Actimize, a leading provider of fraud prevention and compliance solutions utilized by six of the top ten global banks, and Corillian Corp. (NASDAQ: CORI), the top provider of online banking, payment and security solutions to the financial services industry, today announced support for the integration of the Actimize Cross Channel Electronic Banking and Payment Fraud Prevention solution and Corillian Voyager and Intelligent Authentication solutions.
The combined offering provides comprehensive risk-based authentication and cross-channel transaction fraud monitoring for all online banking activity. Three top banking institutions have already adopted this integrated offering.
"In a June 2006 evaluation of online authentication and fraud detection vendors performed by Aite Group, Actimize was recognized as "Best Enterprise Fraud Management solution" and Corillian was awarded "Best Value For FFIEC Compliance For Corillian Online Banking Customers" said Gwenn Bezard, Research Director, Aite Group. "Cross-channel transaction fraud detection remains a blind spot at a large number of financial institutions today. The integration of the Actimize fraud prevention solution not only adds a robust transaction fraud detection layer on top of Corillian's authentication solution, but it also propels Corillian Voyager customers to the forefront of the cross-channel fraud prevention battle."
Together, these solutions provide proactive login and cross-channel transaction monitoring including ACH, wire transfer, bill payment and internal transfers. Once potential fraud is detected action is taken by either diverting a transaction for analyst review using the case management tools, challenging online banking users with additional security questions, or by blocking the transaction.
"By instituting this partnership with a leading fraud prevention provider, Corillian enables our Voyager platform customers to create the most secure online banking experience," said Greg Hughes, Corillian chief security executive. "The solution helps financial institutions prevent cross-channel fraud and enhance their FFIEC compliance while minimizing end user impact."
"Our vision and technology enable banks to break away from today's siloed fraud solutions and deploy a holistic transactional fraud detection and prevention capability across the enterprise," said Amir Orad, EVP and chief marketing officer. "We are excited to be working with Corillian, the leading online banking solution provider."
Corillian Voyager is the industry-leading Internet banking platform enabling financial institutions to integrate Corillian online banking solutions, customer-written applications and third party applications to give their customers the tools to manage their financial lives efficiently and conveniently online. Corillian Intelligent Authentication employs a knowledge-based behavioral approach to authentication by building a history of "access signatures" for individual users. This is accomplished by collecting and validating information about each user's computer and method of Web site access without collecting personally identifiable information or requiring participation of the end user in the data collection process.
The Actimize Cross Channel Electronic Banking and Payment Fraud Prevention solution enables comprehensive monitoring of cross-channel transactions and greater visibility and correlation of suspicious activity across all of a bank's lines of business. This unique approach allows security analysts to focus investigations on real threats while catching over 90% of all fraud cases.