As part of its ongoing commitment to help financial services institutions defend against fraud and financial crime, Oracle Financial Services Software today announced the availability of a new release of Oracle Mantas Fraud.
The latest release of Oracle Mantas Fraud provides new features aimed at better preparing institutions to meet the challenges posed by the technological advancement and globalization of fraud activity, as well as a more stringent regulatory environment.
Unlike point solutions that cannot provide cross-channel monitoring, Oracle Mantas Fraud delivers an integrated view across accounts, customers and business lines to facilitate earlier detection of fraud schemes and financial crime rings, and enhance loss prevention and mitigation efforts.
Oracle Mantas Fraud is part of the Oracle Mantas suite of financial crime and compliance management applications, which includes Oracle Mantas' Anti-Money Laundering, Fraud, Know Your Customer, Broker Compliance and Trading Compliance.
Enhancements Strengthen and Accelerate Fraud Detection
Oracle Mantas Fraud provides new features that help to accelerate fraud detection and enable institutions to detect increasingly sophisticated fraud schemes and financial crime rings:
Additional pre-built scenarios that provide more comprehensive coverage of the major fraud areas, including identity theft or account takeover, check and deposit fraud, employee or insider fraud, debit card fraud, electronic payments fraud, and online fraud
Intelligently correlate alerts and events from various channels and point fraud solutions to detect behaviors and patterns that evolve over time and indicate the existence of more sophisticated, complex fraud activity
Real-time payments and online fraud detection capabilities through integration with Oracle Adaptive Access Manager and Oracle Complex Events Processing
Enhanced network discovery and visualization capabilities for more effective identification of complex fraud schemes and rings
More robust case management, including fraud-specific alert and case investigation workflows, loss and recovery reports and straightforward integration with the institution's general ledger systems
"Financial crime costs financial institutions billions of dollars each year, and the fraud schemes only get smarter and more pervasive. In today's environment, point solutions focused on specific channels or types of fraud fall short in meeting financial institutions' fraud detection needs," said S. Ramakrishnan, CEO of Reveleus and Mantas products, Oracle Financial Services Software. "The new release of Oracle Mantas Fraud provides an integrated fraud management platform that combines robust real-time detection and correlation capabilities with sophisticated behavior detection, analytics and case management for powerful fraud protection across the enterprise."