Remote banking fraud

Online banking fraud continues to wreak havoc on banks and credit unions across the country. With recent cases of high dollar value losses, and reports of banks suing customers and customers suing banks, there is a clear need for a solution to address this growing problem.

Verafin helps financial institutions proactively prevent online fraud loss and meet the demands of the FFIEC's Supplement to Authentication in an Internet Banking Environment.

Verafin's advanced technology applies innovative behavior-based analytics and real world fraud scenarios to help you identify possible instances of online fraud and prevent ensuing damage.

• Analyze ACH transactions for potential fraudulent activity, including:
  
  • Abnormal amounts or volume
  • Changes to payroll files and payees
• Detect out-of-the-ordinary wire transactions
• Uncover suspicious online behavior, such as excessive usage and unusual account behavior (for example, unusual IP addresses, odd log-in times, and multiple log-in failures)

• Full-featured case management functionality, that helps you fully document your investigation, while sharing critical data across your enterprise
• An easy-to-follow investigation workflow
• Risk-rated and evidence-supported alerts that help you manage and prioritize your review workload
• Fully automated compliance reporting: quickly create and electronically submit a pre-populated Suspicious Activity Report (SAR)

 Click here to download a Remote Banking Fraud Detection feature sheet. 

See Also:

• Anti-money laundering
• Debit/credit card fraud
• New account fraud
• Stolen check fraud
• Check kiting
• Inactive account (employee) fraud
• Loan fraud
• Identity theft