ACH and Wire Fraud
Reduce payment fraud losses while lowering associated IT and staffing costs
In a 2009 ABA survey on deposit account fraud, ACH and wire fraud made the list for the first time, coming in just behind on-line banking. Banks have a need for real-time monitoring of electronic funds transfers, such as ACH and wire, to evaluate for fraudulent activity and money laundering.
" SAS is committed to ensuring that we continue to have a leading-edge anti-fraud solution. We are very pleased with the results."
—Derek Wylde
Head of Group Fraud Risk, Global Security and Fraud Risk
HSBC
How SAS® Can Help
Your best defense against ACH and wire fraud is to focus on detecting suspicious activity and hidden relationships in the vast amount of transactional data generated daily. SAS helps you:
- Enhance information credibility by integrating disparate data sources – regardless of format (including unstructured text, like notes fields in call center files) – and applying embedded data quality techniques to ensure accuracy.
- Better monitor the behavior of individuals to incrementally detect fraud and reduce false positives by using data across all of a customer's accounts and transactions (e.g., checking/current account, card, Internet banking, nonmonetary) to generate more accurate profiles at the account, customer and product levels.
- Find payment fraud faster – before money goes out the door – with real-time integration to authorization systems and on-demand scoring of 100 percent of purchases, payments and nonmonetary transactions.
- Uncover hidden relationships, detect subtle patterns of behavior, prioritize suspicious cases and predict future risks using advanced analytics – including champion-challenger, simulation, estimation and unlimited rule-writing capabilities.
- Improve investigator efficiency with a Web-based environment that lets them visualize data from multiple angles, perform interactive queries and generate reports.
- Measure program performance by defining and monitoring KPIs via a dashboard environment to determine how effective and efficient your antifraud programs are.
How SAS® Is Different
SAS delivers a proven foundation along with best practices that tie together all the essential areas of fraud detection and prevention activities. With SAS, you get:
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Detection and alert-generation tools that offer multiple analytic techniques for:
- Setting up rules to flag suspicious activities.
- Scoring 100 percent of transactions (purchase, payment and nonmonetary).
- Detecting abnormal patterns that may indicate previously unknown fraud.
- Using predictive modeling to uncover new fraud based on previous fraud profiles.
- Linking multiple parties based on associative behavior or common ownership.
- Automatically routing suspicious cases for further review.
- Alert management capabilities that let you assemble alerts from multiple monitoring systems, associate them with common individuals or entities, and automatically prioritize and route suspicious cases to appropriate team members.
- Fraud network analysis for going beyond individual views to analyze all related activities and relationships at a network dimension so you can uncover previously hidden linkages that would otherwise go undetected.
- Case management capabilities that systematically facilitate investigations and enable the capture and display of all pertinent information, either via your existing case management system or the enterprise case management system offered by SAS.
Related Products and Solutions
SAS® Fraud Management
Performing "after the fact" analysis of questionable transactions is a reactive approach to fraud detection that doesn't offer any real protection from loss. Only SAS delivers a full-service enterprisewide fraud management system that offers real-time scoring of accounts by looking at all card transactions – including purchases, payments and nonmonetary transactions. No other system on the market provides this breadth of coverage.
SAS® Fraud Network Analysis
Fraud is a growing problem for banks and insurance companies, in large part because it is so hard to detect. That's because fraudsters act much like legitimate customers, and they employ increasingly sophisticated fraud techniques that enable them to fly well below the radar.
SAS Fraud Network Analysis helps institutions detect and prevent fraud by going beyond individual and account views to analyze all related activities and relationships at a network dimension.
SAS® Enterprise Case Management
SAS Enterprise Case Management enforces best practices and proper gathering of evidence, and can greatly reduce the cost of investigations. The solution provides a structured environment for managing investigation workflows, attaching comments or documentation and recording financial information, such as exposures and losses. This gives investigators more power, flexibility and task automation, without having to rely on IT for support.
Ready to learn more?
Call us at 1-800-727-0025 (US and Canada) or request more information.
