ProfitStars, the Jack Henry & Associates division that gives danger administration options for monetary establishments, introduced its newest fraud device on Wednesday (Sept. 19).
The agency’s Gladiator iPay Enterprise Safety Monitoring (iPay ESM) device is now reside for monetary establishments to observe and mitigate the chance of fraud linked to on-line invoice fee, the corporate mentioned in a press launch. In keeping with ProfitStars, greater than 2,500 neighborhood and regional banks provide on-line invoice fee to their retail and small enterprise shoppers by iPay Options. The iPay ESM device helps these establishments combat fraud whereas sustaining compliance with the Federal Monetary Establishments Examination Council (FFIEC), the agency mentioned.
The answer supplies banks and FIs with enhanced fraud analytics capabilities, robotically flagging gadgets of their invoice pay capabilities that will sign fraudulent transactions. In keeping with ProfitStars, the platform depends on habits analytics, fairly than historic information and patterns, to flag potential cases of fraud, leading to fewer false positives.
The iPay ESM answer additionally presents banks the aptitude to provide experiences for his or her workers or examiners, the corporate famous.
“Monetary establishments face severe ongoing dangers associated to funds fraud in right now’s advanced on-line enterprise atmosphere,” mentioned Jack Henry & Associates Vice President and ProfitStars President Russ Bernthal in a press release. “Our iPay ESM answer delivers subtle fraud analytics, eases compliance and supplies highly effective reporting capabilities to monetary establishments. It allows banks and credit score unions to higher shield their retail and industrial clients’ digital transactions, which boosts belief and in the end strengthens relationships.”
ProfitStars first launched its Gladiator Incident Alert answer final 12 months for banks and monetary establishments to detect and be notified of information breaches and different safety compromises. The device mixes the answer’s proprietary risk intelligence with sandbox file testing to determine zero-day threats and different incidents that could be extra superior and chronic.