Strengthening Financial Security: Advanced Fraud Solutions and ARGO Unite Against Rising Check Fraud
30 Oct 2023
HIGH POINT, N.C., Oct. 30, 2023 /PRNewswire/ -- Advanced Fraud Solutions (AFS), a leading provider of real-time deposit fraud detection solutions, is thrilled to announce its strategic partnership with ARGO, an industry leader in technology solutions for the financial services and healthcare sectors. The collaboration will integrate AFS' TrueChecks®, the industry's premier check fraud database, into ARGO's OASIS™ (Optimized Assessment of Suspicious Items) Fraud Prevention Suite.
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Source: PRNewswire
Quote from Jordan Bothwell of AFS
"With fraudsters continuously innovating their tactics, partnerships like these are not just strategic but essential," said Jordan Bothwell, Vice President of Strategic Partnerships at AFS. "Our collaboration with ARGO allows us to deliver a more comprehensive and robust fraud detection solution to the financial institution market, making a significant impact on the industry's ongoing battle against deposit fraud."
The urgency of this partnership is underscored by recent alarming statistics about the prevalence of check fraud. According to data from the Financial Crimes Enforcement Network (FCEN), a unit of the U.S. Treasury Department, check fraud has tripled since pre-pandemic levels. Paul Benda of the American Bankers Association revealed that banks absorbed nearly 250,000 cases of check fraud in 2021. By last year, this number skyrocketed to nearly 460,000 cases – a staggering increase of 84%.
Argo President David Engebos stated, "With industry statistical publications showing check fraud is on the rise coupled with the fact that criminals are becoming more sophisticated, a financial institution needs extensive mathematical and machine learning methods to analyze images and transactional data to identify potential suspicious items. Stopping fraud at the point of presentment, especially for the 47% of fraudulent transactions that occur over-the-counter, is an essential part of the fraud prevention strategy. Coupled with industry data from AFS and ARGO's OASIS fraud solution, our customers achieve significant ROI benefits, reducing fraud with 95 percent detection accuracy and reduced adjudication labor costs with fewer false positive alerts."
About Advanced Fraud Solutions
Founded in 2007, Advanced Fraud Solutions is dedicated to helping financial institutions prevent fraud in real time through its cloud-based software solutions. Employed at the frontline and in the back office, these tools have effectively eliminated losses for banks and credit unions across the country, fulfilling a mission to be a powerful line of defense in a world of evolving financial threats.
About ARGO
Based in Richardson, Texas, ARGO is a market leader in high-value technology solutions for financial services and healthcare industries. Serving seven of the top ten financial institutions in the United States, ARGO continues to set benchmarks in innovative, secure, and reliable technology.
For more information, please contact Brynn Johnson, Director of Marketing at Advanced Fraud Solutions.
Media Contact:
Brynn Johnson
bjohnson@advancedfraudsolutions.com
SOURCE Advanced Fraud Solutions
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