Fraud and Financial Crime Management
Protect your organisation, your business partners and your payments from financial crime and fraud before it happens.
Rapid implementation cycle
Robust enterprise case and alert management
Flexibility to process multiple transactions channels
Rich feature set with advanced analytics, including machine learning capabilities
Best-in-class solution user experience, reporting, and stability
One platform to solve future needs
Payment fraud has hit an all-time high with 74% of organizations experiencing attempted and/or actual payment fraud incidents in 20211 . 68% of people believe fraud has increased due to the pandemic.
The risks of wire, card and check fraud have been known for years, but as the push for faster and more mobile payments is demanded by consumers, financial institutions are hard-pressed to thwart equally tech-savvy fraudsters.
That’s why finding a trusted payment fraud detection solution provider is a necessity, not an option.
Recently an award-winning, international bank wanted to replace its homegrown fraud-prevention solution with a state-of-the-art platform that would integrate with existing systems and provide real-time visibility into payment transactions. While the Bank’s solution was adequate, it was proactively seeking a more robust solution that was proven and contained pre-defined key risk indicators and detection logic. The solution needed to be able to address a wide-range of transaction types including real time, near real time and batch payments, deposits and withdrawls across multiple platforms.
After a long evaluation process, the bank chose Bottomline Technologies as its technology partner. Bottomline works with financial institutions to design customized, scalable fraud-prevention solutions that quickly identify security threats and stop funds from ending up in the wrong hands.
Effective cross-channel and cross-product fraud management, which tracks the behavior of customers, employees, accounts, and correlates activities between online, mobile, ACH, wire, checks and other channels
A user-friendly interface that creates easy-to-digest graphical reports and a visual replay of every screen in core business applications
Detection analytics that focus on statistically-driven customer behavioral profiles to ensure balanced alerting and effective detection
Enterprise grade case management to address the risk and compliance requirements of the business, including workflow to ensure the speed, quality and consistent management of all escalations from generated alerts and incidents.
When a fraudulent payment is identified in real-time, investigators are provided notifications to escalate the alert, as well as all the relevant information that allows them to make a high quality and rapid decision in regard to how the alert should be addressed. If there is a reason to suspect that high risk activity indicates fraud, the investigator can intercept the payment, block the account, and initiate and coordinate automated downstream processes from within the application.
Today, the Bank’s investigative team is processing more alerts per day with significantly improved accuracy. The secure payment platform processes alerts, assigns a risk score and responds within milliseconds. In fact, the Bank is so pleased with the platform’s performance, it is actively looking into other areas of implementation such as securing trade room transactions.
Regulations aimed at detecting and preventing fraud, money laundering, terrorist financing and financial crime have more than tripled in recent years. Many banks have increased the size of compliance teams to meet these regulatory requirements.
Just want the highlights? We have condensed our findings from the 2020 Treasury Fraud and Controls Survey into a short, easy-to-digest format that provides a high level look into the key results and insights into how organizations can best combat fraud.
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