SOLUTION

Wire Fraud

Stop fraudulent domestic and international wire transfers in real time to more effectively prevent fraud loss.

Enhance Monitoring. Prevent Loss.

With criminal schemes such as Business Email Compromise becoming a growing problem, institutions need enhanced monitoring to prevent serious loss.

Combining behavioral evidence with consortium insights, Verafin’s Wire Fraud solution provides financial institutions with powerful insight into both the payor and payees who do not bank at your institution. Our unique approach uses a consortium data set, representing 2400 financial institutions and over 575 million counterparties, to provide comprehensive insight into wire fraud risk — beyond the limitations of an individual institution and without sharing Personally Identifiable Information (PII).

Holistic Fraud Prevention

Using the Verafin consortium and insights from 575 million counterparty profiles, our wire fraud analytics consider the complete picture of risk across the entirety of a transaction, providing exceptional wire fraud prevention while reducing false positives, customer friction and operational costs.

Consortium of

2400

financial institutions

Insights from

575M

counterparty profiles

Holistic Fraud Prevention

Using the Verafin consortium and insights from 420 million counterparty profiles, our wire fraud analytics consider the complete picture of risk across the entirety of a transaction, providing exceptional wire fraud prevention while reducing false positives, customer friction and operational costs.

Consortium of

2400

financial institutions

Insights from

575M

counterparty profiles

Features

PAYMENTS FRAUD

With a network of thousands of financial institutions in the Cloud, Verafin’s consortium data approach delivers insights into counterparty risk that significantly improves payments fraud detection and reduces false positives.

PROFILING PAYER & PAYEE ACCOUNTS

Verafin’s Consortium Analytics use rich demographic and payment transaction data to create account profiles for every payor and payee involved in wire, ACH, real-time, and other payments across our network of 2400 financial institutions. This includes entities banking beyond those institutions who interact with our consortium.

ANALYZING RISK ACROSS TRANSACTIONS

Using insights from over 575 million counterparties, Verafin’s wire 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 wires as fraudulent, Verafin includes suspected mule accounts in any future analysis, ensuring your institution is not wiring payments to suspected money mules.

RAPIDLY DETECT NAME MISMATCHES

Verafin’s Wire Fraud analytics leverage insights from 575 million counterparties to identify payor-payee name mismatches in real time to improve fraud detection.

ENHANCED PROTECTION AGAINST UNAUTHORIZED WIRE TRANSFERS

When the sending and receiving financial institutions are Verafin customers, our Wire Fraud analytics can provide enhanced protection against unauthorized wire transfers.

POWERFUL BEHAVIORAL EVIDENCE

Verafin analyzes massive volumes of information, including NACHA, core, and third-party data, to generate behavioral evidence on unusual values, unusual fingerprints and more. Evidence is segmented by fraud typology, risk-scored, and considered in concert with consortium analytics for holistic coverage against ACH fraud.

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Stop Fraudulent Transfers in Real Time

Prevent serious loss by reviewing potentially suspicious wires before they are released. Verafin alerts you to activity that is unusual for your customers — in real time.

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Improve Alert Review Efficiency

Verafin’s evidence-based alerts use a wide range of factors to not only alert you to potentially suspicious activity but also to reduce false alerts. Analyzing for potential escrow accounts and established payees are just two ways Verafin avoids alerting you to activity that is not fraudulent.

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Transact with Confidence

Using insights from over 575 million counterparty profiles in concert with behavioral evidence, Verafin’s Wire fraud analytics consider the complete picture of risk across the entirety of a transaction for exceptional fraud detection.

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Greater Control Over Alerts

Wire fraud schemes and the losses they inflict can vary greatly. With segmented wire agents, investigators get greater control over the type and risk value of the alerts they receive which can be individually configured according to your risk tolerance and clientele.

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Stop Fraudulent Transfers in Real Time

Prevent serious loss by reviewing potentially suspicious wires before they are released. Verafin alerts you to activity that is unusual for your customers — in real time.

null

Improve Alert Review Efficiency

Verafin’s evidence-based alerts use a wide range of factors to not only alert you to potentially suspicious activity but also to reduce false alerts. Analyzing for potential escrow accounts and established payees are just two ways Verafin avoids alerting you to activity that is not fraudulent.

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Transact with Confidence

Using insights from over 575 million counterparty profiles in concert with behavioral evidence, Verafin’s Wire fraud analytics consider the complete picture of risk across the entirety of a transaction for exceptional fraud detection.

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Greater Control Over Alerts

Wire fraud schemes and the losses they inflict can vary greatly. With segmented wire agents, investigators get greater control over the type and risk value of the alerts they receive which can be individually configured according to your risk tolerance and clientele.

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 >

Interested in learning more about Verafin’s Wire Fraud Solution?

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