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Fraud investigation capabilities improved at US bank.

Aithent : 24 October, 2007  (Application Story)
Franklin Mint Credit Union benefits from improved fraud prevention and investigation whilst complying with the Patriot and bank secrecy acts of America with case management software from Aithent.
Delivering innovative software solutions for the financial, insurance and credit union sectors, Aithent has announced the Franklin Mint Credit Union is utilizing Aithent's FPI (Fraud Prevention and Investigation) case management solution to enhance and strengthen its fraud prevention and tracking investigative program and adhere to the regulations of the USA PATROIT Act and the Banking Secrecy Act. Aithent's FPI solution gives Franklin Mint Credit Union investigator's a powerful investigative program and a case management tool in one system further enhancing the credit union's business philosophy of zero tolerance towards fraud.

Through FPI the Franklin Mint Credit Union has wide-ranging capabilities for a variety of investigations including anti-money laundering (AML) and complete support for Suspicious Activity Report (SAR) filings that allows their investigator's notes to be incorporated into the report avoiding duplication of effort. These abilities enable the Franklin Mint Credit Union to be more proactive in staying ahead of the greater regulatory scrutiny found in today's banking environment. Aithent's FPI application tailored for the small financial institutions offers the power and flexibility of their enterprise-class solution but packaged to meet a smaller institution's financial resources and cost concerns. With FPI the complexities and costs, including regulatory and compliance concerns for business continuity are eliminated.

Information captured through the FPI investigative processes enhances the credit union's business fraud intelligence enabling the identification of new patterns of fraud giving the Franklin Mint Credit Union a comprehensive integrated system as the National Credit Union Administration and other governmental regulatory compliance requirements are enacted.

"I am very excited with this system because it is very user friendly and we can adapt to it quickly," said Laymen Grant, security officer of the Franklin Mint Federal Credit Union. "FPI is automating something that was done manually in spreadsheets where we tried to track everything by hand. It has greatly enhanced our processes on how we handle and track all our fraud issues with automated processes for detecting, investigating and reporting suspicious behaviour."

FPI solved the Franklin Mint Credit Union's requirement for specialised fraud and compliance investigation capabilities while giving them the benefits of not compromising their security or customer conveniences. FPI transforms the conventional approach to fraud investigation by showing patterns of behaviour, correlations and relationships enabling investigators to reset their focus by linking various cases together.

FPI provides the most versatile, robust and cost-effective fraud prevention and tracking application available to enable the credit union to improve the efficiency of their investigative practices. The credit union is now realizing cost efficiencies through the improved investigative process, proactive detection of fraud and avoidance of payouts on false claims and better use of manpower by enabling more cases to be investigated.

"It is important for the large base of smaller financial institutions such as credit unions or regional and community banks facing increasing government regulatory and mandated reporting of fraud to know there is a solution that addresses their critical requirements," said Doug Feder, executive vice president of Investigative Solutions at Aithent, Inc. "As the next generation in investigative case management, Aithent's FPI solution is an important and integral part of the solution to the threat of fraud for the smaller financial institution. We easily integrated FPI into other core systems of the Franklin Mint Credit Union resulting in an effective workflow capability that improve and optimize their investigative processes."

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