Security

Hyosung selects Advanced Fraud Solutions to fight ATM deposit fraud

April 6, 2022

Hyosung of America recently selected Advanced Fraud Solutions to provide its fraud detection software to help prevent deposit fraud at Hyosung's ATMs, according to a press release.

Customers have lost more than $28 million to fraudulent check scams performed by criminals, according to the Federal Trade Commission. By utilizing Advanced Fraud Solution's TrueChecks platform, Hysoung ATMs can identity counterfeit checks, non-sufficient funds, closed accounts, duplicate and other issues.

"We see a big demand for technologies that expand financial services beyond the teller-line, such as ATMs, ITMs and other remote banking tools," Jordan Bothwell, director of business development and strategic initiatives at AFS, said in the release. "The concern is that fraud operators look to newer, less tested methods of banking as targets. This is particularly true of remote and mobile deposits over the past year, where we saw an uptick in fraud attempts. We are confident that the integration will help Hyosung clients mitigate potential losses and are proud that they picked AFS as a trusted partner."

TrueChecks also analyzes a check fraud database to allow banks to validate deposits in real time.

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Hyosung Americas is a global human experience maker that bridges the physical and virtual worlds. We do this by harnessing our unique combination of a manufacturer’s soul with an innovator’s mindset to build a platform of integrated products, services, and ideas that improve life’s day-to-day interactions for everyone.

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