Lumin Digital and Advanced Fraud Solutions Unite to Combat Payment Fraud

Protecting Business Banking: Lumin Digital and Advanced Fraud Solutions

In a notable move to bolster financial security, Lumin Digital, a prominent cloud-native digital banking solutions provider, has joined forces with Advanced Fraud Solutions (AFS). This collaboration aims to integrate AFS's cutting-edge Positive Pay solutions into Lumin Digital's existing platform, offering advanced protection for business account holders against the escalating threat of payment fraud.

As many financial institutions face mounting challenges related to fraud, the partnership focuses on enhancing safeguards for businesses. AFS’s Positive Pay system serves as a formidable defense against check and ACH fraud. It works by cross-referencing issued files, implementing tailored transaction rules, and utilizing advanced AI algorithms for payee match analysis, creating a robust shield for clients navigating a complex financial landscape.

Through this partnership, Lumin Digital is set to deliver a secure and intuitive banking experience tailored to the unique needs of its clients. Sean Weadock, the Chief Product Officer at Lumin Digital, articulated the company's commitment to offering tools that empower users to protect themselves. He emphasized the significance of this collaboration in amplifying the protective capabilities of their platform.

"As the payments landscape evolves, we are keen on collaborating further with AFS to enhance our security offerings," stated Weadock. This proactive approach not only exemplifies Lumin Digital’s dedication to safeguarding its clientele but also keeps pace with the ever-evolving nature of financial crime.

The statistics highlight a growing concern in the sector—according to the 2023 AFP® Payments Fraud and Control Survey, a staggering 80% of organizations experienced either attempted or actual payment fraud in 2023. This alarming trend underscores the pressing demand for effective fraud prevention solutions, and the integration of Positive Pay is a strategic response to this need.

Jordan Bothwell, Vice President of Strategic Partnerships at AFS, noted the importance of business clients for financial institutions. He remarked, "Providing them with the highest level of service and security is paramount. Our collaboration with Lumin Digital empowers institutions to offer solutions that protect their clients effectively while enriching their digital banking experience."

About Advanced Fraud Solutions: Established in 2007, AFS has positioned itself as a leader in fraud prevention software services. Its innovative tools have proven essential in detecting and preventing various forms of fraud, assuring over 1,000 financial institutions nationwide. For more details about their offerings, you can visit www.advancedfraudsolutions.com.

Meanwhile, Lumin Digital continues to reshape the digital banking landscape within the US. The company’s unique, cloud-based platform promotes growth and innovation in financial institutions. Clients benefit from an adaptive framework that supports rapid scaling and evolving consumer expectations. The platform has consistently garnered high praise in the G2 Marketplace for its user-friendly digital banking software. To learn more about Lumin Digital, visit lumindigital.com.

The union of Lumin Digital and AFS marks a significant advancement in the financial services arena, set to empower banks and their business clients by providing enhanced security features designed to mitigate the risks associated with payment fraud, ensuring safer transactions in this increasingly digitized world.