ACI Worldwide - Solutions - Risk Management - Enterprise Fraud

Wire transfers pose perhaps the single greatest risk of loss to a financial institution because of the speed with which losses can occur, the potential size of such losses, and the inability to recover funds once they are transferred to the destination institution. Additionally, the timeframes that financial institutions must meet for delivery of wire payments are stringent.

Financial institutions wiring or transferring money domestically and internationally have the ability to monitor such activity in real time – helping mitigate risk associated with wire transfers while balancing the need to meet customer expectations and service level timeframes.

Allows organizations to react quickly to emerging fraud by using rules-based strategies matched against a set of user-defined fraud profiles for wire transfer operations
Enables users to write rules to match existing and emerging wire transfer fraud trends without the need for technical resources
Real time rules can be configured to approve, deny or hold wire transactions — depending on their level of risk
Rules can be configured to make decisions at a granular level (such as a specific group of customers)
Rules can be developed to look at past averages for wire amounts, frequency, etc., when making a decision in real time
Monitors critical account changes such as call back number changes, PIN changes, etc., and alerts on activity indicative of account takeover fraud
Other data elements outside of wire transaction activity can be used within the rules engine to make decisions about wire transfer requests (such as deposit information)
Provides an operationally friendly interface that improves fraud detection through a single screen
Interfaces directly with a back-end enterprise case management system in real time

Reduce wire transfer fraud losses and impact to customer relationships
Comply with Faster Payment timeframes, as well as other service level agreements
View risk exposure across the customer relationship – enabling operational and software consolidation that drive efficiency, cost savings and fraud reductions
Prioritize alerts and manage alerts more efficiently – lowering labor force costs
Benefit from the expertise of internal fraud managers and develop either simple or complex rules, and do it on the fly, to stay on top of evolving fraud trends
Strategic solution on which to deploy enterprise-wide fraud monitoring operations