EFD Enterprise Fraud Management is a flexible, comprehensive suite of solutions that enable management of fraud across the enterprise, and will include capabilities spanning multiple account, payment channel and fraud types.

The first solution available under the new suite - EFD Integrated Fraud Platform - is the first offering delivered through the recently announced alliance between EFD and Digital Harbor. It enables financial institutions to better leverage existing anti-fraud applications and internal and external data sources to drive better, more efficient decisions in the fraud prevention and investigation process. EFD Integrated Fraud Platform is the first solution of its kind to integrate the management of alerts from multiple sources and the fraud investigation case management process.

Currently, financial institutions struggle with limitations imposed by disparate antifraud applications and manual processes. As a result, fraud investigation and prevention are often divided along product, channel and geographic lines. This approach focuses attention on isolated fraud incidents and prevents institutions from seeing fraud across channels from a customer-level view. This ability to manage fraud at a holistic level, outside of traditional barriers, is widely recognized as one of the most critical needs facing the industry.

"The ability to manage fraud at the enterprise level is becoming increasingly essential as fraudsters penetrate and radiate across lines of business. You need to be able to address the problem with urgency and limit your exposure the moment the first signs occur," said Kay Nichols, executive vice president of strategy, marketing, and product development at EFD.

"EFD's Integrated Fraud Platform transforms the conventional approach to fraud—investigators and departments each with their own queues of alerts and cases based on isolated events—into an enterprise approach that drives new efficiencies. This allows talented investigative groups to spend more time understanding the evidence and making critical business decisions at a customer level and less time gathering information."

Integrated Fraud Platform includes Integrated Alert and Case Management, which leverage a robust platform developed in partnership with Digital Harbor to manage fraud alerts and cases, and provide sophisticated analytics and dashboard reporting. The solution is built upon Digital Harbor's proven risk and compliance platform that is in use at top financial institutions for fraud, anti-money laundering and know your customer functions. By leveraging this common platform, institutions can increase their efficiency through automation and improve their effectiveness by integrating powerful internal and external data sources. This approach delivers much more than just a sophisticated workflow tool; it delivers a complete fraud management solution that leverages EFD's experience in turning information into insight to solve complex business problems.

"EFD has over thirty-five years' experience helping banks and credit unions address fraud," said Austin Wells, vice president of product management at Digital Harbor. "Adding EFD's cumulative best-practices on top of Digital Harbor's proven risk and compliance platform allows our two companies to deliver a fraud solution that will enable leading financial institutions to improve efficiency, reduce losses, and minimize risk of non-compliance with industry regulations."