FleetBoston Financial has contracted with Carreker Corporation for its eRM risk management solution in a bid to clamp down on rising levels of cheque fraud.
The browser-based system is a decision support tool that improves liability protection from fraudulent cheque activity while reducing costs through faster access and cross-referencing of key information sources, says the company.
According to Denny Carreker, chairman and chief executive officer, banks have been hindered in their risk management activities because of the large number of fraud detection reports needed to identify fraud suspects, resulting in a deluge of paper reports that arrive at various times and are reviewed in multiple areas of the bank.
"Since eRM risk management is a Web browser-enabled solution, it streamlines these activities by combining all fraud detection reports into one electronic reporting tool," says Carreker.
Gerry De Roche, executive vice president and director of retail services and support, Fleet, believes the eRM risk management solution will improve loss avoidance and streamline operations by combining the review of suspicious activities at the account level.
eRM risk management is the latest product in Carreker's expanding suite of fraud detection solutions, including FraudLink positive pay and FraudLink eTracker.