losses as well as an erosion of trust.
TrueChecks takes a cooperative approach to preventing check fraud losses. With its database of account level information from thousands of financial institutions, with over 10 years of fraud data from customers, processors, and third-party sources, TrueChecks delivers real-time responses on counterfeit, NSF, Closed Account, Duplicate and other fraudulent items. TrueChecks makes decisioning easy, providing Reg CC-recommended action and associated risk.
"Check fraud continues to plague financial institutions nationwide," said Ted Kirk, VP of Strategic Partnerships, AFS. "We're excited to partner with Automated Systems to provide their customers with an integrated solution that stops fraudulent deposits before any potential losses can occur. Not only does the joint solution safeguard banks' financial assets, it also gives them back valuable time and resources which were previously devoted to recouping funds and investigating fraud attempts."
"By integrating TrueChecks into the processing of checks deposited from the Insite Online Banking sites and Mobile Apps, Automated Systems customers gain access to the industry's largest deposit fraud database," said Tim Schmidt, COO, Automated Systems. "We look forward working with AFS to enhance check fraud protections and to stop check fraud losses."
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 www.advancedfraudsolutions.com.
About Automated Systems, Inc. Since 1981, Automated Systems, Inc. has been a leader in providing innovative core banking, digital banking, and data processing solutions to community banks nationwide. An array of integrated applications provide partnered banks with tailored, cost-effective, competitive choices. ASI delivers industry-leading technology backed by unparalleled in-house conversion, training and support teams; paving the way for progressive, top-notch customer service. ASI corporate headquarters are located at 1201 Libra Drive, Lincoln, NE 68512, 1.800.279.7312. For more information about banking solutions from ASI, visit www.asiweb.com.