Advanced Fraud Solutions (AFS) has joined forces with integrated fraud detection product developer SQN Banking Systems (SQN) to combat cheque fraud.
The collaboration combines AFS transit cheque fraud detection module TrueChecks and SQN’s SENTRY fraud prevention solutions suite.
Go deeper with GlobalData
The integrated offering will enable the clients to identify fraudulent cheques in transit and on-us channels, thereby preventing eventual losses.
SQN president Joe Uhland said: “Financial institutions understand the value of reducing risk.
“By integrating the TrueChecks® database with SQN Banking Systems, we’re creating a complete solution to protect both sides of an institution’s cheque business.”
The combined proposition will offer real-time notifications on counterfeit, NSF, closed account, duplicate and fraudulent transit items, AFS noted.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAFS vice-president of Strategic Partnerships Ted Kirk said: “Despite the falling volume of cheques in circulation, cheques remain a high-risk threat.
“By taking a proactive approach, financial institutions can better safeguard against fraud and reduce losses.
“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.”
Established in 2007, AFS delivers cloud-based software solutions to prevent financial fraud. Its clientele includes banks, credit unions and merchants. SQN started its journey in 1983 with the launch of PC-based Signature Verification System.
