Pennsylvania Credit Union Association
PCUA Teams Up With Advanced Fraud Solutions
– The Pennsylvania Credit Union Association announced today it is partnering with Advanced Fraud Solutions (AFS). As a business partner, AFS will make its counterfeit check prevention product, TrueChecks™ available for purchase by PCUA-member credit unions.
“PCUA is pleased to partner with AFS to offer credit unions in Pennsylvania another tool to help combat fraud activities,” said PCUA Vice President Corinne Sherman.
The product, TrueChecks, detects fraudulent checks on the front lines. “The value in TrueChecks is that the counterfeit check is identified at the teller workstation with information about the nature of the counterfeit before it is accepted,” said AFS VP of Marketing Lawrence Reaves.
Since rolling out TrueChecks in 2007, AFS has helped financial institutions in 12 states save millions of dollars by detecting fraudulent checks on the front lines. “Freedom Credit Union in Pennsylvania detected $86,000 in bad checks in just two months,” said Reaves. He added that for the $350 million-asset Freedom, “avoiding that kind of loss has a big impact on the bottom line.”
“Credit unions generally see results quickly,” states Reaves. “For example, BayPort Credit Union stopped a $5,000 counterfeit within the first two hours of install.”
More importantly, installation is relatively easy and can be completed in a matter of days, Reaves added. An AFS customer in Alaska signed up and installed in the same business week.
“TrueChecks will be a great option for our credit unions to consider as they try to avoid losses through counterfeit fraud,” added Sherman. “The product is reasonably priced and the bottom line benefits substantial.”
The Pennsylvania Credit Union Association (pcua.coop) is a trade association that provides legislative, promotional, educational and operational support for more than 500 credit unions in Pennsylvania. These credit unions have assets in excess of $25 billion and serve nearly 3.5 million members.
Based in Greensboro, NC, Advanced Fraud Solutions provides financial software and consulting services for credit unions and banks. AFS offers a suite of proven software tools and consulting services that provide a proactive approach for stopping fraud at the front lines. For more information, please visit www.advancedfraudsolutions.com.