There is an urge for real-time fraud management in a real-time world. With digitization and technological advancements, data is more prone to fraudsters than before. The fraud schemes can become difficult to identify and prevent. Banks and credit unions are prone to frauds such as- Malware, Trojans, account takeovers, identity theft, credit abuse, bust out scams, ACH/wire fraud, data breach, money laundering, and employee fraud. This puts a huge risk not only for the institution’s data but also for the consumer’s data, thus reducing the credibility of the institution. These financial crimes are on the rise, but at the same time, the financial institutions also feel a need to minimize operational and fraud management cost.
To be able to handle the growing menace of fraud and at the same time, adopting reasonable means to do so, banks and credit unions should be investing in automated fraud management technologies. These technologies offer advantages beyond conventional fraud prevention.
Listed below are the top 10 fraud management technologies which enable you to access features like cross-channel monitoring, real-time data, automation facilities, and relevant insights.
1. NICE Actimize
NICE Actimize provides a holistic view of risk across the institution. It performs the functions of prevention, detection, and investigation of fraud and also, compliance violations. It offers a consolidated view, a flexible technology, adaptable and responsible strategies for fraud threats and cybersecurity. The fraud management is enterprise-wide and positioned around customers at the same time.
- Act1: Financial crime investigation and case solving platform which is completely AI enabled.
- Machine learning analytics for detection which is completely cloud managed.
- X-sight: An autonomous platform for fighting financial crime which allows breaking the limits of data.
- Actimize watch: Optimization of analytics for members through collective intelligence.
- Robotic Automation, evidence building, and storytelling services.
Verafin, an enterprise based fraud management solution provides the facility of a centralized platform for effective financial crime case management along with the ability to report functionality. Its primary motive is to prevent the financial loss that financial institution’s face when encountered with fraud risks through an increased alert adaptivity, management reporting, and dynamic investigator workloads.
- Adaptive and accurate fraud management alerts which are capable of adjusting to any relevant and intimidating activity.
- Fraud performance dashboards to ensure that the alerts are prioritized according to the riskiest activity of customers.
- Integrated SAR Creation facility which e-filing facilities.
- Configurable reporting system for a wide range of data.
- Investigation and case management system allowing a complete end to end documentation of customer activities.
3. Guardian Analytics
Guardian Analytics is a financial crime investigation platform which aims at mitigation of fraud risk with ever-evolving products and services, accompanied by an enhanced compliance mechanism. The unique feature that it provides is the behavior-centric anomaly detention which helps to study the fraudster’s patterns and techniques. This ensures that the solution has dynamic adaptability to new threats and changes. It presents with fraud analytics, fraud detection, and AML solutions.
- Automation of device fingerprinting with a unique customer id for each customer.
- Risk centered scoring.
- Detection of wire fraud across a channel and visual analytics.
- ACH transaction monitoring and detection of fraudulent and unusual ACH batches as they appear.
- Fraud cockpit: SaaS modeled, self-service business intelligence for reporting and case management efficiency.
- Evidence LakeTM Platform for facilities like accelerated time to file SAR, including bitcoin currency and successful e-filing systems.
The fraud risk ManagerTM has an inbuilt case management system for facilities like innovative transactions, customer monitoring, efficient alert systems, and configurable workflows. It can work both as a stand-alone function and as an integrated solution with AML manager ( Anti-money laundering ). It enables fraud detection and management across multiple channels and departments.
- Streamlined risk management policies through alerts and workflow management.
- Risk views can be configured according to user needs.
- Monitoring transactions, customer characteristics, and other such markers and events.
- Flag accounts and preventive alerts.
- Can be integrated with AML manager for efficient alert handling, optimized processes, and reduced costs.
5.SAS Fraud management
It enables the detection and management of fraud across multiple channels and lines of the institution. It is a single platform solution, and through a hybrid modeling approach, it provides a predictive model which is adapted to the institution’s need. It makes possible to capture consumer data from wide range sources through a unique signature approach offering real-time integration within authorization systems across the globe.
- Sub-second response time which sustains real-time transaction scoring.
- Hybrid modeling approach, neural network modeling with an ability to deploy and monitor multiple fraud management models at the same time.
- Integrating capability with multiple authorization systems.
- Configurable API with custom designed rules and reports.
- High performance and speedy operations through SAS enabled features like Tripwire, J-OSE optimization and USC Transaction throttle.
FCase fraud Orchestrator provides innovative solutions for fraud management and cybersecurity. Built around enterprise-based approach, it offers adaptive analytics and risk assessment features across the payments landscape. It is capable of centrally storing and creating a repository from multiple sources of data with enhanced collaborative features.
- Fcase’s Intelligent case system ( FICA) which provides capabilities for collaboration and seamless integration.
- Intuitive reporting engine for production standard and custom reports.
- Single centralized architecture.
- PSD2 fraud reporting compliance.
- Simplified fraud management processes.
7. FICO Falcon
FICO Falcon is one intelligent platform solution for multiple channels. It extracts fraud from real-time data streams. Amidst a continuously evolving array of payment options, it makes available scoring of transactions. At the same time, it ensures that customer satisfaction remains unharmed.
- Real-time payments wire and self-learning AI.
- Anomaly detection models and contextual device data.
- FICO Face Platform provides fraud specific machine learning.
- AI operationalized in all fraud detecting programmes.
- Falcon intelligence network connects with banks and credit unions over the globe.
- Omnipresent coverage over including P2P payments and retail banking.
8. Oracle Risk Management Cloud
Embedded with Artificial intelligence techniques, it provides advanced analysis and prevention of financial fraud. Offering continuous protection, quick best practices, and streamlined workflows, it remains one of the best in its field.
- ERP Role design
- Segregation of duties (SOX).
- Centralizes risk and control metrics
- Can be integrated with Oracle financial cloud for operational and financial control.
- Authors new algorithms and practices while eliminating ad hoc data analytics.
Through Real-time fraud intelligence, it blocks fraud and fosters loyalty at the same time. It has self-optimized machine learning models which are tailored to the needs of the enterprise. The data ingression is flexible which ensures that the data is always secure amidst rapidly changing threats.
- Visualized with customizable workbench for effectively mapping relationship and entities.
- Fully automated workflows.
- Secured with PCI DSS and SOC Type 2 Certification.
- Intuitive, flexible and versatile with customizable tools.
- Data Lake based fraud prevention solution.
Fraud and identity solution to prevent fraud in each stage of the customer’s journey, thus contributing to the seamless customer experience. Seeking to reduce the burden of investigative staff, it has minimized referrals, manual reviews and investigation time for a long-term and beneficial customer relationships.
- Plug and play ™ - one of its kind plug and play platform for modifying strategies and manage fraud prevention through one single interface.
- FraudNet - Real-time online detection of fraud through device intelligence.
- Minimized investigation time and costs through smooth workflows.
- Reduction in manual security checks, tracking of fraudster’s activity over unconnected accounts and an increased fraud capture rate.
- Hunter- Detect and prevent application fraud across multiple channels.
As financial fraud and threats continue evolving, banks and credit unions need top-tier security, to retain the trust of their members and customers. It is also the required solution to detect, prevent and evolve with data threat, to keep the institution in an upper position. With the best of AI and machine learning, they eliminate both extra costs and complex fraud cases.