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Fraud Risk Indicator

Fraud Risk Indicator

Turn risk signals into measurable fraud reduction

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Provides additional datapoints for your Transaction Monitoring
Helps to identify increased or decreased risk for fraud and money laundering
Lowers the number of false positives and lowers operational costs
Allows for more focus on actual fraud cases

How does it work?

The Fraud Risk Indicator is a solution offered in combination with the IBAN-Name Check/Verification Of Payee: an add-on to the current API. Essentially, the add-on provides additional data points; risk indicators that will help the bank to determine whether there’s an increased risk or a decreased risk of fraud.

Fraud Detection & Monitoring

The Fraud Risk Indicator is meant for implementation at the Fraud Detection / Transaction Monitoring system, not in the front-end.

This helps to prevent fraud because additional fraud cases can be spotted upon payment initiation, thanks to risk increasers, like a “hit” in the PolitieNL database or the fact that an account is newly opened.

Lowers the number of false positives

The Fraud Risk Indicator helps to lower the number of false positives on the fraud analysts backlog, thanks to risk decreasers like the number of account holders.

Fraud Risk Indicator modules

Account Context

  • What kind of data source was used for IBAN-Name matching
  • Account Age: was the bank account recently opened
  • Account holder type: business or personal account
  • Joint Account check: number of account holders
  • Account Type: payment account, savings account, etc
Police Data Integration

It is possible to add police data integration as an extension to your Fraud Risk Indicator. Additional data integrations will be announced in the future.

  • Receive alerts if more than three police reports have been filed against the beneficiary IBAN. This feature supports both domestic  and international IBANs.

The number of false positives has decreased significantly; as a result, our fraud analysts are working on real fraud cases much more often

– Tertia Wiedenhof, Product Manager External Fraud Detection at Rabobank

Other add-on features

SWIFT Beneficiary Account Verification
Expand your reach on a global scale by leveraging the pre-validation service offered by Swift. SurePay is an official Enabler partner of Swift and can take banks from local Confirmation of Payee to to EU and beyond to Global. Trust in a secure and accredited platform for a frictionless and fraud-resistant financial experience.

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European Batch Check
Are you ready to meet the requirements of the Instant Payments regulation? Checking payment orders delivered as a package is one of the new key requirements of the regulation. SurePay has multiple solutions available to suit your needs and meet the requirements to comply with the regulation.

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Switch Check
If a bank uses the SurePay Switch Check, the payer will be notified when the payee has switched to another bank. This way he can immediately pay to the new IBAN and update his address book. This speeds up the adoption of new account numbers.

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PayID
With SurePay PayID customers can now easily and securely pay in your Banking App to friends and acquaintances on their contact list. In the future we will add more identification options to this service. SurePay PayID uses the smart Verification Of Payee algorithm for this.

Read More →

Start today. Be sure who you pay.

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