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Easy Solutions and Fundtech tackle wire fraud

22 July 2014  |  1544 views  |  0 Source: Easy Solutions

Easy Solutions, the Total Fraud Protection company, today announced a technology partnership with Fundtech, a market leader in global transaction banking solutions, to integrate Fundtech's PAYplus payment platforms, PAYplus Connect and PAYplus USA with DetectTA, Easy Solutions' transaction anomaly detection offering within its Total Fraud Protection platform.

The integrated solution delivers seamless fraud protection as part of a streamlined workflow for managing wire transactions, clearing low-risk wires while isolating high-risk wires for investigation.

"Fundtech is constantly looking for best-in-class and innovative anti-fraud solutions that will give financial institutions a competitive advantage in protecting their customers," said Fundtech's Senior Vice President - US Payments Product Management, Tony Salamone. "By integrating the key capabilities of Easy Solutions' DetectTA with Fundtech's PAYplus, we are creating a powerful solution in the market that will help organizations close vulnerability gaps in wire transactions."

As part of Easy Solutions' Total Fraud Protection platform, DetectTA qualifies a transaction's risk in real time, based on a heuristic profile of the user's behavior that the product is learning over time. Unlike first-generation monitoring systems which can only configure and combine rules within a single transaction channel, DetectTA behavior-based monitoring performs cross channel analysis to detect high-risk wires initiated across banking channels - call center, fax, branch, email, mobile and online.

"We continue to work deliberately with innovating organizations to amplify the capabilities of our solutions and solve today's fraud challenges," said David Sylvester, Director of Partnerships and Alliances at Easy Solutions. "Easy Solutions is thrilled to work with Fundtech to deliver real-time threat intelligence for faster and safer wire transactions."

The streamlined workflow will deliver real-time fraud prevention by automatically perform the following:

> Analysis of all wires in real-time, from the PAYplus systems, for anomalous customer behavior
> Identification of high-risk wires and placing them on hold for the fraud investigator to review the alert
> Automatic release of low-risk wires for payments

Customers also benefit from additional protection layers offered by the Total Fraud Protection platform. They gain greater visibility and an improved risk qualification process through Easy Solution's fraud intelligence, (Detect Monitoring Service®) and safe browsing (Detect Safe Browsing®) offerings. Combined with an additional layer of authentication (via DetectID®), the Total Fraud Protection platform delivers truly risk-based authentication resulting in best-in-class collaborative protection against fraud.

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