DCI partners DataVisor to help banks fight fraud

Friday 12 May 2023 14:37 CET | News

Core processing, digital banking, and fintech processing solutions developer DCI has partnered with fraud and risk management company DataVisor to help banks fight fraud.


DCI customers are set to be enabled to better detect and mitigate application and identity theft, transaction fraud, account takeovers, and money laundering, alongside other banking fraud types ahead of it resulting in financial and reputational damage.

Financial fraud and DCI, DataVisor collaboration details

Following the accelerated trend towards mobile banking and digitisation, financial fraud has seen a substantial increase, with the announcement detailing that in 2022 alone, the Federal Trade Commission received more than 1.1 million reports of identity theft, as well as over 440,000 reports of credit card fraud.

Yinglian Xie, DataVisor’s CEO and Co-Founder advised that the company leverages AI together with advanced machine learning techniques to ‘connect the dots’ between fraud signals across varied events and channels, helping organisations act on fast-evolving fraud and money laundering activities as they take place in real-time, preventing financial losses with early action.

The press release further highlights that currently banks using RTP applications are mandated to have a fraud solution, and DCI requires all fintechs leveraging their core to have fraud protection in place as well. Integrated through DCI’s core, DataVisor’s fraud solution enables fraud protection for RTP, ACH, wire, and card transactions through a single platform.

DCI has partnered with fraud and risk management company DataVisor to help banks fight fraud.

Sarah Fankhauser, DCI President, and CEO stated that the company is constantly looking to offer community banks tools that help leverage their positions in the marketplace, adding that it invested in fraud management to assist its banks in minimising their risks, as they continue to expand their mobile and digital offerings.

What is more, as per the announcement, DCI’s implementation of DataVisor’s technology comes on the heels of DCI’s creation of an internal Fraud and Compliance department, managed by a Certified Anti-Money Laundering Specialist (CAMS) and a Certified Fraud Examiner (ACFE).

As part of DCI’s commitment to helping community banks fight fraud, the department collaborates with DataVisor, which offers 27/7 fraud detection and mitigation support for DCI customers. What is more, they partner with the nationwide Financial Fraud Consortium (FFC) to actively explore the most appropriate practices to deter, detect, and combat fraud in an increasingly effective manner.

DCI, DataVisor strategy and offering

DCI is the developer of the iCore360 core banking software, and iCoreGO digital banking and fintech processing solutions for community FIs, including those leveraging separate core platforms. Its offering includes private ATM network/card management, FrontLine teller software, custom analysis, and risk/vendor management, amongst others.

DataVisor is an extensive fraud prevention platform powered by sophisticated AI and modern machine learning capabilities. The company looks to help customers be protected against future attacks ahead of them happening by detecting and acting on quickly evolving fraud patterns in real time.

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Keywords: partnership, fraud prevention, banking, fintech, financial services, identity theft, transaction fraud, account takeover, money laundering, artificial intelligence, machine learning, financial crime, ACH, cybersecurity, banks
Categories: Fraud & Financial Crime
Companies: Datavisor, DCI
Countries: United States
This article is part of category

Fraud & Financial Crime




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