Fiserv introduces electronic payments fraud prevention & sanctions screening solutions

The solutions are aimed at protecting clients from the threat of payments fraud, covering both international and domestic payments for Automated Clearinghouse (ACH) and wire (Fed and SWIFT), and complement the SWIFT Sanctions Screening capabilities now available on the Financial Crime Risk Management Platform (FCRM) from Fiserv.

ACH Fraud Prevention from Fiserv takes an integrated, cross-channel view of customers and their behaviour. Detection and interdiction scenarios evaluate ACH files, batches and transactions, looking for unusual patterns of behaviour and other variables that indicate fraud risk. The system continuously builds intelligence for each customer, account and other entities relevant to the ACH process to support accurate detection on anomalies. Non-transactional data including session data can also be incorporated into strategies based on the level of risk presented by account activity or a specific transaction. The detection capabilities can be integrated with an organization’s compliance activities such as collecting notes and evidence, tracking financials and preparing regulatory reporting.

Wire Fraud Prevention from Fiserv is a solution aimed at preventing wire fraud losses. Detection scenarios evaluate wire transfers and interdict suspected fraud, looking for anomalies and other characteristics that indicate fraud risk. The system updates normal behaviour profiles for each customer, account and other entities relevant to the wire such as the user, originator, account, device, intermediary or beneficiary. Confirmed fraud cases can be escalated to the case management system and include detailed forensic information such as historic payments and device fingerprint information.

SWIFT Sanctions Screening has also been upgraded to leverage Fiserv SWIFT connectivity. Built on the Fiserv watch list filtering engine and integrated with its anti-money laundering and fraud monitoring solution, the solution now supports all MT formats including unstructured text screening and guided match review for 700-and 900-series messages, as well as targeted screening for specific entity types (such as vessels) to further reduce false positives.

Fiserv is a global technology provider serving the financial services industry in payments, processing services, risk and compliance, customer and channel management.