While it’s no surprise that fraud is on the rise due to the vast amount of sensitive data available to criminals through data breaches, phishing attacks and malicious code, what is alarming is the latest trend of automated clearing house (ACH) and wire fraud perpetrated through online banking channels as a result of access
to sensitive account information.
Despite the mass of sensitive account information potentially available to criminals, there are steps that should be taken to seriously limit the exposure to ACH and wire fraud perpetrated online.
By using a fraud detection system that analyzes ACH and wire transfer transactions in real time and near-real time, financial institutions can augment current processes and resources to screen for high-risk activity and take action — before the money leaves the bank.
ACI Proactive Risk Manager enables organizations to take an account-based view of risk, which allows analysts to defend against criminal activity at all transaction channels — ATM, POS, checks, ACH, teller and wire — as well as across all accounts at the customer level.
Proactive Risk Manager’s ability to accurately identify fraud across the customer relationship allows users to recognize fraudulent behavior more quickly and efficiently. The solution’s ability to identify changes in customer behavior patterns across multiple accounts helps fraud operations rapidly recognize attacks from fraud schemes, such as identity theft, phishing, account takeover fraud and money laundering.
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Banks have a legal and moral responsibility to check their customers’ incoming and outgoing payments to ensure they do not match against an industry embargoed or sanction list.
ACI Money Transfer System, a global payment processing and financial message switching solution, offers a comprehensive embedded sanction filtering and scanning capability supporting multiple sanctions lists.
In addition, Money Transfer System is fully integrated with ACI Proactive Risk Manager to provide a complete fraud, money laundering, and sanctions filtering solution.
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ACI Online Banking Fraud Management offers a powerful, secure approach to monitoring login, ACH and wire activity initiated over the online banking channel, as part of a strong foundation to any online financial crime management strategy. The solution includes ACI Enterprise Banker and ACI Proactive Risk Manager.
ACI Enterprise Banker offers online banking capabilities with built-in security protocols including multifactor authentication, dual approval functions, browser security, velocity and limit threshold monitoring, and a full range of alerting and audit options.
When implemented with ACI Proactive Risk Manager, our powerful fraud detection and prevention solution, end-users have a strong defense against risk and a complete approach for managing it in wholesale payments.
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