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BankDetect upgrades transaction monitoring systems

16 November 2005  |  1309 views  |  0 Source: BankDetect

BANKDetect, LLC, a privately held knowledge-based technology company that focuses solely on loss prevention and compliance for financial industries, announced at the Bank Administration Institute (BAI) Retail Delivery Conference & Expo 2005 the expansion of its RiskTracker-AML and RiskTracker-A3 (Account Activity Analysis) solutions to enhance functionality and include additional analyses and risk indicators.

These enhanced solutions better ensure that financial institutions have effective protection against evolving fraudulent activities.

"The rate at which fraudulent attacks have escalated this year is indicative of widespread vulnerabilities," said Bob Cofod, president and chairman of BANKDetect. "Our commitment is to continue to deliver technology upgrades and enhancements that counteract the rampant growth of fraudulent activities - particularly in an environment of constantly emerging crime."

RiskTracker-AML is a transaction monitoring system that identifies money laundering risk and other suspicious activity. Its enhancements include analyses of loans, politically exposed persons (PEPs), non-resident aliens (NRAs), employee accounts and same address accounts. The loan analysis includes "RiskIndicator" analysis modules that perform a wide variety of independent or interrelated analyses on cash payments, early pay-offs and payments larger than expected. The enhanced solution also enables financial institutions to automatically generate suspicious activity reports (SARs) and counter-terrorism reports, and attaches documents to the internal case management system.

RiskTracker-A3 is an advanced transaction monitoring system that uses a broad spectrum of fraud detection functions to analyze daily transactions and identify high-risk behavior. Its enhancement includes the analysis of general ledger transactions, to monitor a bank's internal activities, and "RiskIndicator" analysis modules.

BANKDetect's solutions are constantly evolving and currently able to detect more than a trillion different combinations of risk in a single transaction. Its clients', on average, experience returns on investment in excess of 30-to-1 in actual fraud losses prevented and improved analyst productivity.

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