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Checks Present New Risks to Financial Institutions as Deposit Channels Evolve, Advanced Fraud Solutions FindsHIGH 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. 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.1 And 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 ifficult.
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 Citations: 1. Association for Financial Professionals, "AFP Payments Fraud and Control Survey," 2019. View original content to download multimedia:http://www.prnewswire.com/news-releases/checks-present-new-risks-to-financial-institutions-as-deposit-channels-evolve-advanced-fraud-solutions-finds-300961832.html SOURCE Advanced Fraud Solutions |