- New real-time solutions to combat ACH, wire and other electronic payment fraud available on the Financial Crime Risk Management Platform
- Solutions take an integrated, cross-channel view of customers, including their behavior and risk
- Behavioral analysis complements enhanced real-time sanctions screening capabilities for all SWIFT MT formats and other financial messages
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced a new real-time electronic payments monitoring capabilities to prevent fraud. The solutions protect clients from the ever increasing threat of payments fraud, covering both international and domestic payments for Automated Clearinghouse (ACH) and wire (Fed and SWIFT), and complement the enhanced SWIFT Sanctions Screening capabilities now available on the Financial Crime Risk Management Platform (FCRM) from Fiserv.
“These new electronic payment fraud prevention solutions provide an end-to-end method to effectively model, detect, intercept, investigate and resolve attempts to steal funds from customer accounts through electronic payments such as ACH, SEPA and wire,” said Tom Tobin, vice president and general manager, Financial Crime Risk Management, Fiserv. “Fiserv solutions leverage a common platform to protect against multiple kinds of financial crime risks across channels. This platform approach allows our clients to mitigate current financial crime concerns and tackle new ones as they are identified.”
ACH Fraud Prevention from Fiserv takes an integrated, cross-channel view of customers and their behavior. Detection and interdiction scenarios evaluate ACH files, batches and transactions, looking for unusual patterns of behavior and other variables that indicate fraud risk. The system continuously builds intelligence for each customer, account and other entities relevant to the ACH process to support accurate detection on anomalies. Non-transactional data including session data can also be incorporated into real-time strategies based on the level of risk presented by account activity or a specific transaction. The detection capabilities can be seamlessly integrated with an organization’s compliance activities such as collecting notes and evidence, tracking financials and preparing regulatory reporting.
Wire Fraud Prevention from Fiserv is a sophisticated, scalable, cost-efficient solution to prevent wire fraud losses with minimal impact to organizations relying on these critical payments. Real-time detection scenarios evaluate wire transfers and interdict suspected fraud, looking for anomalies and other characteristics that indicate fraud risk. The system continuously updates normal behavior profiles for each customer, account and other entities relevant to the wire such as the user, originator, account, device, intermediary or beneficiary. Confirmed fraud cases can be escalated to the case management system and include detailed forensic information such as historic payments and device fingerprint information.
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SWIFT Sanctions Screening has also been enhanced to leverage proven Fiserv SWIFT connectivity. Built on the Fiserv watch list filtering engine and integrated with its anti-money laundering and fraud monitoring solution, the solution now supports all MT formats including unstructured text screening and guided match review for 700-and 900-series messages, as well as targeted screening for specific entity types (such as vessels) to further reduce false positives.
Fiserv is trusted to securely process billions of payments every year and to protect the security and integrity of customer accounts, access channels and financial transactions. Fiserv global systems and services for account processing, payments processing and digital banking are used to manage and access more than 55 million consumer accounts and process transactions totalling over $1 trillion per year. As part of this ecosystem, the FCRM Platform is a logical choice for supporting regulatory compliance and fraud prevention.
- Financial Crime Risk Management – http://www.financialcrimerisk.fiserv.com/
- ACH Fraud Prevention – http://www.financialcrimerisk.fiserv.com/achfraud.aspx
- Wire Fraud Prevention – http://www.financialcrimerisk.fiserv.com/wirefraud.aspx