Financial Services and Fraud Prevention

Financial institutions are exposed to transactional fraud in two primary areas:

1. Fake identities
2. Counterfeit currency and other payment instruments

Fraud Fighter has helped financial institutions of all types reduce financial fraud losses while optimizing compliance. 

• Bank of America installed Fraud Fighter product solutions in two–thirds of their banking centers, and in a little over 8 months, saved over $1Million in fraud losses.
• In fewer than 100  Wells Fargo branches that participated in their pilot project, FraudFighter prevented losses of more than $200,000 in just over 30 days. At the time, Wells Fargo was operating around 4,500 branches, so these savings were realized across barely 2% of the entire operation - an early win was the detection of a fraudulent $180,000 loan transaction that resulted in the breaking of a nationwide fraud ring. 

As managers of financial institutions seek to design financial fraud prevention controls that satisfy not only legal requirements, but also their distinct business needs, it should also be noted that Fraud Fighter solutions can also help you comply with federal ‘Red Flag’ anti–identity theft regulations, the Bank Secrecy Act regulations, and Customer Identification Program requirements.

Read more about fraud and how to prevent it by selecting your industry below.