Fintech News | Fintech Zoom
Payment Fraud Detection
Payment Fraud Detection

Payment Fraud Detection

Advanced Fraud Solutions (AFS), a leader in deposit fraud detection software, today announced significant growth in new bank and credit union customers as well as a solid increase in the volume of items processed.

Payment Fraud Detection

AFS highlights from 2019 include: expansion of its footprint to all 50 states; a 20% YoY increase in the volume of items processed; and customer growth of almost 100 new bank and credit union customers, including half of the top 100 largest credit unions.

AFS’ industry leading fraud prevention tools help banks and credit unions proactively spot and stop fraudulent check, wire and ACH transactions before a loss can occur. As more bank account and personally identifiable information is compromised as a result of data breaches, financial institutions have turned to AFS to get ahead of fraud and to mitigate fraud-related losses.

“Even in traditional banking products like check deposits, fraud continues to be a major source of headache for banks, credit unions and consumers alike,” said Lawrence Reaves, President and CEO at AFS. “AFS’ success in 2019 stems from our commitment to innovation and fraud prevention. We want to make it easy for banks and credit unions to take a proactive approach to fraud prevention.”

In addition to the above results, AFS also secured several strategic partnerships in 2019, including deals with Automated Systems, Inc. and SQN Banking Systems.

“AFS’ progress in 2019 highlights the need for deposit fraud detection solutions that act in real-time, work across deposit channels and pull from a rich and continuously updating fraud database,” said Ted Kirk, VP of Strategic Partnerships at AFS. “And as an added bonus, the growth we experienced in the past year will also help us redouble the effectiveness of our industry leading deposit fraud database, making the payments ecosystem safer for all.”

About Advanced Fraud Solutions – Payment Fraud Detection
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.

READ  Payments methods - New SCA timetable highlights scale of challenges for merchants

 

Read More:

Payment Systems

 

Mia Turner

Add comment