Portugal-based Banco Espirito Santo (BES) has implemented Fraud Risk Manager from Fiserv to monitor, detect, prioritize and case-manage multi-channel fraud, including internal fraud and unethical employee behavior.
Fraud Risk Manager is an end-to-end, scalable environment combining transaction and customer monitoring for accurate detection. With a library of more than 300 user-configurable alert definitions from which to select, coupled with the ability for clients to create entirely new alert definitions, the solution is designed to provide extensive coverage to protect against fraud losses and to allow users to quickly adapt to new fraud threats, said Fiserv.
Fraud Risk Manager monitors not only transactions, but also customer characteristics, account information and non-financial events, such as an address change, new debit card and PIN requests or change in ownership.
Chief audit executive at Banco Espirito Santo, said: “With the transactional profiles existent in Fraud Risk Manager, combined with the flexibility of changing parameters and rules, we believe we have enhanced our ability to add scenarios to address new types of fraud and ensure that the department is able to continuously update and respond to innovation in fraudulent activity.”
John Filby, president of risk and compliance Solutions at Fiserv, said: “With Fraud Risk Manager, BES will now have daily monitoring of fraud alerts and internal fraud. Combined with their existing AML Manager solution from Fiserv, BES now has a more complete view of its financial crime risk.”