Advanced Fraud Solutions Announces 3rd Annual Changing Landscape of Check Fraud Report

HIGH POINT, N.C., March 15, 2022 /PRNewswire/ -- Advanced Fraud Solutions (AFS), a leading provider of payments fraud detection software, today announced the release of its annual report, Changing Landscape Of Check Fraud 2022, detailing the state of check fraud and the latest check-related risks. Despite a lower volume of checks in circulation, fraud operators continue to evolve check fraud tactics, leveraging checks as a low-cost vehicle for fraud.

Click here to view the full report

Checks remain the payment method most subject to attempted and actual payments fraud, according to the Association of Financial Professionals. What is more, with the onset of the pandemic, fraudsters have found new ways to leverage checks to their advantage. For example, fraud operators are targeting victims en masse through email and social media; presenting mor convincing fake checks; as well as employing practiced social engineering tactics to steal funds.

"Advanced Fraud Solutions has been tracking check fraud for over 15 years, starting just before the 2008 financial crisis and through a global pandemic. Throughout, check fraud has remained persistent. Checks continue to be one of the most effective ways for fraudsters to deceive and inflict financial losses upon banks, credit unions and consumers," said Ted Kirk, VP of Strategic Partnerships at AFS. "What is new in this report is how check fraud tactics have evolved and adapted to newer deposit channels as well as the methods used by fraudsters to target their victims."

The Changing Landscape Of Check Fraud 2022 report also covers best practices in check fraud prevention. The report highlights TrueChecks^® — the industry's largest check fraud database and leading check fraud prevention solution — which can help banks and credit unions address check fraud across their deposit channels.

TrueChekcs analyzes account-level historical data from thousands of contributing financial institutions, processors and third-party sources to proactively interdict potentially fraudulent deposits. Triangulating this data, TrueChecks delivers real-time responses on counterfeit, non-sufficient funds (NSF), Closed Account, Duplicate, and other fraudulent items and provides Reg CC-recommended action and associated risk.

To download the full report, or learn more about TrueChecks, click here.

About Advanced Fraud Solutions
Advanced Fraud Solutions was founded in 2007 with the simple mission to help financial institutions 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 and credit unions of all sizes eliminate losses and safeguard their financial assets. We provide 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 Advanced Fraud Solutions.

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SOURCE Advanced Fraud Solutions

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