Fraud is on the rise among banking and financial institutions. From an increased focus on risk management, to proactive loss prevention, the banking industry is actively working to avert another crisis and safeguard reputations.
AccountProtector tests account deposits based on activity/inactivity, and transactions, for potential fraud
LoanProtector manages the loan administration process including performance, transactions, maintenance, and activities that may indicate fraud or policies non-conformance
Provides early detection to stop immediate losses
Reduces future losses by an average of 75%
Protects assets by monitoring 100% of electronic data associated with loan and deposit accounts
Eliminates hours of programming required to test account, customer and transaction data
Identifies both common and high-risk fraud scenarios that typically require specialized expertise to uncover
Provides assurance to stakeholders by automatically detecting errors, omissions and potential fraud schemes
Exceptions are provided in a shareable report to facilitate further investigation
Integrates with CaseWare IDEA to deliver complete and consistent results
Deposit Account Takeover
Identifies and reports inactive deposit accounts with maintenance changes to customer file data occurring in the last 90 days that are followed by transaction activity. Two specific inactive account scenarios are addressed:
Accounts open under six months with no activity since opening date
Accounts with no activity for six months
Dormant Account Manager
Identifies and reports accounts with: 1) invalid account type codes that may prevent accounts from being classified as dormant; and 2) dormant status that conflicts with the number of days the account has been inactive.
Inactive Accounts Manager
Identifies and reports transactions to inactive deposit transaction accounts during a “pre-dormancy” window and reports the transaction details. The “pre-dormancy” window is 75 days for checking accounts and 150 days for non-checking accounts.”
Certificate of Deposit Early Withdrawals
Identifies and reports Certificate of Deposit (CD) withdrawals equal to or greater than a “user-selected” percentage of the original balance. A Risk Score based on the remaining CD balance and remaining CD term is calculated and reported for each CD account that had a qualifying withdrawal.
Identifies and reports all maintenance activity to deposit accounts. Both data prior to the change and the data after the change are reported.
Service Charge Manager
Performs the following validations and reports exceptions: invalid service charge data; service charges to protected accounts; service charge plan not defined; service charge waivers; and service charge overrides.
Internal & Employee Account Transaction Monitor
Identifies Employee and Internal accounts through the analysis of: 1) employee account codes and 2) external file of employee tax identification numbers, names and addresses. Reports transactions individually and in summary to identify abnormal activity. This test also detects employee and internal accounts that are not coded and reports transactions to these accounts.
New Account Money Laundering
Identifies and reports new accounts with large spikes in the number and dollar amount of deposits between two periods of time: the first two months after the account opening date, and months three through five after the account opening date.
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Identifies and reports loans that are currently overdue for at least 60 days and were opened within the last six months. All loan transactions since account opening are also reported for each overdue loan.
Loan Transaction Monitor
Identifies and reports all “user-selected” transaction types for which a user wants to generate reports. All transactions that are back-dated more than four days are automatically selected by this test.
Loan Maintenance Monitor
Identifies and reports all maintenance activities on loans. Both data prior to the changes and the data after the changes are reported.
Loan Charged-Off and Recovery Monitor
Identifies and reports charged-off loans and loan recoveries by loan officer. Also reports each loan officer’s total loan portfolio as a baseline to assist in identifying trends that may be indicative of loan fraud, recovery fraud, poor underwriting, non-performance, etc.
Loan Delinquency Manipulation
This test recalculates days, payments and amounts delinquent for each loan. It then reports any difference between the recalculated delinquent amount due and the system delinquent amount due.
Lending Separation of Duties
Analyzes and reports all loan transactions posted by the same officer who approved the loan. Both disbursement and payment transaction types are considered.
Loan Repayment Analysis
Analyzes open and closed loans for “rollover” loans that appear to have been made to a borrower to payoff loans to the same borrower. These loans are grouped by loan officer and reported.
Loan Payment Extensions Monitor
Recalculates the number of months each loan has been extended and reports loans that fall under both of the following scenarios: 1) loans with excessive extensions; and 2) unauthorized extensions. Extended loans are also summarized by loan officer and reported.
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