ThreatAdvice, a cybersecurity firm headquartered in Birmingham, Ala., has introduced TAFraudSentry, a fraud deterrence platform utilizing state-of-the-art artificial intelligence and image analysis techniques.
Confronted with a swift escalation in check fraud incidents following the pandemic, ThreatAdvice acknowledges the pressing necessity to tackle this disconcerting development. The latest industry data disclose a substantial 3X rise in check fraud relative to pre-pandemic figures. Solely in 2022, the Financial Crimes Enforcement Network (FCEN), a distinguished branch of the U.S. Treasury Department, indicated a startling 84% surge, corresponding to roughly 460,000 instances of check fraud.
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While sizable banks may have deployed proprietary protective measures, local financial institutions are left exposed, uncertain about the efficacy of their current systems. These institutions are earnestly in search of a potent and reliable solution to protect their resources and reputation.
"We have interacted with many community banks in Birmingham that are contending with the deluge of check fraud and finding it challenging to locate a potent solution," disclosed David Brasfield, the forward-thinking CEO of ThreatAdvice. "I had a conversation with a bank CEO who personally averted potential check fraud amounting to $30,000 in merely one week. Another was forced to reduce the cash letter review threshold so sharply that it resulted in a marked rise in man hours to scrutinize exceptions. It is our intention that TAFraudSentry operates as a feasible solution, preserving the institutions' time, funds, and reputational integrity concerning check fraud," he stated.
TAFraudSentry provides Holistic Check Fraud Detection and includes features such as Automated Signature Verification (ASV-AI), Check Stock Validation (CSV-AI), CAR/LAR Discrepancy, and Check Style Analysis for thorough fraudulent item identification. Financial institutions can now bolster their defenses and procure real-time insights for instantaneous risk reduction, reviewing in-clearing items throughout the day prior to industry return deadlines.
While ThreatAdvice's existing cybersecurity, MSP, and MSSP solutions cater to businesses of all scales, the new solutions under development by ThreatAdvice are aimed at addressing issues currently faced by community banks and credit unions. Brasfield, who has spent the majority of his 40-year career in the banking sector, declares that ThreatAdvice will persist in enlarging TAFraudSentry with further AI-supported fraud and compliance solutions targeted at community financial institutions.
"While our steadfast dedication to cybersecurity and IT tools persists unwavering, we are excited to enrich our product suite and bring to market additional solutions that not only harmonize with our expertise but also meet market requirements," asserted Brasfield.