Fiserv Solutions to Prowl Cyberspace and Trap Finance Frauds
BROOKFIELD, WI: Financial service technology providers, Fiserv have introduced solutions to tackle the ever rising problem on frauds and thefts in the cyber world. Real-time electronic payments monitoring capabilities of the solutions namely; ACH Fraud Prevention and Wire Fraud Detection protect clients from threat of payments fraud, covering both international and domestic payments for Automated Clearinghouse (ACH) and wire transactions.
One of Fiserv solution is called ACH Fraud Prevention and provides an integrated cross-channel view of customers and their behavior. It evaluates ACH files, batches and transactions, looking for unusual behavior patterns and other variables that indicate fraud risk with the help of its detection and interdiction platform.
The system constantly puts together intelligence for each customer account and other entities significant to the ACH process to support correct detection on anomalies. Non-transactional data with session data can also be integrated into real-time strategies. The detection potential can be effortlessly integrated with an organization's compliance activities such as assembling notes and evidence, tracking financials and preparing regulatory reporting.
The second solution rolled out by Fiserv Wire Fraud Detection protect is a complicated, scalable, cost-efficient way out to avoid wire fraud losses with least effect on enterprises relying on these critical payments. Real-time detection feature assess wire transfers and bar suspected fraud, searching for discrepancies and other relevant pointers. It updates ordinary behavior profiles of clients that are relevant to the wire such as the user, originator, account, device, intermediary or beneficiary.
Society for Worldwide Interbank Financial Telecommunication (SWIFT) Sanctions Screening has also been improved to control Fiserv SWIFT connectivity. The solution now supports all Message Type (MT) formats including unstructured text screening and guided match review for 700-and 900-series messages, and targeted screening for specific entity types to reduce false positives.