Award-winning Global Bank Combats Financial Fraud with Secure Payments Platform

Key Objectives

• Rapid implementation cycle
• Robust enterprise case and alert management 
• Flexibility to process multiple transactions channels
• Rich feature set with advanced analytics, including machine learning capabilities
• Best-in-class solution user experience, reporting, and stability
• One platform to solve future needs

The threat is real

Payment fraud has hit an all-time high with 74% of organizations experiencing attempted and/or actual payment fraud incidents in 2021. 68% of people believe fraud has increased due to the pandemic.

The risks of wire, card and check fraud have been known for years, but as the push for faster and more mobile payments is demanded by consumers, financial institutions are hard-pressed to thwart equally tech-savvy fraudsters.

That’s why finding a trusted payment fraud detection solution provider is a necessity, not an option.

Recently an award-winning, international bank wanted to replace its homegrown fraud-prevention solution with a state-of-the-art platform that would integrate with existing systems and provide real-time visibility into payment transactions. While the bank’s solution was adequate, it was proactively seeking a more robust solution that was proven and contained pre-defined key risk indicators and detection logic. The solution needed to be able to address a wide-range of transaction types including real time, near real time and batch payments, deposits and withdrawls across multiple platforms.

Combating fraudsters

After a long evaluation process, the bank chose Bottomline as its technology partner. Bottomline works with financial institutions to design customized, scalable fraud-prevention solutions that quickly identify security threats and stop funds from ending up in the wrong hands.

Together the bank and Bottomline developed a solution with a fast and flexible implementation process that includes:

• Effective cross-channel and cross-product fraud management, which tracks the behavior of customers, employees, and accounts and correlates activities between online, mobile, ACH, wire, checks and other channels
• A user-friendly interface that creates easy-to-digest graphical reports and a visual replay of every screen in core business applications
• Detection analytics that focus on statistically-driven customer behavioral profiles to ensure balanced alerting and effective detection
• Enterprise grade case management to address the risk and compliance requirements of the business, including workflow to ensure the speed, quality and consistent management of all escalations from generated alerts and incidents.

When a fraudulent payment is identified in real-time, investigators are provided notifications to escalate the alert, as well as all the relevant information that allows them to make a high quality and rapid decision in regard to how the alert should be addressed. If there is a reason to suspect that high risk activity indicates fraud, the investigator can intercept the payment, block the account, and initiate and coordinate automated downstream processes from within the application.

Improved accuracy and efficiency 

Today, the bank’s investigative team is processing more alerts per day with significantly improved accuracy. The secure payment platform processes alerts, assigns a risk score and responds within milliseconds. In fact, the bank is so pleased with the platform’s performance, it is actively looking into other areas of implementation such as securing trade room transactions.

Payment fraud has hit an all-time high with 74% of organizations experiencing attempted and/or actual payment fraud incidents in 2021