Checks Present New Risks to Financial Institutions as Deposit Channels Evolve, Advanced Fraud Solutions Finds

News provided by

Nov 20, 2019, 09:00 ET

HIGH POINT, N.C., Nov. 20, 2019 /PRNewswire/ -- Advanced Fraud Solutions (AFS), a leader in deposit fraud detection software, today announced the release of The Changing Landscape of Check Fraud white paper. The paper examines the latest threats and trends in check fraud and check fraud prevention. In recent years, to meet the expectations of their customers, financial institutions (FIs) have adopted new technologies that make processing checks easier and more on-demand. Check fraud tactics, meanwhile, have evolved around these newer channels, resulting in unacceptably high losses.

Download the white paper here

Despite a steady drop of checks in circulation, check fraud remains stubbornly pervasive. Check deposits continue to be the most targeted payment channel with 70% of organizations reporting fraud attempts.¹And while FIs have never been able to fully prevent instances of check fraud, the expansion of deposit channels – including mobile and remote-deposit capture – has made preventing fraud more difficult.

"Low-technology forms of fraud are easy to overlook, but just as easy to perpetrate," said Ted Kirk, VP of Strategic Partnerships, AFS. "At Advanced Fraud Solutions, we believe in taking a proactive, omnichannel approach. Fraudsters have more access than ever to marketplaces, resources and information to pull off sophisticated check fraud schemes. Now is the time for FIs to step up their efforts and add an additional layer of security across their deposit channels to shut down fraud and prevent losses."

In addition to the above, the paper details why check fraud has remained so prevalent; the adoption of newer deposit channels and associated security challenges; as well as best practices to proactively spot and stop fraud before a loss can occur. The paper also explores how to combat check fraud across deposit channels using Advanced Fraud Solutions' industry-leading fraud detection database, TrueChecks®, which provides real-time responses to counterfeit, NSF, Closed Account, Duplicate, and other fraudulent items.

To download The Changing Landscape of Check Fraud white paper, click here.

About Advanced Fraud Solutions
Advanced Fraud Solutions was founded in 2007 with the simple mission to help financial institutions 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 and credit unions 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.

Citations:

1. Association for Financial Professionals, "AFP Payments Fraud and Control Survey," 2019.

SOURCE Advanced Fraud Solutions