Wolters Kluwer Financial Services has enhanced the investigative services functionality of its Wiz Sentri: Anti-Fraud solution to help US and UK financial institutions more effectively prevent financial crimes and the resulting losses before they occur.
The solution facilitates fraud prevention by helping institutions detect the actual precursors to a fraudulent attack via continuous, real-time monitoring of both activity and behavior. The solution’s new relationship analysis capabilities enable fraud investigators at institutions to quickly uncover correlations between customers, their accounts and employees that may be involved in or impacted by a criminal scheme.
By offering investigators a visual display of the links between all accounts, customers and employees within an institution, the tool enables institutions to rapidly uncover complex and often hidden relationships and activity patterns and head off any potential financial crimes.
Management can also more effectively assess current risk levels to the institution through detailed and configurable reporting tools and case management dashboards. By allowing investigators to point out and provide commentary on suspicious account activity from within the system, they avoid the labor-intensive process of creating separate disparate reports for management.
Todd Cooper, vice president and general manager of financial intelligence unit at Wolters Kluwer, said: “The mere detection of suspicious activity does not mitigate fraud or its associated monetary losses within a financial institution. Identifying suspicious relationships and behavior prior to an actual loss is a key strategy of effective anti-fraud programs. The enhancements we’ve made to our Wiz Sentri: Anti-Fraud solution will help fraud investigators move from detecting fraud to preventing fraud.”
