1. Compliance & Fraud Management
Effective, Efficient and Adaptive Protection Across Financial
Services Organizations
Solutions
2.
3. Solutions
Complex and Evolving Challenges
To limit the opportunities of would-be
criminals, regulators and examiners are
demanding that financial services institutions
take additional steps to protect themselves
and their customers. At the same time,
innovation in financial services products and
services introduces new risks, pressure on the
bottom line drives the need for even greater
efficiency, and the fight against financial crime
plays out on a very public stage.There, a
perceived or actual fraud event or compliance
violation can damage the trust that customers,
investors and other stakeholders have in the
security and integrity of an institution.
A Strategic Response
Standardizing and consolidating behavioral
monitoring on a single, strategic platform
can provide a holistic and integrated set
of sophisticated capabilities to detect,
investigate and resolve risks around your
customers and their transactions across
different crimes, regulations, products,
channels and geographies.The benefits of
this approach include:
• More accurate detection with sophisticated
analytics, integrated with effective tools for
investigation, workflow, evidence capture,
resolution and reporting.
• A holistic view across financial crimes,
including locations and business units,
products and channels.
• Cost-efficient technology, leveraging proven
configurations while optimizing the use
of your institution’s data to address and
mitigate crime risks unique to your business.
• The ability to leverage the same tools over
and over again to address new risks and
adapt the tools to improve results.
• No need for customized code that needs
to be rebuilt/incurs additional cost when
upgrading to new releases.
Next-Generation Detection and Flexibility
in a Single Platform of Products
Compliance & Fraud Management solutions
offered by Fiserv reside on a common
platform featuring an integrated real-time
detection engine that breaks free from legacy
constraints to deliver advanced integration,
modeling, detection and action capabilities.
This high-performance common event
processing (CEP) engine enables the platform
to understand the behavior of someone or
something across the enterprise, right up to
the second that the latest event needs to be
adjudicated, in real time. Payments and other
events can be held, blocked, challenged or
reviewed, while aggregated behavior patterns
can also trigger an alert for investigation.
Key Capabilities and Solutions of
Compliance & Fraud Management
Our Compliance & Fraud Management
solutions consist of a number of integrated
capabilities on a common platform:
Data and integration – Assimilates business
data and communicates with other systems.
The platform supports real-time and batch
feeds of transactions, events and business
records, as well as alerts from other products
for correlation and resolution.The data and
business model is completely configurable
Across the globe, criminals are persistently looking for weak defenses that they can exploit for fraud,
money laundering, terrorist financing, sanctions violations, tax evasion and more. Facing these challenges,
financial crime risk management operations require better and more holistic technology solutions.
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4. and can be optimized for the institution’s
unique business and risks, and can monitor
every entity for which a unique ID is available
in the data.
Learning and detecting – Applies mathematics,
statistics and logic to understand the behavior
of each entity to analyze current activity in real
time. Detection scenarios, scoring models,
pattern matching, dynamic thresholds and
fuzzy list matching are used together to
detect risks at minimal false positives and
false negatives, vastly improving operational
efficiency. Skilled business users can
change or add scenarios, including response
strategies, alert presentation and ranking.
Alert management and investigation – Provides
an end-user environment for analysts to
review alerts with the help of intuitive tools
including drill-down navigation, network
analysis and behavior visualization. Supports
workflow features to prioritize, assign and
structure alert handling with auditable
decisions, including actions to protect assets
beyond the alerted transaction, set parameters
for use in future monitoring and remove
fraudulent or erroneous transactions from
behavioral profiles.
Case management – When alerts warrant full
investigation, analysts can add them to an
existing case or create a new one. All relevant
data from the alert is then automatically
populated to the corresponding case. Cases
can also be started from scratch to deal
with non-system alerts.The structure and
mandatory content of cases are configurable
per case type. Workflows with specific stages
drive the case to completion and contain built-
in checkpoints, maintaining a full audit trail of
changes made. Multiple authorization levels
are supported, and the platform allows linking
and searching of cases. Financials regarding
the case can be tracked and recorded for
exposures, preventions, recoveries and
charge-offs.
Regulatory reporting – From the case
management system, regulatory reports
can be prepared, populated, validated
and generated in the required format.The
platform’s flexibility enables Fiserv to configure
support for local formats at limited cost,
delivering out-of-the-box support for key
markets. Direct threshold-based reporting
for large cash transactions can be triggered
automatically from the detection engine,
staging them directly for final review.
Key Solutions
AML Risk Management
AML Risk Manager from Fiserv delivers
unparalleled efficacy by introducing data
analytics, more flexible risk management
tools, improved link analysis and beneficial
ownership tools and improved management
reporting. AML Risk Manager monitors
transactions across all accounts held by a
customer to understand behavior and detect
potential money laundering or terrorist
financing – through detection scenarios that
reflect the risks assessed by your compliance
team.This solution also demonstrates
compliance with the U.S. Bank Secrecy Act,
the 3rd EU AML Directive, and dozens of local
AML laws and regulations in all major regions
of the world.
A Program to Call Your Own
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5. Real-Time Electronic Payment
Fraud Prevention
Payment Fraud Manager from Fiserv is
the industry’s first real-time cross channel
monitoring and interdiction solution for
electronic payments. Payment Fraud Manager
is the most comprehensive solution on the
market today, using advanced inference
techniques to detect and prevent fraudulent
transactions. Payment Fraud Manager
monitors both batch/bulk file and individual
electronic funds transfer transactions across
many payment and messaging infrastructures,
such as SWIFT, FEDWIR, SEPA, and ACH.
It also controls all crime types, including:
batch file manipulation, cybercrime, account
takeover, and internal fraud.
Real-Time Check Fraud Prevention
Check Fraud Manager from Fiserv provides
real-time detection of check fraud, enabling
banks to safely accept mobile deposits and
stop fraud at the teller window by declining
or holding checks on the spot as well as
detecting fraud Day 2 as part of the traditional
clearing process. Real-time deposit channels
drive the need for new capabilities that enable
institutions to accurately determine whether
a customer’s deposit behavior is risky, to set
funds availability strategies based on risk at the
customer-level, and to identify and stop check
fraud quickly and accurately.
Customer Risk Management
Customer Risk Manager from Fiserv provides
customer-level risk scores and profiles that
can be used alone, for example to identify
account takeover, or as a complement to other
fraud solutions to reduce false positives and
improve operational efficiency. Customer Risk
Manager builds a customer risk profile that
can be used to enhance any fraud mitigation
process, whether electronic payment fraud,
check fraud, or any other fraud prevention
process.This customer profile and risk
scores are compiled from static data such as
customer demographics and dynamic data
such as account balances, deposits, tenure at
the institution, behavior scores, prior frauds,
prior risky activity, online banking, and mobile
banking data. Customer Risk Manager is an
integrated solution that enables organizations
to truly capture a customer-centric view of
fraud risk.
Sanctions Screening
Watch List Filtering Manager from Fiserv
enables screening of transactions, customers
and any other entities against common
government, commercial or custom lists to
prevent business with sanctioned countries
and entities.The solution, along with other
Compliance & Fraud Management solutions,
presents dedicated alerts in the investigation
environment for decisioning and, if needed,
escalation to case management. OFAC
reporting is also supported.
FATCA Monitoring and Control
Compliance & Fraud Management solutions
leverage the AML data model and proven
capabilities for a cost-effective approach to
keeping control of your FATCA operations.
Deployment to SuitYour Budget, Skills
and Needs
Fiserv has created libraries of proven
preconfigured detection scenarios, enabling
organizations to get up and running quickly at
minimal cost. Alternatively, clients can work
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6. with our expert professional services teams
to determine the right coverage with existing,
adapted or new models. Some clients choose
to take complete control by using the flexible
toolbox to create their own configurations.
The same flexibility applies to the ongoing
operation and optimization of Financial Crime
Management Platform from Fiserv.
LowerTotal Cost of Ownership
A single, scalable technology stack for all
Compliance & Fraud Management solutions
delivers lower total cost of ownership.
The entire platform is based on powerful
Microsoft®
technology around a SQL Server
database with standard three-tier architecture.
The real-time CEP detection engine delivers
secure and reliable high performance and low
latency, with response times measured in
milliseconds.The default integration model is
based on configurable XML data structures
via Web services communication, with Fiserv
offering ETL software and services around that
for other requirements.
Harnessing Fiserv Expertise in
Safeguarding Financial Services
Fiserv provides market-leading solutions
for account processing, payments, online
and mobile banking, bill payment to more
than 16,000 clients in 80 countries. Millions
of accounts and billions of payments
rely on our products and services to
be managed efficiently, accurately and
safely. The prevention of financial crime is
deeply ingrained in our culture, process,
infrastructure and software – as regularly
validated by U.S. regulators. As a result,
we have unparalleled knowledge of the
products needed to protect financial
services organizations. Our Compliance &
Fraud Management solutions are geared
to address local regulations, reporting,
currency, infrastructure, language and
financial crime risks. Compliance & Fraud
Management solutions are the strategic
weapons of choice in the global fight against
financial crime.
Connect With Us
For more information about Compliance &
Fraud Management, call 800-872-7882 (North
America) or +31-0-70-452-5440 (outside North
America), email getsolutions@fiserv.com or
visit www.financialcrimerisk.fiserv.com.
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7. About Fiserv
Fiserv is driving innovation in Payments, Processing Services,
Risk & Compliance, Customer & Channel Management and
Insights & Optimization, and leading the transformation of
financial services technology to help our clients change the
way financial services are delivered. Visit www.fiserv.com for
a look at what’s next now.
