The newly launched solution addresses the problem of fraudulent wires initiated across all banking channels including call center, fax, branch, email and online. FraudMAP Wire uses behavioural analytics to identify suspicious wires and employs automated intervention to speed the processing of low risk wires and stop high-risk wires from leaving the bank. With FraudMAP Wire, financial institutions can prevent fraudulent wires and reduce the costs of manual wire reviews.
The new solution is delivered on the same fraud prevention framework as FraudMAP Online, FraudMAP Mobile and FraudMAP ACH, offering financial institutions a single platform to manage risk across multiple channels and multiple payment types.
In addition to reducing fraud, FraudMAP Wire offers key operational and customer service benefits including:• allowing all low risk wire transactions to be automatically processed; • reducing customer interaction/verification to just the most high risk wires, rather than all wires matching generic risk or rules-based criteria;• providing risk analysis and streamlined workflow for managing wire checks for outbound, inbound and book transfer wires, FraudMAP Wire; • analyzing each wire transaction across a wide range of potential risk factors for any anomalies in originator or receiver behaviour;• releasing low risk wires for payment and intervenes to hold high risk ones for investigation;• prioritizing high risk wires for review and provides innovative visual analytics for rapid investigation;• providing integrated workflow for investigation and execution of final wire release status.
Wire fraud is a growing and costly problem for financial institutions and their commercial and retail clients.According to the 2013 AFP Payments Fraud and Control Survey released by the Association for Finance Professionals (AFP), more than one in ten corporations experienced wire fraud, double the rate in the 2012 survey. Criminals use social engineering tactics or online account takeover to acquire the information needed to initiate high-dollar fraudulent wire transfers across various banking channels and bypass traditional operational controls. Attacks continually evolve and use new combinations of channels – for example, Guardian Analytics recently reported on a new scheme in which criminals use an online chat feature to social engineer a customer service agent into releasing a fraudulent wire. Industry analysts are also reporting that wire fraud through call centers is on the rise.
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