Advanced Fraud Solutions Enters into Strategic Partnership SQN Banking Systems to Reduce Losses on Fraudulent Checks
Advanced Fraud Solutions (AFS), a leader in deposit fraud detection software, announced a strategic partnership with SQN Banking Systems (SQN), a leading provider of integrated fraud detection products for the financial industry. The partnership will provide SQN customers with an enhanced omnichannel transit check fraud detection solution, while equipping AFS clients with the industry’s premier solution for on-us fraud prevention.
The partnership integrates AFS’ industry-leading transit check fraud detection module, TrueChecks®, with SQN’s suite of cutting-edge solutions designed to prevent on-us fraud at financial institutions. The joint solution will help clients detect and prevent fraudulent checks in both their transit and on-us channels, by combining best-of-breed technology from each firm. Using TrueChecks®, the industry’s largest cooperative check fraud prevention database, and SQN’s SENTRY: Fraud Suite, customers will receive real-time responses on counterfeit, NSF, Closed Account, Duplicate, and other fraudulent transit items, reducing the potential for check fraud-related losses. SQN’s SENTRY suite of fraud prevention solutions will deliver equally impressive return-on-investment on the other side of the house – stopping fraudulent checks drawn on a financial institution’s own accounts.
“Financial institutions understand the value of reducing risk,” said Joe Uhland, President, SQN Banking Systems. “By integrating the TrueChecks® database with SQN Banking Systems, we’re creating a complete solution to protect both sides of an institution’s check business.”
“Despite the falling volume of checks in circulation, checks remain a high-risk threat. By taking a proactive approach, financial institutions can better safeguard against fraud and reduce losses,” said Ted Kirk, VP of Strategic Partnerships, AFS. “Today’s news also redoubles the value of AFS’ cooperative approach – SQN customers are invited to contribute to the TrueChecks® database. The more up-to-date information is received, the more FIs across the network benefit.”
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