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Fraud Detection and Management > Faster Payments

SOLUTION

Faster Payments

Leverage the power of consortium data and analytics to prevent losses in real-time.

Preventing real-time payments fraud requires innovative strategies

Verafin’s Faster Payments Fraud solutions combine behavioral analytics with consortium insights for robust fraud prevention solutions. Our unique approach uses a consortium data set derived from 2400 financial institutions and 300 million profiled accounts, to enable comprehensive insight into payment risk — providing individual institutions with the collective power of the Verafin network, without sharing Personally Identifiable Information (PII). 

"Combining the benefits of cross-channel behavior-based analytics and insights on recipients from its consortium of financial institutions, Verafin’s Payments Fraud solution offers institutions a complete picture of risk."

Chartis Payments Risk Tech Solutions 2023

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Features

PROFILING PAYER & PAYEE ACCOUNTS

Verafin’s Consortium Analytics use rich demographic and payment transaction data to create account profiles for every entity within our network of financial institution customers. Leveraging payment interactions, Verafin also builds external account profiles based on payment interactions between institutions within our consortium and entities outside it.

ANALYZING RISK ACROSS TRANSACTIONS

Using insights from millions of account profiles, Verafin’s Faster Payments Fraud analytics consider the complete picture of risk across the entirety of a transaction.

PROTECTION AGAINST MONEY MULES

As financial institutions across our consortium identify payments as fraudulent, Verafin includes suspected mule accounts in any future analysis, ensuring your institution is not transacting with suspected money mules.

GLOBAL COVERAGE

Verafin uses insights from across our consortium, such as identified money mule accounts, to enhance payments fraud prevention for our entire network of financial institution customers. All member financial institutions benefit from this global coverage.

CROSS-CHANNEL INTELLIGENCE

Utilizing Verafin’s cross-channel fraud detection and fraud management capabilities, your institution can see across multiple payment channels in a single solution, and quickly determine the risk of relationships.

HOLISTIC CUSTOMER VIEW

Verafin’s automated entity resolution resolves multiple customer instances, across all payments channels, into a single entity to ensure a full, accurate picture of a customer and their activity.

Benefits

Real-Time Interdiction Strategies

Providing real-time interdiction strategies, Verafin allows you to release or reject a  payment directly from an alert or case within the application, providing an additional layer of protection for your customers and your institution.

Integrated Case Management

In Verafin’s consolidated platform, you can create a case directly from an alert, attach applicable files, link entities and related activity, and fully document your investigation.

Multi-Channel Analysis

Verafin’s multi-channel analytics give you a more complete picture of account activity. Capture a wider range of activity beyond suspicious transfers, including potential online account takeover and illicit flow of funds, that would be invisible if relying on a siloed solution.

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Alert Management

Verafin’s alert management functionality provides investigators with a comprehensive view of the customer and data to expedite alert review and triage.

More Verafin Features

Automated SAR functionality. At the click of a button you can create a pre-populated SAR. Complete your narrative and queue it for overnight electronic submission directly from Verafin to FinCEN. Verafin can also remind you when it is time for 90-day refiling, if the suspicious activity continues. Learn more >
Information Sharing. Verafin gives you the tools to reach out to other financial institutions to request the information you need to enhance your investigations. Learn more >
Integrated case management. Integrated case management functionality lets you create a fully audited and tracked investigation. Upload related files, assign tasks to other users, and document your decisions — all in one location. Learn more >
Enterprise reporting. With hundreds of ad-hoc data reports, and the ability to create custom reports that include the information fields you need, Verafin helps improve auditing, reporting and record-keeping of all aspects of your fraud and AML detection efforts. Learn more >
Cross-Channel Fraud Detection. Fraudsters will target every available channel to enrich themselves at your customers’ (and your institution’s) expense. Verafin’s cross-channel analysis generates data-rich alerts that help you proactively detect scams and stop fraud losses from Deposit Fraud, Check Fraud, Card Fraud, Loan Fraud, Wire Fraud, ACH Fraud, and Online Account Takeover. Learn more >

Products

Fraud Detection and Management

BSA/AML Compliance and Management

High-Risk Customer Management

Sanctions Screening & Management

Information Sharing

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