TOPIC: Online Banking

[Case Study] Rich Data Approach Provides Rich Rewards for Fraud Team

Digital Federal Credit Union (DCU)  •  Location: Marlborough, MA
Assets: $8.6B  •  Core Banking System: Fiserv – XP2 

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“Within the first couple of alerts in Verafin, we were already saving more money than we did with our previous solution in the past few years. In our other system, we would have had to go digging around, searching for fraud… that had already occurred, but with Verafin we were alerted to it in advance.”
Justin Davis, Fraud Manager, Digital Federal Credit Union
When Justin Davis joined Digital Federal Credit Union as Fraud Manager, DCU was using Verafin for fraud prevention on multiple channels, but he also inherited a different legacy system to monitor online banking and mobile channels. The fraud team was growing increasingly frustrated with the previous system, as fraud losses were mounting from digital channels and it continually failed to alert them to unusual activity.

In this case study, you’ll read how Justin partnered with Verafin to get the right rich data flowing into the application — with instant results. With just three alerts, Verafin had saved DCU more than their previous legacy solution had in the previous few years.

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    Looking for insight on Gro for Online Account Opening

    VP at a bank ($789MUSA)
    We are evaluating new online account opening because we are pretty dissatisfied with our Core. We talked with Gro, but I would like to hear from others on their experience. Any problems using Gro or with support since the Q2 acquisition? I am open to both banks and credit union insights! Thank you!

      Guardian Analytics

      Manager at a bank ($488MUSA)
      Do any of you also use Guardian Analytics for Business Online & ACH anomaly detection? We're in the early stages of implementation and data gathering, but I was hoping some more seasoned users would be willing to share their daily process and what you look for/review. Thanks in advance!

        Consolidating Fraud Prevention and Management to Reduce Losses & Improve Visibility - Join us on Feb. 20

        February 20 at 12:30 PM - 01:30 PM EST
        Consolidating Fraud Prevention and Management to Reduce Losses & Improve Visibility
        Cross-Channel Analytics, Big Data, and Machine Learning to Fight Fraud

        Register now: https://verafin.com/event/consolidating-fraud-prevention-and-management-to-reduce-losses-improve-visibility/?src=cbanc

        Financial institutions are facing common challenges in combatting fraud. Adding layers of protection to detect and prevent fraudulent activity, managing your alert volume, and reporting losses can become increasingly more difficult if there are multiple detection systems across different fraud and operational teams, and ultimately leads to a lack of visibility into your true fraud problem.

        Verafin’s fraud prevention and management solution leverages big data intelligence to help detect emerging and evolving fraud trends by analyzing more than a billion transactions a week in the Verafin cloud. Our innovative cross-channel fraud analytics use machine learning and cross-institutional insights from across the cloud to reduce false positives and improve model performance. Verafin’s consolidated fraud solution includes centralized case management and reporting functionality, giving you the visibility you need to manage your fraud strategy across all channels.

        Join us for this presentation as we discuss the benefits of consolidating your fraud prevention and management functions with Verafin’s Enterprise Fraud Management platform. Learn how to reduce losses, strengthen prevention efforts across all channels and departments, and enable a full picture of fraud at your institution to drive strategic decision-making.

        Highlights of this presentation will include an overview of Verafin’s approach to financial crime management in the cloud, that leverages Big Data Intelligence, Collaborative Investigations and Visual Storytelling to help institutions keep ahead of crime, as well as:

        • Discussion on the challenges facing financial institutions to mitigate and manage fraud:
          evolving and emerging threats, growing volume of false positive alerts, siloed operations within institutions, and too many systems to manage fraud efficiently.

        • Overview of Fraud Detection solutions, including real-time prevention capabilities:
          in-clearing check fraud; mobile, in-branch, and ATM deposit fraud; wire fraud; ACH fraud; card fraud, online Banking fraud, online account takeover, and loan fraud.

        • Review of Fraud Management solutions:
          adaptive fraud alerts; configurable fraud reporting; performance dashboards and workforce management; and automated SAR creation and e-filing.

        Register now: https://verafin.com/event/consolidating-fraud-prevention-and-management-to-reduce-losses-improve-visibility/?src=cbanc

        Blob

          Consolidating Fraud Prevention and Management to Reduce Losses & Improve Visibility - Join us on Feb. 20

          February 20 at 12:30 PM - 01:30 PM EST
          Consolidating Fraud Prevention and Management to Reduce Losses & Improve Visibility
          Cross-Channel Analytics, Big Data, and Machine Learning to Fight Fraud

          Register now: https://verafin.com/event/consolidating-fraud-prevention-and-management-to-reduce-losses-improve-visibility/?src=cbanc

          Financial institutions are facing common challenges in combatting fraud. Adding layers of protection to detect and prevent fraudulent activity, managing your alert volume, and reporting losses can become increasingly more difficult if there are multiple detection systems across different fraud and operational teams, and ultimately leads to a lack of visibility into your true fraud problem.

          Verafin’s fraud prevention and management solution leverages big data intelligence to help detect emerging and evolving fraud trends by analyzing more than a billion transactions a week in the Verafin cloud. Our innovative cross-channel fraud analytics use machine learning and cross-institutional insights from across the cloud to reduce false positives and improve model performance. Verafin’s consolidated fraud solution includes centralized case management and reporting functionality, giving you the visibility you need to manage your fraud strategy across all channels.

          Join us for this presentation as we discuss the benefits of consolidating your fraud prevention and management functions with Verafin’s Enterprise Fraud Management platform. Learn how to reduce losses, strengthen prevention efforts across all channels and departments, and enable a full picture of fraud at your institution to drive strategic decision-making.

          Highlights of this presentation will include an overview of Verafin’s approach to financial crime management in the cloud, that leverages Big Data Intelligence, Collaborative Investigations and Visual Storytelling to help institutions keep ahead of crime, as well as:

          • Discussion on the challenges facing financial institutions to mitigate and manage fraud:
            evolving and emerging threats, growing volume of false positive alerts, siloed operations within institutions, and too many systems to manage fraud efficiently.

          • Overview of Fraud Detection solutions, including real-time prevention capabilities:
            in-clearing check fraud; mobile, in-branch, and ATM deposit fraud; wire fraud; ACH fraud; card fraud, online Banking fraud, online account takeover, and loan fraud.

          • Review of Fraud Management solutions:
            adaptive fraud alerts; configurable fraud reporting; performance dashboards and workforce management; and automated SAR creation and e-filing.

          Register now: https://verafin.com/event/consolidating-fraud-prevention-and-management-to-reduce-losses-improve-visibility/?src=cbanc

          Blob

            BSA/AML Compliance, Fraud Detection & High-Risk Customer Management - Join us on Feb. 27

            A Consolidated Solution to Fight Financial Crime
            February 27 at 12:30 PM - 01:30 PM EST

            Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management-2/?src=cbanc

            Today’s criminals do not limit their illicit activities to a single financial institution. More and more, multiple institutions are targeted for increasingly complex financial crimes. As these criminals evolve, traditional approaches to combat crime are largely ineffective.

            Single institutions with siloed departments lack the visibility necessary to see the bigger picture, often seeing only a very small component of the crime within their data. These isolated teams often deploy point solutions that use broad rules in an attempt to catch suspicious or fraudulent activity – an approach that perpetuates the industry-wide problem of false positives. The solution? Working together to fight crime, in the same way criminals work together to exploit victims and institutions.

            So, why choose Verafin?

            Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher-quality alerts, expedited investigations, and richer, more detailed reporting.

            • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customer Due Diligence Questionnaire, high-risk customer identification analytics, stratified risk-models for high-risk customers and automated risk-reviews.
            • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
            • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
            • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.
            • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.

            Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management-2/?src=cbanc

            Blob

              Last Week to Register for COMPLIMENTARY Executive Summit in Ft. Lauderdale, 2/5

              There’s no question about it: Data and Digitization are key to your financial institution's future success.

              If your institution is not developing a plan to adapt and meet consumer demands in this increasingly digital world, you risk ceding your position to other financial institutions and non-bank competitors alike.

              Attend the Velocity Solutions Executive Summit on February 5, 2019FREE to financial institution executives*—to learn proven strategies that will help move your credit union into the digital revolution by harnessing the power of big data, digital solutions and automation.

              Delivered in one power-packed day and led by seasoned presenters with decades of experience, Executive Summit topics include:

              • Digital Banking Strategies and the Regulatory Landscape
              • Leveraging Data & Digitization to Build Revenue & Relationships
              • Digital & Dynamic Data-Driven Overdraft Management
              • Big Data Profits through a Unified Platform Approach
              • The Power and Profitability of Digital Lending
              • Digital & Social Strategies for Account Acquisition

              *Includes the one-day seminar, one hotel night, your roundtrip airfare and event-related meals.

              Click here to see the agenda: http://bit.ly/2Ru4McQ

              Space is limited. Click here to register: http://bit.ly/2RxmdJx

              Click here to see what past attendees say about the Velocity Executive Summits! (video) http://bit.ly/2Rr5CH4

              Can’t attend the February 5 Executive Summit? Click here to see more 2019 sessions: http://bit.ly/2RwkyDK

              Blob

                Collaborative Investigations to Detect Human Trafficking. Join us on January 16

                Human Trafficking Detection with FRAMLx
                Protecting Victims, Uncovering Traffickers, and Detecting Front Companies
                January 16 at 12:30 PM - 01:30 PM EST

                Register now: https://verafin.com/event/human-trafficking-detection-with-framlx/?src=cbanc

                Financial institutions have a critical role to play to uncover Human Trafficking activity, and protect victims of this heinous crime.

                Verafin’s FRAMLx software incorporates third-party and open source data to enrich its targeted AML scenarios, including analysis of millions of adult online advertisements for Human Trafficking detection. By cross-referencing emails and phone numbers in adult ads, you are alerted to potential victims, traffickers and front companies within your customer base.

                Join us for an overview of Verafin’s Human Trafficking Detection solutions, and a discussion on best practices for investigation. Learn how information sharing technology helps financial institutions work together to detect, investigate and report Human Trafficking activity.

                Highlights of this product demonstration will include:

                • Discuss the scale of the crime of human trafficking and the impact on victims in North America.
                • Review of human trafficking alerts for victims, traffickers and front companies, and crime ring activity.
                • Walk-through of smart evidence to enhance investigations including online adult advertising, visual maps, timelines, and account balance graphs.
                • Overview of 314(b) information sharing and collaborative Human Trafficking investigations to uncover Human Trafficking crime rings, and activity spanning multiple institutions.

                Register now: https://verafin.com/event/human-trafficking-detection-with-framlx/?src=cbanc

                  Collaborative Investigations to Detect Human Trafficking. Join us on January 16

                  Human Trafficking Detection with FRAMLx
                  Protecting Victims, Uncovering Traffickers, and Detecting Front Companies
                  January 16 at 12:30 PM - 01:30 PM EST

                  Register now: https://verafin.com/event/human-trafficking-detection-with-framlx/?src=cbanc

                  Financial institutions have a critical role to play to uncover Human Trafficking activity, and protect victims of this heinous crime.

                  Verafin’s FRAMLx software incorporates third-party and open source data to enrich its targeted AML scenarios, including analysis of millions of adult online advertisements for Human Trafficking detection. By cross-referencing emails and phone numbers in adult ads, you are alerted to potential victims, traffickers and front companies within your customer base.

                  Join us for an overview of Verafin’s Human Trafficking Detection solutions, and a discussion on best practices for investigation. Learn how information sharing technology helps financial institutions work together to detect, investigate and report Human Trafficking activity.

                  Highlights of this product demonstration will include:

                  • Discuss the scale of the crime of human trafficking and the impact on victims in North America.
                  • Review of human trafficking alerts for victims, traffickers and front companies, and crime ring activity.
                  • Walk-through of smart evidence to enhance investigations including online adult advertising, visual maps, timelines, and account balance graphs.
                  • Overview of 314(b) information sharing and collaborative Human Trafficking investigations to uncover Human Trafficking crime rings, and activity spanning multiple institutions.

                  Register now: https://verafin.com/event/human-trafficking-detection-with-framlx/?src=cbanc

                  Blob

                    Detecting Human Trafficking Victims, Traffickers, and Front Companies [January 16]

                    Human Trafficking Detection with FRAMLx
                    Protecting Victims, Uncovering Traffickers, and Detecting Front Companies
                    January 16 at 12:30 PM - 01:30 PM EST

                    Register now: https://verafin.com/event/human-trafficking-detection-with-framlx/?src=cbanc

                    Financial institutions have a critical role to play to uncover Human Trafficking activity, and protect victims of this heinous crime.

                    Verafin’s FRAMLx software incorporates third-party and open source data to enrich its targeted AML scenarios, including analysis of millions of adult online advertisements for Human Trafficking detection. By cross-referencing emails and phone numbers in adult ads, you are alerted to potential victims, traffickers and front companies within your customer base.

                    Join us for an overview of Verafin’s Human Trafficking Detection solutions, and a discussion on best practices for investigation. Learn how information sharing technology helps financial institutions work together to detect, investigate and report Human Trafficking activity.

                    Highlights of this product demonstration will include:

                    • Discuss the scale of the crime of human trafficking and the impact on victims in North America.
                    • Review of human trafficking alerts for victims, traffickers and front companies, and crime ring activity.
                    • Walk-through of smart evidence to enhance investigations including online adult advertising, visual maps, timelines, and account balance graphs.
                    • Overview of 314(b) information sharing and collaborative Human Trafficking investigations to uncover Human Trafficking crime rings, and activity spanning multiple institutions.

                    Register now: https://verafin.com/event/human-trafficking-detection-with-framlx/?src=cbanc

                    Blob

                      Positive Pay

                      Manager at a bank ($230MUSA)

                      Hi Everyone,

                      We are thinking about offering Positive Pay to our customers. I am wondering if there are other FIS BancPac clients out there that use it. I would love you feedback both positive and negative about the product. Also if you have sample agreements and what do you charge per account per item? Any information will be appreciated! Thanks for your help. :)

                        BSA/AML Compliance, Fraud Detection & High-Risk Customer Management

                        A Consolidated Solution to Fight Financial Crime
                        January 09 at 12:30 PM - 01:30 PM EST

                        Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management/?src=cbanc

                        Today’s criminals do not limit their illicit activities to a single financial institution. More and more, multiple institutions are targeted for increasingly complex financial crimes. As these criminals evolve, traditional approaches to combat crime are largely ineffective.

                        Single institutions with siloed departments lack the visibility necessary to see the bigger picture, often seeing only a very small component of the crime within their data. These isolated teams often deploy point solutions that use broad rules in an attempt to catch suspicious or fraudulent activity – an approach that perpetuates the industry-wide problem of false positives. The solution? Working together to fight crime, in the same way criminals work together to exploit victims and institutions.

                        So, why choose Verafin?

                        Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher-quality alerts, expedited investigations, and richer, more detailed reporting.

                        • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customer Due Diligence Questionnaire, high-risk customer identification analytics, stratified risk-models for high-risk customers and automated risk-reviews.
                        • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
                        • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
                        • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.
                        • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.

                        Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management/?src=cbanc

                        Blob

                          Fraud Prevention and Management

                          Product Demonstration
                          Multi-Channel Detection, Reporting & Dashboards, SAR functionality
                          January 03 at 12:30 PM - 01:30 PM EST

                          Register now: https://verafin.com/event/fraud-prevention-and-management/?src=cbanc

                          As financial institutions add additional layers of protection to detect and prevent fraudulent activity, managing your alert volume, tracking disputes, and reporting losses can become increasingly more difficult if there are multiple detection systems across different fraud and operational teams.

                          Join us for this presentation as we discuss the benefits of consolidating fraud prevention and management functions and provide an overview of Verafin’s Enterprise Fraud Platform. Learn how to reduce losses, get a complete picture of true fraud, and meet compliance requirements for filing SARs on fraudulent activity.

                          Highlights of this product demonstration:

                          • Comparison of Fraud Management versus Fraud Prevention and how siloed processes and teams create inefficiencies, as fraud continues unabated.
                          • Review of principles of Fraud Management including the activities that increase or decrease the likelihood of loss.
                          • Overview of Verafin’s Fraud Prevention solutions for deposit, check, card, wire/ACH, online and loan fraud.
                          • Overview of Verafin’s Fraud Management capabilities including adaptive fraud alerts, configurable fraud reporting, performance dashboards, and automated SAR creation and e-filing.

                          Register now: https://verafin.com/event/fraud-prevention-and-management/?src=cbanc

                          Blob