Last Updated on May 21, 2024 by
/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
SOURCE Advanced Fraud Solutions
