Verafin Inc., a St. John’s-based provider of fraud detection and anti-money laundering (FRAML) software, today unveiled Summer ‘12, the latest update to their FRAML software. Verafin delivers four seasonal releases per year, ensuring financial institutions have the latest advances in fraud and money laundering detection analytics to protect both themselves and their customers.
The Summer ‘12 release debuts Verafin’s online banking fraud analytics, helping financial institutions proactively prevent losses due to criminal attacks via the ACH network. With the criminal attacks on both consumer and corporate accounts in the online channel increasing in complexity, Verafin analyzes account behavior for anomalies and detects fraud trends. It then alerts users to suspicious online transactional activity before the transfer of funds is completed, preventing loss and eliminating the need for costly account restitution and lengthy funds retrieval processes.
“We were an early customer on Summer ‘12 and are very excited about how much the latest release is able to help us,” says Janiree Beard, BSA Officer with Community Financial Services Bank, a community bank headquartered in Benton, Kentucky. “Our experience with Verafin has been fantastic and Summer ‘12 is no exception. Gaining online banking fraud detection functionality in addition to everything the Verafin software already offers just makes it that much more valuable. In the short time we have been using the latest release we have uncovered potential online banking fraud that we once might have missed.”
In addition to online banking fraud detection, Summer ‘12 includes a number of other feature updates that will help enhance the Verafin user experience. Rob Norris, Director of Product Management at Verafin, discussed the highlights:
“We always listen to our customers to ensure we understand their needs. We also work hard to understand the changing forces of fraud so we stay ahead in the landscape of financial crime. This release speaks to those efforts. In addition to online banking fraud detection, which enhances our cross-channel offering, we have made advancements in our automated Common Point of Compromise (CPC) functionality to help our customers proactively stop the spread of debit card fraud. We have also made numerous ease-of-use updates to our case management workflow. Our Summer ’12 release really ramps up our customers’ ability to prevent fraud at their institutions.”
Verafin continues to experience rapid growth of its customer base, most recently announcing they had surpassed more than 860 customers. Verafin’s FRAML (FRaud detection + Anti-Money Laundering) solution is a natural choice for financial institutions, as it utilizes artificial intelligence and behavior pattern-based recognition to analyze transactions from multiple data sources across different transaction channels. With a robust and user-intuitive case management feature, Verafin lets fraud professionals and BSA/AML officers act quickly on evidence-supported suspicious activity alerts. Using one innovative software platform, professionals can detect, investigate, document, and neutralize suspicious activity—while meeting regulatory requirements.