HIGH
POINT, N.C., April 23,
2024 /PRNewswire/ -- Advanced Fraud
Solutions (AFS) today announced a significant enhancement to its
fraud prevention platform, Positive Pay by AFS, aimed
specifically at protecting financial institutions' business
accounts and individual account holders. The enhancement, Payee
Positive Pay, introduces image capture technology to verify payee
names.
Despite broader trends towards digital payment methods, check
fraud remains a critical concern for financial
institutions and their business account holders. Positive Pay by
AFS now with Payee Positive Pay is a pointed response to this
threat, leveraging strategic technology to enhance the security of
traditional check processing.
Lawrence Reaves, CEO of Advanced
Fraud Solutions, highlighted the increasing risks of
check fraud that businesses face today, particularly
through altered payee details. "This enhancement to our service is
crucial," Reaves explained. "It's a key step forward in the fight
against check fraud, ensuring that business accounts
are more securely protected."
The Payee Positive Pay enhancement by AFS introduces advanced
image capture technology which leverages high-resolution imaging to
verify the payee's name against a pre-registered database, to
identify any discrepancies and provide opportunities for review.
This is a modernized approach to existing Positive Pay check
verification processes and addresses one of the most common avenues
for check fraud.
Building on this technology, Payee Positive Pay operates an
enhanced verification process that checks each payee's information
against the business's records, ensuring every processed check
aligns with verified data. Payee Positive Pay also enables
immediate alerts to provide account holders with real-time
notifications about discrepancies detected during the check
verification. Users will also be able to review and determine
whether to accept or return the transaction based on a view of the
presented exception data.
As check fraud continues to rise year over year,
Advanced Fraud Solutions remains committed to
providing proactive fraud prevention solutions for FIs
and their business clients. AFS has been leading the way in check
fraud prevention for nearly two decades, supporting
nearly 1,000 financial institutions across the country. With the
introduction of Payee Positive Pay to the Positive Pay by AFS
platform, AFS continues to elevate the industry standard. This
latest enhancement directly addresses the sophisticated techniques
of fraudsters, particularly their attempts at image alteration,
ensuring that financial institutions and their account holders are
better equipped to detect and prevent fraud.
Media Contact:
Brynn Johnson
bjohnson@advancedfraudsolutions.com
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SOURCE Advanced Fraud Solutions