Advanced Fraud Solutions

Did you know it's National Retro Day? At AFS, we are big trivia enthusiasts, so we wanted to share a roundup of some retro facts: ?? in the late 1960s, Crocker Bank commissioned a song for their commercial to appeal to young couples. This song, "We've Only Just Begun," gained immense popularity and was later recorded by The Carpenters, becoming a hit single and a popular wedding song in the 1970s. ?? The first paper check: Used in 1659 in England—before the U.S. was even a country. Imagine verifying those manually. ?? The first U.S. bank? The Bank of North America, founded in 1781 (or 1782 depending on your fact checking) back when financial fraud mostly meant stagecoach robberies. ?? ACH payments? First introduced in 1972, they were meant to replace paper checks. Fifty years later, fraudsters are still finding ways to exploit both. ?? Wire fraud? The term goes back to the early 1900s, when scammers used telegrams to deceive victims. And a reminder - financial crime might be retro, but fraud prevention doesn’t have to be. #NationalRetroDay

A former bank teller and an accomplice were indicted for cashing 339 stolen U.S. Treasury checks—totaling more than $850,000. ???? Using insider access, the teller helped push fraudulent checks through the system, while outside individuals, known as "runners," deposited the stolen checks and withdrew the funds. This case is yet another example of how fraudsters exploit financial institution vulnerabilities—especially when Treasury checks aren’t verified. Could this fraud have been stopped? ? Yes. With Treasury Check Verification. All financial institutions have access to the public TCVS website. For the most ironclad protection, if the financial institution had been using TrueChecks—which includes fully integrated access to TCVS Payee Name Validation—these checks almost certainly would have been flagged before they were cashed. ?? Treasury Check Payee Validation Through our seamless integration with the TCVS API, TrueChecks compares the payee name on a Treasury check against Treasury records in real-time. If it doesn’t match, the check is flagged. Fraudsters are evolving and Treasury Checks are a prime target. Is your FI’s fraud prevention strategy keeping up?

The 12 Days of Fraud Defense ??: Fraud prevention thrives on open communication. For example, when a financial institution educates account holders about common scams, like phishing emails or fake text alerts, it equips them to spot and avoid threats. In turn, when account holders quickly report suspicious messages or transactions, the institution can investigate and mitigate broader risks. This back-and-forth creates a safer financial culture for everyone. #FraudAwareness #CustomerTrust

The 12 Days of Fraud Defense ??: Verification is the cornerstone of trust. Remind account holders to validate ANY request for information before responding. A little confidence in asking questions can prevent big fraud. #FraudPrevention #BankingTrust

The 12 Days of Fraud Defense ??: Want an easy fraud defense hack? Set up Google Alerts for key phrases like “banking scams” or “check fraud". You can even specify alerts for your geographical locations to keep tabs on the fraud around you. Knowledge stops scammers. #FraudPrevention #FraudDefense

The 12 Days of Fraud Defense ??: Fraudsters rely on confusion about OTPs. A clear rule: no one but the account holder should know the passcode. Protecting this one-time key keeps accounts secure. #FraudDefense #ScamAwareness

The 12 Days of Fraud Defense ??: Account holders can’t stop what they don’t know. Encourage them to set up account activity alerts—small deposits or unusual logins can be early fraud indicators. When they spot something, prompt reporting stops scams fast. #FraudAwareness #FraudDefense

The 12 Days of Fraud Defense ??: Fraudsters prey on panic. Teach account holders to pause and assess when pressured to act quickly. Scammers want emotion to override judgment, so staying calm is the first step in staying secure. #FraudPrevention #StayCalm

The 12 Days of Fraud Defense ??: Multi-Factor Authentication (MFA) stops fraudsters in their tracks. Encourage account holders to enable MFA for their accounts—it’s like locking the vault twice. Fraud prevention starts with strong account security. #FraudDefense #MultiFactorAuthentication