Fraud monitoring | Software AG
Today’s fraud monitoring solutions offer incredibly sophisticated fraud detection and prevention capabilities. Using automated systems and analytics, the latest fraud monitoring solutions are able to identify suspicious behavior based on metrics such as location, transaction size and transaction frequency, and take steps to shut down the fraudulent activity immediately.
But the window to spot potentially fraudulent transactions is typically less than one second. And with massive amounts of data in motion—often millions of transactions per day across multiple channels—fraud monitoring systems must be extraordinarily fast. A service level agreement of 99.7 percent, for example, could miss as many as 0.3 percent of transactions, adding up to more than $10 million annually for large financial institutions.
For companies seeking to minimize losses due to fraud, Software AG delivers a fraud monitoring solution that can review as much as 99.995 percent of transactions, dramatically decreasing losses and saving the organization millions of dollars per year.
Fraud monitoring tools from Software AG
Software AG’s fraud prevention and detection solution enables institutions to reduce time-to-detection by employing in-memory data storage and the world’s fastest Complex Event Processing (CEP) engine. With our fraud monitoring software, the list of rules on transactions to flag is kept in-memory, instead of requiring the system to query a database for every transaction. The result is low latency which, when coupled with the speed of the CEP engine, enables our fraud detection software to handle more data at high speeds and process more transactions within that one-second window.
Software AG’s fraud monitoring solution provides:
- Advanced connectivity options with more than 40 common adapters and a team dedicated to building custom adapters
- Alert generation capabilities with more than 50 pre-defined scenarios, high-performance scenario testing tools and a flexible framework to create and update scenarios
- Feature-rich alert and case management tools, including comprehensive market replay tools, fully audited workflows, and options to create automated and customized workflows
- Flexible reporting and data visualization tools that include more than 20 pre-defined reports and the ability to combine multiple data sources into compelling graphical dashboards
Key benefits of fraud monitoring with Software AG
Our fraud management solutions enable financial institutions to:
- Minimize losses by detecting and stopping fraud in real time across banking channels
- Process large volumes of data at high speeds
- Store relevant data in-memory for low-latency responses
- Identify and act on new unusual behavior
- Increase operational efficiency by monitoring fraud investigation efforts
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