Earlier this week, Redwood Shores, Calif.-based Oracle Financial Services Software announced the availability of a new release of Oracle Mantas Fraud, a solution that gives banks an integrated view across accounts, customers and business lines to facilitate earlier detection of fraud schemes and financial crime rings, and enhance loss prevention and mitigation efforts.
According to a press release, the latest version of the product features additional pre-built scenarios that provide more comprehensive coverage of the major fraud areas; real-time payments and online fraud detection capabilities through integration with Oracle Adaptive Access Manager and Oracle Complex Events Processing; and enhanced network discovery and visualization capabilities for more effective identification of complex fraud schemes and rings. It also includes a more robust case management function which features fraud-specific alert and case investigation workflows, loss and recovery reports and integration with the institution's general ledger systems.
"In today's environment, point solutions focused on specific channels or types of fraud fall short in meeting financial institutions' fraud detection needs," S. Ramakrishnan, CEO of Reveleus and Mantas products, Oracle Financial Services Software, said in a press statement. "The new release of Oracle Mantas Fraud provides an integrated fraud management platform that combines robust real-time detection and correlation capabilities with sophisticated behavior detection, analytics and case management for powerful fraud protection across the enterprise."
The solution is part of the Oracle Mantas suite of financial crime and compliance management applications, which includes Anti-Money Laundering, Fraud, Know Your Customer, Broker Compliance and Trading Compliance solutions.