Using Verafin’s Consortium Analytics to Solve Wire Fraud Challenges
Authorized Push Payment (APP) and Business Email Compromise (BEC) wire frauds are problems impacting financial institutions of all sizes. Banks want to protect their customers while improving their operational effectiveness.
Harnessing the power of Verafin’s Consortium Analytics allowed a Top 5 U.S. Bank to:
Wire Fraud Proof of Concept
A Top 5 U.S. Bank Case Study
A Top 5 U.S. Bank
The Bank was seeing a significant increase in Wire Fraud related to Authorized Push Payments and Business Email Compromise. Its existing transaction monitoring approach was struggling to maintain an effective alert rate without compromising detection rates. As a result, undetected BEC frauds were negatively impacting key customer relationships.
Verafin worked with the Bank through a Proof of Concept process to demonstrate the benefits of how Consortium Analytics can detect and prevent Wire Fraud. The Bank provided twelve months of historical Wire files to Verafin which were analyzed and risk scored and then validated by the Bank.
By incorporating Verafin’s Wire Fraud risk scores into their existing transaction monitoring solution, the Bank was able to increase detection rates by 250% while reducing false positives by 25%.