23 April 2014

FircoSoft introduces stripping detection tool

30 December 2013  |  771 views  |  0 Source: FircoSoft

FircoSoft, the leading global provider of watch list filtering solutions, announced today the availability of its solution, Stripping Detector, designed to identify resubmitted transactions and block stripped messages in real time.

Stripping is intentional misconduct, internal or external, that involves the practice of removing wire transfer information such as customer names, bank names, vessels and addresses to evade economic sanctions detection. Because of the information removed from the wire, financial institutions are at risk of processing transactions that are not allowed by economic sanctions programs.

The Stripping Detector was developed based on close work of FircoSoft with its customer community, as it was imagined, designed and validated with clients from both functional and technical perspectives.

"With the risk of fines, penalties and a bank's reputation at stake, it is crucial that financial institutions adopt procedures and safeguards to help ensure compliance. The Stripping Detector will enable financial institutions to improve their controls in order to mitigate this high-risk fraudulent activity," said Stève Faye, Product Director, of FircoSoft. ""We are pleased with the quality and timely delivery of the Stripping Detector solution. Positive feedback from our customers makes us confident financial institutions will see strong benefits in proactively stopping stripped transactions."

About Stripping Detector
Available since May 2013, fully part of the release of Firco Continuity 5.3, the Stripping Detector is designed to protect financial institutions against processing payments that have been purposefully altered. The solution identifies and blocks stripped messages in real time with minimal impact on the filtering process or system performance. Stripping Detector is seamlessly integrated with Firco Continuity, making it very simple to implement and requiring no changes to the alert review process. The solution can also be deployed with any watch list filtering environment regardless of vendor or source files. 

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