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Advanced Fraud Solutions launches case studies on check and card fraud

Friday 11 January 2019 10:53 CET | News

Advanced Fraud Solutions (AFS), a deposit fraud prevention services provider, has released 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. Case study participants included 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.

AFS’ case studies highlight trends in check fraud, including one that suggests that fraudsters are relying on larger check values. For instance, the average counterfeit check ranges from USD 2,500 – USD 4,500. 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.

TrueChecks delivers real-time responses to counterfeit, NSF, closed account, duplicate, and other fraudulent items. The solution provides 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.


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Keywords: Advanced Fraud Solutions, case study, check fraud, ACH, card fraud, TrueChecks, credit unions, US
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