Fraud detection software | Software AG
Fraud detection software today faces an enormous challenge. Many financial companies process millions of transactions each day over multiple channels. Fraud prevention and detection software must analyze each transaction in real time, searching for unusual patterns that may suggest fraudulent behavior and stopping transactions before fraud can occur. Speed is essential—the window to flag and stop a transaction is typically less than one second. Even with sophisticated and automated analytics, most fraud detection software will miss a percentage of transactions, and even 0.3 percent of missed transactions can add up to $10 million or more in losses per year for a large financial institution.
At Software AG, our fraud detection software is built on the world’s fastest Complex Event Processing (CEP) engine, enabling us to significantly reduce missed transactions from 0.3% to 0.005%, stopping more fraud and saving institutions millions of dollars per year.
Software AG’s fraud detection software
Our fraud detection and prevention solution processes more transactions and reduces time-to-detection by relying on in-memory data storage. Instead of requiring the system to query the database on each transaction, our fraud detection software keeps the rules for flagging transactions in-memory, reducing latency and enabling higher volumes of data to be reviewed within the one-second window.
Software AG’s fraud detection software delivers everything you need to combat fraud: the ability to combine current, real-time metrics from big data sources with historical data to identify fraud patterns fast enough to stop it.
Our fraud monitoring software also provides:
- More than 50 out-of-the-box alert scenarios
- Global regulatory coverage
- More than 40 common adapters
- Feature-rich case management tools
- Comprehensive market replay tools
- Tools to record evidence and build a body of evidence
- Options to create automated and customized workflows
- More than 20 pre-defined reports
- The ability to connect to multiple data sources and combine data in graphical dashboards
Benefits of fraud detection software from Software AG
With fraud management solutions from Software AG, you can:
- Reduce time-to-detection and minimize losses due to fraud
- Improve regulatory reporting
- Correlate massive amounts of transactional data against customer behavior and other key information in real time
- Adapt fraud monitoring in response to new fraud techniques by quickly creating new fraud detection rules
- Improve operational efficiency by automating fraud department workloads
- Get complete auditing transparency and traceability