07/23/2024

ThreatAdvice and Southern Financial Exchange Forge Partnership to Enhance Fraud Prevention for Financial Institutions

July 23, 2024 – Birmingham, AL – ThreatAdvice, a leading provider of AI-powered fraud prevention solutions, and Southern Financial Exchange (SFE), a not-for-profit payments association serving individuals, financial institutions and corporations across the southeastern United States, today announced a new partnership to deliver additional value to SFE’s financial institution members. This partnership will empower SFE to offer ThreatAdvice's innovative fraud prevention solutions, TAFraudSentry and FraudXchange, to their extensive member base and help member FIs bolster their defenses against financial fraud.

In recent years, financial fraud has posed significant challenges to institutions of all sizes. According to the Association of Certified Fraud Examiners, financial institutions in the U.S. reported over $4.2 billion in fraud losses in 2023 alone, highlighting the urgent need for advanced solutions to safeguard against these threats. The collaboration between ThreatAdvice and SFE aims to address this pressing issue by providing additional tools and resources to member institutions.

TAFraudSentry is an AI-powered check fraud detection solution designed to provide a proactive defense for financial institutions. Utilizing advanced image analysis technologies, TAFraudSentry detects and prevents check fraud with exceptional accuracy. Key features include real-time fraud detection, seamless integration with existing systems, robust transactional analysis, real-time customer notifications, and customizable features.

FraudXchange is designed to help financial institutions combat fraud through an API-enabled fraud prevention database. It provides a prescreening service for deposit operations, including teller capture, ATM, remote, and mobile deposits. By allowing capture applications to query the service, institutions can determine if deposited checks are identified as forged or stolen. Additionally, FraudXchange offers robust internal fraud case building and tracking capabilities. Key features include integration with comprehensive fraud data sources, fraud training, policy templates and bulletins, and a fraud contact database. This solution is particularly beneficial for community banks and credit unions, helping them protect their customers and secure their operations. 

Pamela T. Rodriguez, AAP, CIA, CISA, President & CEO of Southern Financial Exchange, expressed her enthusiasm for the partnership, stating, "Our members rank fraud mitigation as a top priority, which was the driving force behind this collaboration with ThreatAdvice. The partnership creates additional value for SFE members by introducing new tools for their fraud prevention toolbox and supports them in further mitigating fraud risks and protecting their customers/members, along with their institutions."

David Brasfield, CEO of ThreatAdvice, commented on the partnership, saying, "We are thrilled to collaborate with Southern Financial Exchange. By combining our expertise in fraud prevention with SFE's extensive network and commitment to excellence, we can provide unparalleled support to financial institutions in their fight against fraud. Together, we are stronger and more capable of addressing the evolving threats facing the financial sector."

Additionally, ThreatAdvice will provide fraud bulletins and content for SFE members and host monthly discussions on fraud called Fraud Forum, further strengthening the partnership's impact.

Tara Montgomery, Fraud Specialist from Exchange Bank of Alabama, who is both a ThreatAdvice customer and an SFE member, added, "We at Exchange Bank are proud to be associated with both ThreatAdvice and SFE. There are so many benefits to working with each company alone; now that they are forming a partnership, those benefits only stand to grow. Both companies are based in Alabama and provide personal, quick turnaround and service. They are fundamental to fraud prevention and the mitigation of ACH and check risks. A partnership with both ThreatAdvice and SFE is a win-win for the bank!"

About ThreatAdvice

Headquartered in Birmingham, Ala., ThreatAdvice is a leading provider of fraud and cybersecurity solutions for financial institutions. Their tools enable organizations to stay ahead of evolving threats and protect their assets effectively. Learn more at www.threatadvice.com or fraudxchange.com.

About Southern Financial Exchange

Southern Financial Exchange is a not-for-profit payments association serving individuals, financial institutions, and corporations primarily in Alabama, Arkansas, Louisiana, Mississippi, and Tennessee. We offer membership to stakeholders in the payments industry: financial institutions, software vendors, payment processors, CPA firms, law offices, and other corporations. To learn more, visit sfe.org.