Advanced Fraud Solutions Saves Bank Close to $5M in Potential Check Fraud Losses Over Two-Year Period

HIGH POINT, N.C., June 5, 2019 /PRNewswire/ -- Advanced Fraud Solutions (AFS), a leader in deposit fraud detection software, today announced a new case study that found TrueChecks® – AFS's real-time deposit fraud detection software – helped stop more than $4.9M in potential check fraud losses over a two-year period at a single financial institution. The case study highlights a trend of increasing check fraud rates as well as the capability and power of TrueChecks to stop fraudulent deposits.

Click here to download the case study

The case study examines check fraud attempts at Mascoma Bank, which serves New Hampshire and Vermont with 25 branches and an asset size of around $1.8B. According to the study, check fraud attempts at the bank rose sharply in 2017 and 2018, with an average 851 fraudulent items caught each month. By deploying TrueChecks, Mascoma Bank's frontline staff were able to validate checks in real-time, making check decisioning fast and easy, and drasticlly lowering check fraud-related losses. 

"Fifteen-years ago we didn't see much fraud. That changed. And when fraud came, it came in full force," said Peter Begin, VP, Security Fraud Prevention Officer, Mascoma Bank. "We acted quickly and sought help. That's when we found TrueChecks."

Despite the falling volume of checks in circulation, nearly all institutions report steady or increased rates of check fraud. TrueChecks delivers real-time responses to counterfeit, NSF, Closed Account, Duplicate and other fraudulent items, allowing FIs to decline a fraudulent check before it's processed.

"Low-technology forms of fraud are easy to overlook, but just as easy to perpetrate," said Ted Kirk, VP, Strategic Partnerships, AFS. "AFS deploys TrueChecks at financial institutions of all sizes to prevent check-related fraud. TrueChecks has consistently been able to stop fraudulent deposits before any potential losses can occur."

TrueChecks uses a private cloud-based database – comprised of account level information from thousands of financial institutions with over 10 years of historical data from customers, processors, and third-party sources – that can be easily integrated with most core systems or through a custom API.

AFS currently works with nearly half of the top 100 U.S. credit unions as well as with top U.S. banks.

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

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SOURCE Advanced Fraud Solutions

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