Advanced Fraud Solutions Releases Four New Case Studies on Check and Card Fraud

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Jan 10, 2019, 09:00 ET

GREENSBORO, N.C., Jan. 10, 2019 /PRNewswire/ -- Advanced Fraud Solutions (AFS), a leader in deposit fraud prevention services, today announced the release of four new case studies. The case studies explore check and card fraud trends and how financial institutions can prevent check fraud through the integration of a real-time check verification solution.

Click here to view the case studies

Case study participants included established credit unions – including American Heritage Credit Union, CoastHills Credit Union, Meridian Federal Credit Union, and Piedmont Advantage Credit Union – who all implemented AFS' TrueChecks® solution. Piedmont Advantage also uses TrueCards® to detect unusual card activity and stop it quickly. As detailed in the studies, financial institutions who used TrueChecks® were able to significantly reduce losses on counterfeit, altered and fictitious checks. The system was also popular with frontline and back-office staff as they were able to easily stop fraud before it impacted the bank or its members.

AFS' case studies highlight trends in check fraud, including one that suggests that fraudsters are relying on larger check values. "The average counterfeit check ranges from $2,500 - $4,500, so catching just one is a really big deal," said Lynette Smart, Branch Operations Assistant at American Heritage Credit Union. Given the increased communication between financial institutions in order to stop check fraud, fraudsters are depending on individual, higher value checks versus trying to submit multiple fraudulent checks for smaller amounts. By leveraging the TrueChecks platform, American Heritage Credit Union denied 191 items over a two-year period, representing $725K in loss preventions savings. Other credit unions AFS interviewed witnessed similar tactics from fraudsters, and experienced similar fraud prevention results using TrueChecks.

Another theme detailed in the case studies is how easy it is to integrate TrueChecks into regular customer interactions. Given the effectiveness of TrueChecks®, many saw the solutions as an integral part of the onboarding process. According to Kristin Dingess, Process Improvement Coordinator at Meridian Trust Federal Credit Union, "TrueChecks was a standard part of our onboarding process for new hires. We had test checks for them to run through the application, to see the recommendation examples. It showed them how easy it was to use, and they really appreciated that."

TrueChecks® delivers real-time responses to counterfeit, NSF, closed account, duplicate, and other fraudulent items. TrueChecks® provide credit unions with account level information from thousands of financial institutions, using over 10-years of historical data from customers, processors and third-party sources.

About Advanced Fraud Solutions
Advanced Fraud Solutions was founded in 2007 with the simple mission to help financial institutions and businesses prevent fraud by utilizing our comprehensive private cloud-based software solutions at the front line 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.

SOURCE Advanced Fraud Solutions