Wolters Kluwer Financial Services has strengthened its Wiz Sentri: Anti-Fraud solution to help US and UK financial institutions prevent crimes tied to cash management activities. The latest release of the Wiz Sentri Anti-fraud solution is reported to help institutions identify the precursors to cash management fraud before losses are incurred by the institution or its customers.
The company has said that by utilizing the Wiz Sentri: Anti-Fraud solution, financial institutions can identify accounts, customers and transactions that are susceptible to fraud surrounding cash management activities’, ranking the relative risk exposure each entity presents. The firm added that when the solution identifies an unusual transaction, or set of transactions, based on the account’s previous transactional history, it alerts the institution. The institution may then be able to place a hold on the transaction and further investigate for potential fraud before any funds are released.
Todd Cooper, vice president and general manager of Wolters Kluwer Financial Services’ Financial Intelligence Unit, said: “International, regional, and community banks, credit unions, security firms and other financial services institutions are all fair game in these individuals’ efforts to commit wire transfer, ACH (Automated Clearing House) and other types of cash management fraud. Wolters Kluwer Financial Services’ Wiz Sentri solution can help all institutions stop financial criminals before they are successful, avoiding considerable financial and reputational losses in the process.”
Wolters Kluwer provides content, compliance and technology services to banking, indirect lending, insurance, mortgage, and securities organizations in the US.
