Stop wire fraud aug 2016
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The document summarizes Guardian Analytics' wire fraud protection solution. It discusses the rise of business email compromise (BEC) wire fraud, with funds lost increasing over 400% from 2015 to 2016. Guardian Analytics protects customers of the Fiserv wire transfer platform WireXchange through real-time risk scoring of wire transactions. This solution has successfully prevented millions of dollars in fraudulent wires for various banks and credit unions. The document promotes Guardian Analytics' fraud detection capabilities and provides customer testimonials and a diagram of how its real-time wire monitoring works integrated with the WireXchange system.
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Stop wire fraud aug 2016
- 1. Stop Wire Fraud Guardian Analytics Wire for Fiserv WireXchange Exclusive Solutions Overview August 12, 2016
- 2. The Rise of BEC Wire Fraud 2© 2016 Guardian Analytics, Inc. – Confidential & Proprietary
- 3. FBI Continues Issuing PSA’s for Escalating Problem 3© 2016 Guardian Analytics, Inc. – Confidential & Proprietary 1300 percent increase in victims affected since June 2015 M $179 M 15-Aug M $747 M 16-Jan M $960 M 16-Jun +436% 1,198 14,0327,066 Percent increase in funds lost
- 4. Guardian Analytics Protects 4© 2016 Guardian Analytics, Inc. – Confidential & Proprietary
- 5. • Fiserv strategic partner of choice • Proven, real-time, out-of-the-box integration • 50+ WireXchange customers and growing Guardian Analytics Wire Successfully Protects WireXchange Customers 5© 2016 Guardian Analytics, Inc. – Confidential & Proprietary
- 6. Customer Successes 6© 2016 Guardian Analytics, Inc. – Confidential & Proprietary “In just the first three weeks of using GA real-time wire module, we prevented four fraudulent wires totaling over $21,510.” Regional Bank | 2.8B in Assets | 2,500 wires/month “With Guardian Analytics real-time wire, we were able to eliminate over 90% of our workload for reviewing and processing wire transfers.” Community Bank | 600M in Assets | 500 wires/month “Guardian Analytics helped stop $160K in fraud for our organization.” Credit Union | 2.2B in Assets | 1,000 wire/month “In two months, Guardian Analytics prevented $19M in BEC fraud.” National Bank | 20B in Assets | 83,000 wires/month
- 7. • Real-time integration eliminates delays in risk scoring and decision making • Automated intervention reduces manual reviews with auto-hold of high risk wires and auto-release of low risk wires • Streamlined wire workflow to better manage wire queue efficiently and effectively • Easily integrated, easy to use Fight Wire Fraud with Guardian Analytics 7© 2016 Guardian Analytics, Inc. – Confidential & Proprietary
- 8. Real-Time Wire Intervention for Fiserv WireXchange WireXchange API Wire Request Auto Release/Hold Manual Release/Cancel Wire Transfer Methods • Fiserv WireXchange sends wire data to Guardian Analytics for real-time risk- scoring Customer/Criminal Manual Release/Cancel Send to Fed • Guardian Analytics Wire returns risk-based auto- release or auto-hold instructions • Analyst reviews prioritized alerts in Guardian Analytics Wire - risk factors and history • Manual release or cancellation instructions managed through Guardian Analytics Rec’d from Fed © 2016 Guardian Analytics, Inc. – Confidential & Proprietary Fraud Analyst(s) 8
- 9. Guardian Analytics Wire Demo 9© 2016 Guardian Analytics, Inc. – Confidential & Proprietary
- 10. Guardian Analytics Platform Certification Get Certified! 10© 2016 Guardian Analytics, Inc. – Confidential & Proprietary Learn more: GuardianAnalytics.com/Services Register: training-request@guardiananalytics.com
- 11. Download the datasheet Lorinda Garms lgarms@guardiananalytics.com Next steps 11© 2016 Guardian Analytics, Inc. – Confidential & Proprietary Visit us on YouTube Contact us for a more in-depth discussion about how your financial institution can fight wire fraud. Check us out online!
- 12. For more information: www.GuardianAnalytics.com Thank you!
Editor's Notes
- Thank you Alexa! Hello! My name is Lorinda Garms. I’m an Account Executive here at Guardian Analytics. Today I’ve prepared about a dozen slides in addition to a quick demo. At the end of the meeting you should have a much better understanding of who we are and what we do and how our behavior based anomaly detection wire solution can provide added value for your organization. [NEXT]
- It’s no secret that fraud is an expanding problem across all banking channels and WIRE fraud seems to prove itself time and time again to be the preferred crime of choice for fraudsters. Nearly every week a new headline is released educating the world about another wire attack. The effort to address these attacks is just piled on top of a long laundry list of to-do items for financial institutions to complete. As you are aware, Financial institutions are faced daily with the challenge of detecting fraudulent wires, reigning in operational costs, and streamlining transaction processing to improve customer service and competitiveness. To solve this problem historically, Most Financial institutions rely on time-consuming manual reviews or manage a high amount of false positives from rules-based transaction monitoring solutions. All the while FIs and their customers are getting fooled by different types of attacks that continue to evolve. To that point Fraudsters are intelligent, savvy and continuously evolving their schemes. One consistency we’ve found is that fraudsters are not discriminating against the type of customer they attack. Even big companies are getting caught too, such as Mattel. Can you imagine if Mattel was your client?! [PAUSE] The attack that seems to continue to surface over and over again is the Bank Email Compromise attack. Also known as BEC. [NEXT]
- Within one year, the FBI has released 3 Public Services Announcements warning of the increasing escalation in BEC fraud attacks. Since the FBI first alerted of this scam in June of 2015, there has been over a 1,300 percent increase in victims affected and 436 percent increase in funds lost in the United States alone. The BEC scam continues to prove time and time again as a revenue generating type of attack for fraudsters. We HAVE TO find a way to recognize the anomalous behavior before the money leaves the financial institution. [NEXT] ____________________________________ Total US Victims: 1198 Total US Dollar Amount: $179M Total US Victims: 7,066 Total US Dollar Amount: $747M Total US Victims: 14,032 Total US Dollar Amount: $960M Since the FBI first alerted of this scam in June of 2015, there has been over a 1,300 percent increase in victims affected and 436 percent increase in funds lost in the United States alone.
- Thankfully, Guardian Analytics is here to solve that problem! Guardian Analytics has been in business for over 10 years with a couple patents on our technology. We have over 400 customers Protecting over 40M account holders and over 5B banking activities. AND, We are Fiserv’s strategic partner of choice! [NEXT] ______________
- Through our relationship with Fiserv, Guardian Analytics Wire is successfully protecting WireXchange customers today! We have a proven, real-time integration with WireXchange. With this tight integration we have access to more data, in turn providing stronger risk analysis. Over 50 WireXchange customers have already signed and over 35 are in production. The rest are in various stages of implementation. Our implementation teams are experienced. The process is now streamlined. Customers are now going live within 30 days from signing. As a matter of fact, your financial institution doesn’t need to plan for any heavy lifting to get this product live. Customers tell us they’re surprised that this implementation is a lot less work then they anticipated. Consequently, you can easily implement Guardian Analytics Wire in tandem with any already planned projects. Recently we posted a news release highlighting the power of Guardian Analytics Wire. This article was picked up by about a dozen publications such as Market Watch, Miami Herald, and New York Business Journal. And if this isn’t a enough to assure you that this product works, then let our customers do the convincing… [NEXT] _____________________
- Today our Guardian Analytics Wire customers range from community banks to regional banks to national banks to credit unions. They range from various sizes in assets and wire volumes. Here are testimonials from four customers. 1 - A regional bank with about 2,500 wires per month reported that in the just the first three weeks of using Guardian Analytics real-time wire module, they prevented four fraudulent wires totaling over $21,510. 2- A community bank with 500 wires per month noted that with Guardian Analytics real-time wire they were able to eliminate over 90% of their workload for reviewing and processing wire transfers. 3) A credit union with about 1,000 wires per month celebrated Guardian Analytics for stopping $160,000 in fraud 4) A national bank with 83,000 wires per month testified that in just two months Guardian Analytics prevented $19M in BEC fraud In additional to a hard dollar value ROI, there are soft dollar evaluations to consider too, such as it’s operational efficiencies. [NEXT]
- With Guardian Analytics Wire – The real-time integration eliminates delays in risk scoring and decision making. It reduces call backs. Removes the need for rules based limits or processes. Automated intervention reduces manual reviews with auto hold of high risk wires and auto release of low risk wires Streamlined wire workflow enables a more efficiently and effectively managed wire queue. The dashboards and case management provides easy access for investigation resolution, reporting and auditing. Guardian Analytics Wire also protects 100% of your customers from day 1. There is no need for customer educational sessions or enforcement of adoption. It’s protecting all of your customers behind the scenes without their awareness or involvement. To that point, there are no rules to write or algorithms to train or scenarios to manage. The solution is dynamically updating without any assistance. Here’s how it works…[NEXT] ____________________________________
- [BUILD] - As soon as the wire gets into Fiserv WireXchange then WireXchange sends wire data to Guardian Analytics for real-time risk-scoring. [BUILD] - Guardian Analytics Wire returns a risk-based auto-release or auto-hold instructions. [BUILD] - The analyst at your Financial Institution reviews prioritized alerts in Guardian Analytics Wire[BUILD] -From Guardian Analytics Wire the analyst can send instructions to WireXchange to manually release or cancel a wire. [NEXT] ___________________________________________
- Now let’s transition over to a quick demo. I’m going to present this demo as if I’m a fraud analyst working in the wire department at your financial institution
- Now it’s time to get certified! Guardian Analytics Platform Certification course provides the necessary tools to be effective on day one. This course is an easy 2.5 hour self-paced online course. It’s a great tool to become a Guardian Analytics solutions expert! Once completed we’ll send you a beautiful official certificate! [NEXT]
- The next step is to contact me for more information or schedule a one-on-one meeting. If I’m not the designated executive for your account then I’ll introduce you to the correct Guardian Analytics rep. Lastly please check us out online! -Our website provides additional content, such as a downloadable version of our datasheet. -And, YouTube is a bonus resource whereby a wealth of information is often being added. [NEXT]
- Thank you all for your time today. I’m going to now turn it over to Alexa to wrap up.