HIGH POINT, N.C., Aug. 10, 2020 /PRNewswire/ -- Advanced Fraud Solutions (AFS), a leader in deposit fraud detection software, today announced a successful first half of 2020, with over 40 new customers signed, including seven banks; several new strategic partnerships and integrations; as well as new initiatives to secure deposits to mitigate new and emerging deposit fraud threats.
"Fraud continues to plague financial institutions, ranging from instances of simple user-error to coordinated attacks from well-organized fraud networks," said Lawrence Reaves, President and CEO, AFS. "The past six months have been particularly challenging – banks and credit unions have had to adapt to a new normal, including ramping up mobile and remote deposits, processing and safeguarding more online transactions, to accepting a historic influx of Treasury items."
AFS has taken several strategic moves over the first half of the year to ensure deposit channels are secure. Among them is the integration of AFS' TrueChecks® – the industry's leading check fraud database and comprehensive check fraud prevention solution – into key software and hardware partnerships, including with GLORY, NICE Actimize, and others.
In response to pandemic relief efforts through the CARES Act – a $2 trillion relief package following the COVID-19 pandemic – AFS has sought to address the stream of Treasury checks, and corresponding uptick in Treasury check-related fraud, that has flooded U.S. banks and credit unions. AFS has been at the forefront of protecting these FIs by launching enhancements to the TrueChecks platform, providing FIs with an integrated, direct link to the U.S. Department of the Treasury database. AFS' enhancements give FIs the ability to validate Treasury items, in real-time or in batch, across their deposit channels.
In addition, AFS has also launched several enhancements to the TrueCards® platform, including allowing banks and credit unions to automate the organization of card fraud data, giving them the ability to analyze more data points to help validate and/or confirm if debit or credit card transactions are fraudulent.
To learn more about AFS and its check, card and ACH fraud mitigation services, 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