One approach to transaction monitoring is “tuning of scenario parameters,” but that can raise eyebrows in the regulatory community. Take a look at David Stewart’s suggestions for an analytical approach.
One of the challenges facing financial institutions is that their fraud detection and prevention systems have been siloed by products and channels. They use one system for credit card detection, another for check fraud and yet another for online banking. The FFIEC recently updated guidance on customer authentication and layered security.
While ACH payments were once considered low risk, they have attracted the attention of criminals who use the high volume and relative anonymity of such transactions to commit fraud on a growing scale. Read more to find out how to reduce fraud losses.
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