The $2 billion Corporate America Credit Union announced that itrecently partnered with Advanced Fraud Solutions to offer a realtime and batch check fraud solution, and is the first corporate todo so.

Kernersville, N.C.-based AFS, a CUSO formed in 2007 to help combat financial fraud, takes aninnovative, proactive approach in identifying fraud and risk forcredit unions, the company said in a press release announcing theagreement with Corporate America.

“With shorter hold times mandated by law, credit unions havehigher risk and less time to protect themselves from check loss,”said Lisa Coffey, chief operations officer for the Irondale,Ala.-based Corporate America, which has about 500 credit unionmembers. “We believe AFS's TrueChecks system will change the wayour members do business by preventing fraud within seconds of acheck being presented at their branches.”

CorporateAmerica President/CEO Pete Pritts reminded credit unions thathis corporate does not require a capital investment as a conditionof membership.

“All it takes for a credit union to benefit from this service isa $5 membership at Corporate America,” Pritts said.

TrueChecks identifies duplicates, counterfeits, NSF and closedaccount items, the company said. The system allows tellers toaccept, hold or deny items with a reasonable doubt ofcollectability.

Coffey said the new solution will be rolled out this month socredit unions can get ahead of fraud before the holiday season.

“Unfortunately, fraud is at its peak during November andDecember,” she explained. “We want all credit unions to benefitfrom a cost effective product that can virtually eliminate checklosses.”

More than 400 financial institutions currently use TrueChecks,the company said.