Fraud Prevention

The Fraud Manager, NetEconomy’s fraud prevention solution, incorporates real-time blocking and best-practice fraud prevention scenarios via NetEconomy's Suspicious Activity Monitoring engine (SAM) for analysis as well as active case management of any irregular transactions. NetEconomy includes pre-defined risk views for fraud prevention and detection in real-time.

NetEconomy monitors all transactions and actions on an account, and flags those accounts that are perceived as being high risk. An account should be regarded as high-risk when, for instance, it shows a combination of the following:

• Account has a high-balance, and
• Account has been dormant or inactive for a certain period of time, and
• One or multiple ‘events’ have been recorded for the account in the Customer Information System (CIS), such as change of beneficiary, change of address, cards or checks reported lost or stolen, new card, check-book or continuation passbook issued.

When an account is flagged as high-risk, NetEconomy generates preventive alerts, so that the fraud prevention analyst or account manager can proactively contact the account holder to verify account information, and prevent fraud.

Accounts that have been flagged are being monitored closely. Once NetEconomy detects a high-risk or unusual transaction involving these accounts, an alert will be generated in real-time or the transaction is blocked right away. Examples of transactions that potentially impose a risk are:

• High-risk transaction types, such as international transfers or SWIFT transactions, telegraphic transfers (TT), high-fee transactions;
• Debit transaction amount equals or exceeds a predefined threshold;
• Transaction amount equals or exceeds a predefined percentage of the total balance on the account;
• Transaction involves a new destination account;
• Transaction is unusual for the account involved, based on the account holder’s profile or compared to profiles of one or more peer group(s) to which this account belongs.

Built-in feedback loops ensure that new instances of fraud can quickly be detected or prevented, optimizing the combination of account characteristics and events so that fraud prevention remains key.

Fraud Prevention DataSheet