Hyosung Picks Advanced Fraud Solutions to Strengthen ATM Deposit Fraud Protections
HIGH POINT, N.C., April 5, 2022 /PRNewswire/ -- Advanced Fraud Solutions (AFS), a leading provider of deposit fraud detection software, today announced that it has been picked by Hyosung to strengthen its U.S.-based ATMs and kiosks against deposit fraud. Hyosung, a leading manufacturer of ATMs worldwide, will integrate TrueChecks® – the industry's leading check fraud database – into its robust software platform, across its suite of financial automation hardware.
According to the Federal Trade Commission, check fraud has been on the rise, with consumers losing more than $28 million to fake check scams over a single year.1 By integrating TrueChecks, Hyosung's line of self-service banking machines will be better equipped to proactively spot several different types of fraudulent deposits, including counterfeit checks, non-sufficient funds, closed account, duplicate, and other fraudulent items.
"The safety and protection of our partners, and their customers, is a top priority," said Keith Lennard, VP of Software at Hyosung. "With so much financial crime occurring in the U.S., it was important that we take additional steps to ensure that our machines are secure, so that our customers can transact with confidence. A part of being the leader in branch transformation technology includes addressing security in an ever-evolving world. We are glad to be partnered with Advanced Fraud Solutions, who share this mission."
"We see a big demand for technologies that expand financial services beyond the teller-line, such as ATMs, ITMs and other remote banking tools," said Jordan Bothwell, Director of Business Development and Strategic Initiatives at AFS. "The concern is that fraud operators look to newer, less tested methods of banking as targets. This is particularly true of remote and mobile deposits over the past year, where we saw an uptick in fraud attempts. We are confident that the integration will help Hyosung clients mitigate potential losses and are proud that they picked AFS as a trusted partner."
TrueChecks features the industry's largest check fraud database and allows financial institutions to validate check deposits in real time, across deposit channels. TrueChecks connects financial institutions and ATM operators with real-time assessments and access to better, more robust check fraud data. TrueChecks also provides a direct link to the U.S. Department of the Treasury to help in the validation of Treasury items.
About Advanced Fraud Solutions
Advanced Fraud Solutions was founded in 2007 with the simple mission to help financial institutions 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 and credit unions 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. Learn more at Advanced Fraud Solutions.
About Hyosung America
Hyosung America, the world's leading cash management and payments platform service provider, is the North American subsidiary of South Korea-based Hyosung, Inc. Since entering the North American market in 1998, Hyosung has grown from the largest provider of ATMs in the United States, to offering best-in-class, innovative and transformative technology solutions across the cash management and payments spectrum. Hyosung America is headquartered in Irving, Texas, and provides research and development support in its Global Software Center in Dayton, Ohio.
Federal Trade Commission, "FTC: The bottom-line on fake checks scams," Feb. 2020 (Reference URL: https://www.consumer.ftc.gov/blog/2020/02/ftc-bottom-line-fake-checks-scams)
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SOURCE Advanced Fraud Solutions