Fiserv and Advanced Fraud Solutions Help Financial Institutions Fight Check Fraud
Fiserv clients will be able to mitigate fraud in real time with access to TrueChecks® from Advanced Fraud Solutions
HIGH POINT, N.C., June 15, 2022 /PRNewswire/ -- Advanced Fraud Solutions (AFS), a leader in payments fraud detection, announced today an agreement with Fiserv, a leading global provider of payments and financial services technology, that will allow Fiserv financial institution clients to automate check fraud detection, risk-based funds availability and decisioning processes, helping to prevent losses and identify fraudulent deposits before they are accepted.
According to the 2022 AFP Payments Fraud and Control Survey, checks were the payment method most impacted by fraud activity in 2021. Organizations experience significant losses due to check fraud every year, and it is essential for financial institutions to embrace advanced risk mitigation tools to combat sophisticated fraud schemes.
TrueChecks from AFS will enable Fiserv clients to mitigate fraud, prevent losses, and protect account holders by providing a proactive, at-the-point-of-presentment approach to check fraud detection. Accessible through a web portal or integrated through an API, TrueChecks delivers real-time responses on counterfeit, nonsufficient funds (NSF), Closed Account, Duplicate and other fraudulent items, regardless of the deposit channel. TrueChecks will be available to Fiserv clients for batch deposits made in any channel, and will provide real-time responses for mobile deposits and those made via tMagic™ for DNA®, which automates the capture, imaging and entry of paper-based transactions directly into the DNA account processing platform from Fiserv.
"As fraudsters continue to find new schemes to commit fraud in all payment types, including checks, it is important that financial institutions have the tools they need to mitigate risk and protect themselves and their customers," said Jordan Bothwell, VP, Strategic Partnerships at AFS. "Together with Fiserv we will meet more financial organizations' needs for robust solutions to combat fraud."
With this new risk mitigation offering, Fiserv clients have access to robust options to help prevent losses and identify fraudulent deposits before they are accepted. TrueChecks can be applied across deposit channels, from the teller to mobile and remote channels – including ATMs and ITMs – to ensure all deposit channels are protected.
Learn more at AdvancedFraudSolutions.com/Solutions/TrueChecks.
Advanced Fraud Solutions was founded in 2007 with the simple mission to help financial institutions prevent fraud in real-time. We utilize 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.
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud- based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index, the FORTUNE® 500, and has been recognized as one of FORTUNE World's Most Admired Companies® for 11 of the past 14 years and named among the World's Most Innovative Companies by Fast Company for two consecutive years. Visit fiserv.com and follow on social media for more information and the latest company news.
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SOURCE Advanced Fraud Solutions
