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Credit Unions Cut Check Fraud Nearly in Half with Omnichannel Partnership SolutionGREENSBORO, N.C., Aug. 21, 2018 /PRNewswire/ -- Advanced Fraud Solutions (AFS), a leader in fraud prevention services, and Alogent, an end-to-end payment processing solutions provider, today announced the release of a joint case study, Fighting Check Fraud in Real-Time. The case study explores how AFS's TrueChecks® in conjunction with Alogent's ImagePoint Hub significantly reduced check fraud losses at two financial institutions, bolstering their omnichannel protection, simplifying check decisioning and lowering fraud losses to members and the FIs. Click here to view the complete case study Check fraud is one of the most common forms of fraud, accounting for 35% of industry fraud losses1. And with the growing popularity of new deposit channels – particularly mobile deposit – fraudulent deposits to exploit paper checks are on the rise again. To combat check fraud across all deposit channels, AFS and Alogent formed a strategic partnership to provide a real-time, omnichannel check fraud solution for financial institutions. As a result, two of the first credit unions to implement the solution experienced a significant reduction in check fraud losses as well as improved member experience associated with better check decisioning. "When check fraud hits a credit union, it's the members who are ultimately defrauded," said Carol Nault Executive Vice President and Chief Operating Officer, Summit Credit Union (Greensboro, NC), who participated in the case study. "After implementing TrueChecks®, the rate of checks returned due to NSF decreased nearly 50%. In our experience, adding additional fraud protection tools and applying the same standards across capture points can significantly reduce check fraud losses." "Check fraud is a persistent threat to banks and credit unions," said Ted Kirk, Director of Industry Partnerships, Advanced Fraud Solution. "By partnering with Alogent, we were able to create significant fraud savings for our mutual customers, providing them with an integrated, real-time check fraud solution that addresses both in-branch and remote deposit capture points." The joint solution, which draws on the TrueChecks® database containing over ten-years of data from contributing institutions, allows banks and credit unions to mitigate fraud in real-time, leveraging:
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View original content with multimedia:http://www.prnewswire.com/news-releases/credit-unions-cut-check-fraud-nearly-in-half-with-omnichannel-partnership-solution-300699353.html SOURCE Advanced Fraud Solutions |