CheckFree FraudNet deployed by Arvest Bank

Source: CheckFree

CheckFree Corporation (Nasdaq: CKFR) today announced that Arvest Bank has deployed CheckFree FraudNet, a proactive fraud detection and case management system, as part of a comprehensive security and anti-fraud initiative.

Arvest joins more than 40 financial institutions in selecting and implementing CheckFree FraudNet, a proactive fraud engine that scales and actually becomes smarter at detecting anomalies with increased transaction volumes. Arvest, which serves 86 communities in Arkansas, Missouri and Oklahoma, is the first community bank to adopt CheckFree FraudNet.

"When I first learned about CheckFree FraudNet, I immediately recognized its value for both our customers and the bank," said Teresa Cheek, senior vice president of operations at Arvest Bank, chartered in Fayetteville, Ark. "We have experienced growing enrollment in our free CheckFree-powered electronic billing and payment service, and we wanted to take steps to ensure the safety and trust of all our customers. CheckFree FraudNet is an integral part of our commitment to security at Arvest Bank."

CheckFree FraudNet was introduced in November 2005 to help ensure that receiving and paying bills online remains safer than offline, paper-based billing and payment methods. CheckFree FraudNet can help significantly reduce losses for participating banks, as well as provide data on attempted fraudulent transactions to help law enforcement officials apprehend and prosecute fraudsters. The system combines CheckFree's cumulative knowledge of payment patterns and a sophisticated analytics engine to help financial services organizations detect and stop unauthorized payments before they are completed.

"As an early adopter of CheckFree FraudNet, Arvest Bank is a trendsetter among community banks nationwide," said Jeff Weikert, senior vice president of the Consumer Service Provider business unit in CheckFree's Electronic Commerce Division. "Arvest should be commended for taking steps sooner, rather than later, to advance the fight to combat fraud and stop it before it results in losses for the bank and its customers. CheckFree FraudNet is one more reason why receiving and paying bills online is safer and more secure than traditional, paper-based methods."

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