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With fraud reaching all-time highs, banks & credit unions are responding by taking a risk-management approach driven by technology. Searching for fraud or errors to avoid significant financial loss, stiff penalties and long-lasting reputational damage requires the right tools.
AccountProtector
provides complete coverage for critical areas including account takeover, unauthorized withdrawals, compliance, money laundering, employee accounts, dormant accounts, and service charge errors.
LoanProtector
helps you conduct a comprehensive fraud audit of the lending function by testing for multiple loan fraud indicators in this exceedingly high-risk area.
Identify conflicts between account data and system parameters
Apply advanced algorithms to identify critical errors & omissions and reduce fraud
Remediate risks before they grow into reportable examination findings by the FDIC, NCUA and OCC
Enhance regulatory management ratings
Meet COSO Principle 8 fraud risk assessment standards
Build a cost-effective continuous auditing and monitoring program
Deposit Account Takeover
Identifies potential new account takeover and inactive account takeover fraud schemes. Reports new and inactive deposit accounts with maintenance changes to customer file data that are followed by transaction activity within a certain time period.
Dormant Account Manager
Identifies potential fraudulent attempts to conceal dormant account activity. Reports accounts with: 1) invalid account type codes that may prevent accounts from being classified as dormant; and 2) current dormant status that conflicts with the number of days the account has actually been inactive.
Inactive Accounts Manager
Identifies potential fraudulent attempts to make unauthorized withdrawals to inactive accounts just prior to them being classified as dormant accounts. Reports transactions to inactive deposit transaction accounts during a “pre-dormancy” window (specified number of days).
Certificate of Deposit Early Withdrawals
Identifies potential fraudulent withdrawals from certificate of deposit (CD) accounts. A Risk Score is created for for each CD with an early withdrawal based on the balance and remaining term.
Maintenance Transactions
Identifies potential unauthorized and fraudulent changes to account data fields selected by the user. Reports all related activity in both summary and detailed formats, to identify abnormal patterns, including providing the data prior to the change and the data after the change.
Service Charge Manager
Identifies and reports improper service charge data associated with each account that causes incorrect service charges to be assessed. Validation routines include assessments of protected accounts; service charge plans not defined; service charge waivers; and service charge overrides.
Internal & Employee Account Transaction Monitor
Identifies potential fraudulent activity processed through employee accounts and internal accounts, including accounts that were purposely or inadvertently not designated as employee or internal accounts. Reports transactions individually and in summary to identify patterns of abnormal activity.
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. Use to identify money laundering and validate the accuracy of any money laundering detection systems in use.
Contact [email protected] to schedule a demo!
Underperforming Loans
Identifies loans that become overdue soon after they are opened, indicators of loan fraud or non-compliance with underwriting standards. Reports these overdue loans by days overdue and shows all transactions.
Loan Transaction Monitor
Identifies user-selected transactions of an unusual nature or simply for compliance with policies. Transactions that are back-dated more than four days are automatically selected by this test. Reports the transactions in detail or summary by transaction type.
Loan Maintenance Monitor
Identifies potential unauthorized and fraudulent changes to account data fields selected by the user. Reports all related activity in both summary and detailed formats, to identify abnormal patterns, including providing the data prior to the change and the data after the change.
Loan Charged-Off and Recovery Monitor
Identifies excessive charge-offs and inadequate recovery efforts by loan officer, potentially indicative of poor management, loan fraud, lack of internal controls, and poor underwriting. Reports each charged-off loan and each loan officer’s total loan portfolio as a baseline to assist in identifying trends.
Loan Delinquency Manipulation
Recalculates loan delinquency to identify loan accounts that were subject to fraudulent data manipulation in an effort to make loans appear current. Reports any differences between the recalculated delinquent amount due and the system delinquent amount due.
Lending Separation of Duties
Identifies loan officers who are posting transactions to loans they approved, bypassing separation of duties, and possibly indicating loan fraud. Reports all activity in detail and summary formats by loan officer.
Loan Repayment Analysis
Identifies loans paid-off with proceeds from other loans (“rollover” loans) made to the same borrower, a possible indicator of fraud or attempts to hide non-performing loans. These loans are grouped by loan officer and reported.
Loan Payment Extensions Monitor
Identifies loans that have had their payments extended an unusual number of times, or extended by manipulating account data to bypass reporting, both indicators of potential loan fraud or attempts to hide non-performing loans. Extended loans are reported in detail and also summarized by loan officer.
Contact [email protected] to schedule a demo!
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