November 27 at 12:30 PM - 01:30 PM EST

Mitigating and Managing Deposit Fraud Losses

Cross-Channel Analysis & Machine Learning for Improved Fraud Detection

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Financial institutions across the country are facing an increasing number of deposit fraud attacks as criminals take advantage of the anonymity and convenience of ATM and mobile channels. Meanwhile, consumers are increasingly falling victim to fraud scams, which can have significant emotional and financial effects.

Leveraging big data intelligence, Verafin applies machine learning and targeted, cross-channel analysis to uncover a wide range of risk factors indicative of fraudulent deposit activity, minimizing false alerts and keeping you a step ahead of the latest criminal advances. With a visual storytelling approach, Verafin’s Financial Crime Management platform provides investigators with innovative tools to expand and expedite investigations, including visual smart evidence and an interactive check image viewer.

Join us for an overview of Verafin’s Fraud Detection and Management solution which includes powerful detection capabilities to mitigate losses from first-party ATM, In-Branch and Mobile deposit schemes, and protects your customers from third-party fraud scams. Learn how Verafin’s centralized platform provides a complete picture of fraud across all channels for enhanced reporting, strategic planning, and more effective loss prevention.

Highlights of this software demonstration:

  • Targeted alerts for first-party deposit fraud including ATM, mobile, and in-branch fraud schemes; sleeper accounts; and deposit fraud on new business accounts.
  • Targeted alerts for deposit fraud scams, such as the opening of a new account funded by a fraudulent check, and mobile deposit scams.
  • Machine Learning deposit fraud models that analyze the vast check return data in the Verafin Cloud to identify confirmed fraudulent activity and significantly reduce false positives, improving mitigation efforts and the efficiency of fraud teams.
  • Risky Check Analysis that leverages Verafin’s big data intelligence to alert you when a deposited check is drawn on a closed account — either at your institution or another institution in the Verafin Cloud.
  • Fraud Management solutions that centralize fraud efforts and include adaptive fraud alerts, investigative case management, management dashboards, and user-friendly reporting functionality.

Tagged as...

  •   Artificial Intelligence
  •   Deposit Fraud
  •   Fraud
  •   Fraud Scams