News

Financial crime-fighting software to the rescue

December 9, 2013

Technology provider Fiserv Inc. has updated its financial crime risk management platform to meet the needs of financial industry professionals whose task is to checkmate the ever-changing tactics of criminals engaged in theft, fraud, money-laundering and other illegal activities.

The release includes tools to help crime-fighters model, detect, investigate and resolve risks across channels, product lines, and types of crime, according to the company. 

The new framework enhances the previous-generation platform with anomaly detection, list matching, alert review, investigation tools, case management and reporting.

"Payment execution is faster, criminals abuse the gaps between silos, and regulators expect more advanced analytic techniques to combat crime," said Tom Tobin, vice president and general manager of financial crime risk management at Fiserv. "Our philosophy is to provide clients with best practices and expert consultants, and ultimately put them in control of continually evaluating and optimizing their own risk protection."

The FCRM platform from Fiserv offers the user a holistic view, learning not only the behavior of customers across their accounts, but also of factors that are relevant for judging the security and integrity of payments and other events. The platform can also incorporate alerts from other systems and drive risk-based authentication or due diligence.

In addition to direct installations, the new complex event processing capability will be integrated through a series of incremental releases, starting with Signature and selected DNA clients and extending to other account processing platforms through 2015.

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