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Bankers Toolbox introduces WireFraud Manager
AUSTIN, Texas (7/28/11)—Banker’s Toolbox, a provider of financial-crimes detection and prevention technology, has launched WireFraud Manager to supplement its WirePro suite of wire-processing solutions. The spread of Internet malware and key logging software has led to an increase in sophisticated wire-fraud schemes targeting customers of community financial institutions, the company said. Also, recent court rulings have created legal precedence whereby credit unions and community banks are increasingly expected to have the ability to detect and prevent wire fraud. WireFraud Manager quarantines suspicious wire transactions in real-time, based on a set of comprehensive filters involving both behavioral and transactional analysis. The application automatically looks at the profile of the wire sender to make sure that each new transaction is aligned with what the member or customer is expected to do. This allows the financial institution to review a suspicious wire transfer request before it is processed and prevent a potential fraud loss to the customer's account. “Wire fraud is a clear and present danger in modern banking, said Daniel Cho, founder and CEO of Banker’s Toolbox. “It’s not just the monetary loss when a fraudster attacks your institution. Allowing a fraudster to attack creates reputational loss in the community and diminishes shareholder value in the institution. WireFraud Manager is designed to protect community financial institutions from this risk. By screening all outgoing wire transfers using behavioral profiles, we provide community financial institutions with sophisticated yet intuitive tools to combat wire fraud.” Fraud schemes are an increasing problem for credit unions and all financial institutions. News Now recentlly noted that Verafin Inc., a provider of compliance, anti-money-laundering (AML) and fraud-detection software, reported a 57% increase in customer acquisition in the first half of 2011. Verafin is a CUNA Strategic Services provider. And as far back as 2008, the National Credit Union Administration issued fraud alerts on both key-logging software and wire-transfer fraud.
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