Fraud Detection and Management
Fraud Detection and Management
Leveraging the power of thousands of customers in Nasdaq Verafin’s network, our unique consortium data set enables an innovative and collaborative approach to uncover fraudulent activity quickly and effectively, across the entirety of a transaction.
Fraud detection solutions with a cross-channel approach
Nasdaq Verafin’s advanced Fraud Detection and Management solutions enable you to see the whole story of a customer’s activity, across all channels — ensuring you have the information you need to prevent losses and strengthen your fraud prevention program.
Nasdaq Verafin’s consortium approach allows you to profile both the payment originator and the beneficiary, providing clear insights. We extract information from thousands of financial institutions to profile hundreds of millions of counterparties with rich demographic and transactional data, without sharing Personally Identifiable Information (PII). Consortium analytics are deployed to analyze the anonymized data across our consortium network to identify patterns of suspicious activity and assess risk across accounts, counterparties, and transactions.
Benefits
The Nasdaq Verafin Network
Nasdaq Verafin’s unique approach is based on a consortium data set derived from thousands of financial institutions and hundreds of millions of counterparties, to enable comprehensive insight into risk — providing individual institutions with the collective power of the our network, without sharing PII.
Managed Analytics
Leveraging the power of the Nasdaq Verafin network, managed analytics enable a proactive, data-driven, effective response to evolving trends, replacing a conventional, reactive, and inefficient approach that has each financial institution incorporate red flags into models or build rules, duplicating efforts across the industry.
Reduce False Positives
High volumes of false positive rates force investigators to waste valuable time and resources working through large alert queues, performing needless investigations, and reconciling disparate data sources to piece together evidence. As part of the Nasdaq Verafin consortium network, a single institution is alerted when a payment should be interdicted or elevated for enhanced due diligence, and false positives can easily be explained away.
Flexible Real-Time Delivery Options
Adopt Nasdaq Verafin’s Wire, ACH, Check, and Faster Payments solutions individually, as part of a robust Financial Crime Management platform, or improve existing fraud solutions by incorporating risk scores through API.
