Fiserv Ties with Advanced Fraud Solutions to Help Financial Institutions Fight Check Fraud

Advanced Fraud Solutions (AFS), a leader in payments fraud detection, announced yesterday 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.

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."

(Source: PR Newswire)