Find Best Financial Fraud Detection Software for Your Business

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Financial Fraud Detection Software

Browse Popular Financial Fraud Detection Software

Up-to-date listing of Financial Fraud Detection Software to assist you throughout your software selection and purchase journey.

Financial Fraud Detection Software:

Financial Fraud Detection Software is a software that is used by banks and FI to avoid regulatory fines, detect fraud and mitigate reputational risks.

Features and Benefits of Financial Fraud Detection Software:

The Financial Fraud Detection Software has several features that can benefit the user in many ways to grow their business. Some of these include:

  • A secure database is utilized by the software containing the information related to financial transactions of non-account holders who uses checks and other mode for payment. The frequency of particular aspects of the behavior of the subject can be collected and tracked. Then the deviations from such norms are flagged that indicate the purpose of suspected fraudulent or criminal behavior.
  • Law enforcement can also be detected for related transactions, or a string of criminal activity from the same perpetrator. A teller is included that help collecting information from the non-account holder, including name, date of birth, address, gender, driver's license number, social security number, and/or telephone number.
  • These data are submitted to the system database at the time of the transaction and a response code is returned by the database which is based on criteria established by the desired security measures of financial institution. It also alerts tellers about suspicious activity, such as when a particular account is accessed more than once in a day, or when the same non-account holder presents items for payment at multiple branches of a banking institution in a short period of time.   
  • The software help you to automate the customer boarding for both private and corporate sector, KYC data gathering and monitoring. Resources on the compliance and data management can be saved and also remote customer onboarding can be enabled real time online.
  • A unique financial fingerprint is assigned to each customer based on key metrics such as income, spending patterns, and transaction types. So, the detection of identification of both usual and unusual behavior can be done with pre-built typologies and self-learning algorithms.
  • A risk based approach monitoring ongoing transactions can be employed for continual risk assessment.
  • As the software is flexible and configurable, it can be easily connected at any core banking system, offering the quickest implementation time in the market.
  • Fast implementation with low impact installation is offered by the software. It also provide the option to install only those components needed. So, gradual adoption and migration at any level is allowed by the phased implementation.
  • The total cost of ownership can be reduced by providing highly efficient tools like case management, alert management, and report builder by configurable workflow management.
  • The ultimate in detection capabilities can be enabled through smart enrichments of public watchlist entries and the creation and maintenance of private watchlists.
  • Complete flexibility is allowed through an entirely configurable report engine for the full design, generation and scheduling of reports along with a set of pre-defined templates.
  • Investigator workloads can be limited by reducing time spent on initial triage of alerts. This is done by suggesting the next best action to either discard or send to review or automating that process based upon risk based approach and learning from previous investigation outcomes.
  • A complete view is provided through graphical summaries that help measuring and governing module efficiency and effectiveness based on a variety of specified criteria.
  • Full transparency and auditability is offered by recording and monitoring all actions and activity while providing thorough analysis at all stages.
  • Full user empowerment can be provided through customizable workflow manager tools that can be easily adapted to local requirements as well as one step role and access right control.
  • The software can be seamlessly, easily and efficiently integrated with any core banking or payment system.

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