Source: Detica
Detica NetReveal, a business division of BAE Systems Detica, has announced that Bank of the West, a subsidiary of BNP Paribas, has signed up to use the Detica NetReveal® electronic payment fraud solution for all its online, wire and ACH (automated clearing house) payments, and the Enterprise Investigation Management solution for alerts and case management to provide comprehensive regulatory compliance.
The electronic payments fraud (EPF) solution will help Bank of the West effectively tackle the growing problem of fraud and abuse across the payments channels and EIM will provide investigators with a single view of alerts and case management enterprise-wide.
The Detica NetReveal enterprise platform will be rolled out across the entire Bank of the West operation, which consists of 700 retail and commercial banking locations in 19 Western and Midwestern states. Bank of the West is future proofing its fraud prevention strategies as this technology platform can seamlessly expand to encompass other fraud typologies providing an advanced system to assist in proactively protecting their customers from perpetrators of financial crime.
Joe Ford, EVP Chief Security Officer, Bank of the West, said:
"Bank of the West is committed to combating organized criminals as they become ever more sophisticated. With Detica NetReveal we have achieved a holistic and accurate view of customer behavior and significantly reduced false positives, freeing our investigators to pursue the true fraudsters. We are also pleased with the cost savings resulting from taking a single platform approach".
Joe Friscia, President of the Americas, Detica NetReveal said:
"As consumer demand continues to grow for mobile, 24/7 e-banking services, financial organizations are ever more reliant on their online business. And while fraudsters try to exploit opportunities presented by new technologies, Bank of the West is staying one step ahead by deploying Detica NetReveal's proven cross-channel fraud prevention and detection solution suite".