Fraud Management Technologies Introduces FraudAlert

FraudAlert, which utilises proprietary technologies from FMT, has already been selected by three leading global financial institutions and is attracting worldwide interest due to its effectiveness in reducing fraud while not burdening the customer with the complexities of some additional security solutions. This highly-effective solution is being made available today as a software solution from FMT, or alternatively in conjunction with IBM as a plug-n-play appliance or a hosted solution.

FraudAlert® uniquely achieves to reduce online fraud while protecting the customer by using multiple risk parameters that profile each end-user’s behaviour and analyse each action or transaction via its internal risk-based authentication engine. Each action a user seeks to take is analysed in real-time and accordingly, FraudAlert® can automatically request further multi-factor authentication options from the customer, or engage human intervention from the bank to secure the transaction.

FMT founder and CEO, Kostas Siourthas, explains: “When an account is opened, transacted or serviced through the Bank’s traditional channels, varying identification and authentication policies are put in place by the banks to protect their assets and their genuine customer. What FraudAlert® does is allow all financial institutions to deploy existing and new policies to their online channels, which today are more critical to their operations than ever before”.

“Our solution alleviates this dilemma for the bankers - the increased security offered by FraudAlert® allows the customer to be protected in a non-intrusive manner that leaves the customer experience unchanged in a highly competitive and volatile customer market”. Siourthas continues: “Deployment of FraudAlert® demonstrates that the concerns the customers have today about the integrity of the online channel are being taken seriously and that the financial institution values the security and protection of the customer”.

FMT’s FraudAlert® prevents and detects online fraud for financial institutions. This happens firstly at account opening or application and at two further separate points: (1) when a user seeks to access the banking website and (2) when an action or transaction request is made. An action could be a change of address or a PIN change. A transaction could be a bill payment or a new third party payment request. FraudAlert® identifies online fraud patterns in real time and implements the appropriate risk-based authentication solution to help reduce the risk of each action or transaction to the genuine customer and the bank. FraudAlert® includes sophisticated proprietary technology including a bank-controlled rules and policies editor, a detailed case management system for fraud monitoring and investigation, and a user-friendly administration tool. FraudAlert® also offers Reverse Authentication allowing a bank to identify itself to the customer across web and telephony channels which is important in the fight against fraud via social engineering.