Fiserv has released the latest version of its fraud and anti-money laundering solution—Fraud Risk Manager 4.6. Fraud Risk Manager is a multi-channel fraud detection and management solution. It is being coupled with Fiserv's AML Manager 4.6 as the two are being integrated with a common platform for automated alert intelligence and investigation, case management and regulatory reporting.
By offering the fraud and AML solutions on a unified platform, Fiserv says banks will gain shared functionality, increased efficiencies through potential utilization of common resources and reduced maintenance and hardware costs—all designed to help institutions gain an enterprise view of risk.
Fraud Risk Manager 4.6 is an end-to-end, scalable environment combining transaction and customer monitoring for accurate detection. With a library of more than 300 user-configurable alert definitions from which to select, coupled with the ability for clients to create entirely new alert definitions, Fraud Risk Manager 4.6 from Fiserv is designed to provide extensive coverage to protect against fraud losses and to allow users to quickly adapt to new fraud threats, said Fiserv. Fraud Risk Manager 4.6 monitors transactions, customer characteristics, account information and non-financial events, such as an address change, new debit card and PIN requests or change in ownership. Fraud Risk Manager also combines multiple monitoring techniques such as profiling, predictive analytics, peer group analysis and rules to detect more fraud with lower false positives.
AML Manager 4.6 combines risk-based transaction monitoring, watch list filtering, CDD/KYC features, investigation tools, case management and automated reporting. According to Fiserv, the 4.6 release offers several new or optimized capabilities in areas like list matching, behavioral profiling and reporting. For financial institutions with U.S. operations, it also can assist with remaining compliant with regulations such as the Fair and Accurate Credit Transactions Act (FACTA) Red Flags and the new NACHA IAT operating rules.