Wolters Kluwer strengthens Wiz Sentri: anti-fraud system

Wolters Kluwer Financial Services said that it has bolstered its Wiz Sentri: Anti-Fraud solution to help U.S. and U.K. financial institutions prevent crimes tied to cash management activities and avoid considerable financial and reputational losses in the process. This financial crime control solution enables an institution to identify accounts, customers and transactions that are most susceptible to fraud surrounding cash management activities, ranking the relative risk exposure each entity presents. As a result, institutions are better able to prevent such fraud before it occurs and stop funds from ever leaving the organization.

According to the Association of Financial Professionals` 2009 Payments and Fraud Control Survey, more than 70 % of U.S. organizations surveyed by the AFP said they experienced attempted or actual payments fraud in 2008. And organizations that suffered a financial loss as a result of wire fraud generally said they did so because they did not follow best practices and/or neglected to execute their own business rules related to wire transactions. Meanwhile, in the U.K., APACS also noted a 185 % increase in online banking fraud in the first six months of 2008 in comparison with the same timeframe in 2007.

In addition, Wiz Sentri: Anti-Fraud solution utilizes a patent-pending technology that seamlessly plugs into an institution's existing network, which can result in a faster implementation at a fraction of the cost of traditional monitoring systems. By using a single set of services, the platform enables institutions to monitor legacy and Web-based systems for suspicious activity. This unique architecture may be of particular value to large institutions with heavy investments in legacy systems. Besides, it enables the swift development of anti-fraud rules to help keep up with a rapidly-changing world of fraudulent schemes and allows the solution to be scalable across large enterprises.