Free Newsletter
Register for our Free Newsletters
Newsletter
Zones
Access Control
LeftNav
Alarms
LeftNav
Biometrics
LeftNav
Detection
LeftNav
Deutsche Zone (German Zone)
LeftNav
Education, Training and Professional Services
LeftNav
Government Programmes
LeftNav
Guarding, Equipment and Enforcement
LeftNav
Industrial Computing Security
LeftNav
IT Security
LeftNav
Physical Security
LeftNav
Surveillance
LeftNav
View All
Other Carouselweb publications
Carousel Web
Defense File
New Materials
Pro Health Zone
Pro Manufacturing Zone
Pro Security Zone
Web Lec
 
ProSecurityZone Sponsor
 
ProSecurityZone Sponsor
 
ProSecurityZone Sponsor
 
ProSecurityZone Sponsor
 
ProSecurityZone Sponsor
 
ProSecurityZone Sponsor
 
 
News

Global bank prevention fraud in wire transfers

41st Parameter : 29 April, 2009  (Application Story)
41st Parameter has provided a solution for the identification and prevention of fraud on wire-based financial transactions
Wire Transfer is one of the backbones of money movement, responsible for handling transactions of hundreds of thousands and even millions of dollars. It is no wonder then, financial institutions are dedicating significant resources to protecting the integrity of the channel and preventing fraud. The combination of high transaction amounts, global transfer destinations, and fast payment has created a challenging, and often a stressful, fraud-detection environment. To improve its fraud detection processes, a leading global bank turned to 41st Parameter to further reduce losses while improving investigator productivity.

The customer is a leading global financial services firm operating in more than 60 countries. With assets of over $2.2 trillion, the firm serves the world's most prominent corporate, institutional and government clients plus millions of U.S. consumers.

Because wire transactions are highly diverse in amount, destination geography, and frequency, traditional detection approaches, which attempt to identify atypical transactions have been notoriously inaccurate and often generate hundreds of false alerts for each true fraud. Furthermore, the channel's potential for high amount transactions has attracted a sophisticated breed of fraudsters who spend months preparing for silent "stings" involving one or two high-amount transactions. The bank was attracted to 41st Parameter solutions because, unlike traditional fraud-monitoring tools which focus on evaluating transactions, 41st Parameter monitors the fraud-staging events preceding the transactions and provides early warning of compromised accounts.

The bank chose solutions from 41st Parameter to monitor for fraud- staging events and warn the banks against account compromises and preparations for a pending fraudulent transaction.

Almost immediately after deploying the solution, the bank experienced a reduction in losses. Within the first 60 days of operation, the bank registered not only a dramatic drop in losses, but also a significant reduction in the attack rate as well. Another welcome result is a welcome improvement in productivity and investigation work environment resulting from an order-of-magnitude drop in false alerts, and from early warnings of pending fraud. Because the new alerts are often generated during the fraud-staging phase and before a transaction has ever been attempted, fewer alerts require a "fire drill" response and investigators have ample time to review the facts carefully, connect with customers when needed, and make better, more thoughtful, decisions
Bookmark and Share
 
Home I Editor's Blog I News by Zone I News by Date I News by Category I Special Reports I Directory I Events I Advertise I Submit Your News I About Us I Guides
 
   © 2012 ProSecurityZone.com
Netgains Logo