The latest release is dubbed Summer ’12 and is aimed at helping financial institutions prevent losses due to criminal attacks via the ACH network. Verafin analyzes account behavior for anomalies and detects fraud trends. It then alerts users to suspicious online transactional activity before the transfer of funds is completed, preventing loss. In addition to online banking fraud detection, Summer ‘12 includes a number of other features which will help upgrade the Verafin user experience.
Verafin delivers four seasonal releases per year, providing financial institutions with new fraud and money laundering detection analytics to protect both themselves and their customers.
Verafin’s FRAML solution uses artificial intelligence and behaviour pattern-based recognition to detect suspicious activity. Combining fraud detection and AML (FRAML) processes, the company’s solution alerts compliance officers and fraud professionals of suspicious behaviour and anomalies while improving investigations and satisfying compliance with BSA/AML regulations.
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