20 September 2014

IMM and Advanced Fraud Solutions team up

24 July 2012  |  1032 views  |  0 Source: Integrated Media Management

Integrated Media Management (IMM), a document output management and automation technology provider, and Advanced Fraud Solutions (AFS), which specializes in preventing check and plastic card fraud, have partnered to enable financial institutions to counter transaction fraud more proactively at the teller line.

The collaboration interfaces IMM's Teller Item Capture with AFS' TrueChecks, giving financial institutions advanced notification of potentially fraudulent transactions in real time. IMM clients also benefit from AFS' integration of DEPOSIT CHEK service from Early Warning, a recognized leader in fraud prevention and risk management. Demand drafts and issue alerts are analyzed instantaneously upon image capture to provide frontline personnel with up-to-date account and item information. The benefits are two-fold: decreasing high-risk deposit losses and improving the customer or member's experience. The real-time warnings help to prevent losses from returned items, counterfeiting and other fraud schemes by allowing the financial institution to place extended holds. The positive responses improve cash-back decisions and funds availability for the customer or member.

"The 2012 BankInfoSecurity Faces of Fraud Survey revealed that check fraud is the second most common scheme institutions face," said Chuck Klein, CEO of Integrated Media Management. "Though check usage is declining, credit unions and banks cannot overlook the threat that remains with paper and image check documents. The relationship with AFS provides our clients with another point of fraud detection to identify and prevent counterfeit items, like various checks to money and postal orders, from continuing through the processing stream."

Lawrence Reaves, CEO of Advanced Fraud Solutions, added, "Our integration with IMM offers a complete, automated fraud detection tool in single place. Arming tellers with the most accurate account information gives them greater insight into the probability of fraud, protecting both financial institutions and consumers."

IMM's Teller Item Capture is interfaced on the front end with financial institutions' core teller platforms, performing CAR/LAR and sending MICR line and amount to the host system. By adding AFS' TrueChecks, tellers have access to a counterfeit check database that is fed into the capture application so that there is no interruption to the existing frontline workflow. 

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