ThreatAdvice’s groundbreaking AI-powered solution, TAFraudSentry, was designed to empower community financial institutions in the fight against check fraud. Safeguard assets and reputation with comprehensive check fraud detection, automated signature verification, check stock validation and real-time capable risk mitigation.
ThreatAdvice, the leading cybersecurity powerhouse based in Birmingham, Ala., proudly announces the launch of TAFraudSentry, a fraud prevention platform that harnesses the full potential of advanced artificial intelligence and image analysis technologies.
With the rapid surge of check fraud cases post-pandemic, ThreatAdvice recognises the urgent need to combat this alarming trend. Recent industry reports reveal a staggering 3X increase in check fraud compared to pre-pandemic levels. In 2022 alone, the Financial Crimes Enforcement Network (FCEN), a prestigious unit of the U.S. Treasury Department, reported a shocking 84% spike, equating to approximately 460,000 check fraud cases.
While larger banks may have implemented their defence mechanisms, community financial institutions have been left vulnerable, lacking the confidence that their existing systems are sufficient. These institutions desperately seek a robust and effective solution to safeguard their assets and reputation.
“We have engaged with numerous community banks in Birmingham who are grappling with the onslaught of check fraud and struggling to find an effective remedy,” revealed David Brasfield, the visionary CEO of ThreatAdvice. “I spoke with a bank CEO who manually thwarted potential check fraud totalling $30,000 in just one week. Another had to lower the cash letter review threshold so drastically that it resulted in a significant increase in man hours to review exceptions. We intend that TAFraudSentry serves as a viable solution, saving the institutions time, money and reputational damage related to check fraud,” he said.
TAFraudSentry offers Comprehensive Check Fraud Detection and encompasses features like Automated Signature Verification (ASV-AI), Check Stock Validation (CSV-AI), CAR/LAR Discrepancy, and Check Style Analysis for exhaustive fraudulent item identification. Financial institutions can now fortify their defences and gain real-time insights for immediate risk mitigation, inspecting in-clearing items throughout the day before industry return deadlines.
Though ThreatAdvice’s current cybersecurity, MSP and MSSP solutions are a fit for businesses of all types, the new solutions ThreatAdvice is developing focus on addressing pain points currently experienced by community banks and credit unions. Brasfield, whose 40-year career has been predominantly focused on the banking sector, says ThreatAdvice will continue to expand TAFraudSentry with additional AI-backed fraud and compliance solutions targeted at community financial institutions.
“While our unwavering commitment to cybersecurity and IT tools remains resolute, we are thrilled to amplify our product portfolio and introduce additional solutions that align with our expertise and fulfil the market demands,” affirmed Brasfield.
