Wire Payee Risk Analysis

Reduce Customer Friction, False Positives & Losses

Conventional fraud detection approaches focus primarily on high-value wires, international transfers, or new beneficiaries resulting in a large volume of false positive alerts and increased callbacks and friction for customers.

Verafin’s Wire Fraud solution reduces false positives by up to 75% by leveraging targeted agents with cross-institutional payee risk analysis, powered by our big data set of 40 million unique payee accounts in the Cloud. Verafin provides a more complete picture of payee risk to improve the effectiveness and efficiency of wire fraud detection by significantly reducing false positive alerts and lessening customer friction.

Highlights of this demonstration include:

  • Review of current challenges and approaches to wire fraud detection and the limitations of legacy and rules-based systems.
  • Demonstration of wire fraud detection analytics segmented by customer type including elderly persons, individuals, businesses, and title companies.
  • Case study from a peer institution that experienced significant false positive reduction with Verafin’s Wire Fraud solution.
  •   Business Email Compromise
  •   Cloud Technology
  •   Fraud Scams
  •   Wire Fraud