Advanced Fraud Solutions (AFS) has formed a strategic partnership with Automated Systems to build support check fraud protections.
The partnership will see the integration of AFS’ check fraud prevention solution, TrueChecks, with the Automated Systems’ Insite Online Banking and Mobile Apps. By leveraging the TrueChecks check fraud database, Automated Systems’ bank customers will be able to enhance their deposit fraud prevention tools which proactively identify and stop fraudulent checks.
True Checks uses a database of account level information from thousands of financial institutions with more than 10 years of customers, processors, and third-party sources. With this, it can offer real-time responses to counterfeit, NSF, closed account, duplicate and other fraudulent items.
According to a study from JP Morgan, around 70% of organizations have experienced check fraud.
AFS VP, strategic partnerships Ted Kirk said, “Check fraud continues to plague financial institutions nationwide. 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.”
Earlier in the year, AFS formed a partnership with Q6 Cyber to help financial institutions boost their fraud prevention and detection efforts. The deal saw Q6 Cyber integrate its data feeds directly within the TrueCards fraud prevention software platform, providing valuable insights and fraud loss savings.
Copyright © 2018 RegTech Analyst