RiskTech Forum

Financial Crime Risk Management

Posted: 26 June 2010  |  Source: Fiserv


Criminals invariably choose the most lucrative payment types and/or channels to commit their crimes. In so doing, they often have the upper hand as many legacy fraud detection solutions take a single-focus approach. The Financial Crime Risk Management platform from Fiserv is an exception. It provides a multi-channel protection platform that brings together three leading fraud-prevention, anti-money laundering (AML), and check-protection products.

The solution fits the fraud-detection requirements of most financial services and life insurance organizations.

The Fiserv platform provides customers with an inclusive approach to multi-payment, cross-channel, fraud and money-laundering protection.

Ovum believes that organizations looking for a combined fraud and AML solution should consider the Fiserv Financial Crime Risk Management platform.

Fiserv is a leading player in the fraud-detection and AML sector. The company’s anti-fraud and compliance solutions are used by over three-quarters of the top banks in the US and Canada, by many of the leading banks in the UK and Ireland, and by all the leading Australian banks. The strength of its Financial Crime Risk Management platform is, in Ovum’s opinion, upheld by the breadth of the overall solution, and further product integration work is ongoing.

Within its single-platform approach, Fiserv has brought together the key components of fraud prevention, AML, trade surveillance, and internal fraud protection. Its technology helps banks analyze transactions using risk-based approaches linked to an organization’s operational rules and policies. It uses a strong data-throughput and number-crunching capacity to deal with high data volumes, and through the use of predictive analytics it works to identify suspect activities. To these core capabilities is added the ability to provide digital imaging protection against forgery, counterfeiting, and document alteration, and it also addresses the fight against fraud in operational areas such as automated clearing house (ACH) processing, deposit taking, and check-kiting scams.

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