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News

Cross-Channel Fraud Prevention system

Qognify : 18 June, 2009  (New Product)
Multi-layered framework for the prevention of deposit, banking and trading fraud
Actimize, a provider of transactional Risk Management software for the financial services industry and a Nice Systems company, has announced that Vanguard has deployed its Remote Banking Fraud and Deposit Fraud solutions to enhance its fraud prevention efforts and better serve its large and diverse client base. The solutions deployed provide broad, cross-channel protection.

Vanguard deploys a multi-layered fraud prevention strategy, monitoring from authorisation through transaction completion. Integrated, multi-layer fraud solutions better protect firm and customer assets when compared to single-layer or siloed approaches. Following evaluation of various fraud prevention tools, Vanguard decided to adopt Actimize solutions as the proactive transactional monitoring layer for certain types of accounts, providing cross-channel surveillance to strengthen security, fraud detection, and the client experience. Actimize was chosen primarily for the breadth of its detection capability and its multi-channel integration.

“Fraud is dynamic and migrates across various channels” said Ellen Rinaldi, principal and head of Information Security at Vanguard. “With the addition of the Actimize solution to our Risk Management environment, we have strengthened our ability to detect and prevent fraud across channels. In the process, we are continuing to improve our client service by adding to our ability to proactively investigate transactions that appear high risk and alert clients before they see an impact in their accounts.”

“Cross channel detection is one of the most important attributes when it comes to fighting fraud, and Vanguard has just enhanced its capabilities in this area,” said Amir Orad, EVP & CMO of Actimize. “We believe fraud prevention must be multi-layered and multi-channel. As financial institutions improve security and fraud detection in one channel, the fraudsters migrate to the next channel. Our experience with multiple clients has consistently shown that monitoring one channel helps catch fraud in another.”

Used by many of the world’s top financial institutions, Actimize’s fraud prevention solutions are built on a single, scalable platform that is proven to detect, identify, and prevent fraud across channels and financial products in real time, stopping losses before they occur.

Actimize Remote Banking Fraud solution provides high volume, cross-channel transaction monitoring across multiple remote channels including Web, phone, mobile and more, while Actimize Deposit Fraud solution helps institutions minimize deposit fraud losses by providing comprehensive account activity monitoring and a proprietary algorithm specifically designed to analyse deposits and withdrawal activities.
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