Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
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.
Other Resources

RSS print
News Now LiveWire
See @CUNA's @SchenkMike on TheStreet discussing a new surge consumer confidence http://t.co/SqjarTBLCQ
25 minutes ago
.@CFPB pushes back cmmt deadline on proposal to allow consumer narratives in complaints database--now 9/22, was 8/22. http://t.co/mHLlRVjEij
1 hours ago
@FHFA will hold 8/14 outreach in Atlanta for homeowners who still could benefit from the HARP refinance program. More in #NewsNow Thurs.
1 hours ago
Access to Affordable Mortgages Act passed by Hse Fin Serv. 31-23.CUNA says bill gives CUs reg relief & incr. access to mortg credit.
1 hours ago
Bill sponsor said will support amndmt to incl. NCUA in the study & delay the agency's risk-based capital plan b4 full House vote. 2of2
2 hours ago