Risk & Fraud Management

Risk & Fraud Management

BankWORKS® Risk & Fraud Management mitigates and prevents fraud at two levels, online and offline. During online authorization the tool identifies any unusual behavior that is outside the norm and the rules configured by the client and related action will be triggered such as declining of the transactions, generation of alerts. In the case of offline according to the rules configured in the system before settlement, a lookup will take place to make sure that the settlement criteria are within the configuration provided by the customer. This includes but is not limited to a volume value of single transactions, type of currency, business open hours, region.

Our BankWORKS® Risk & Fraud Management enables you to detect, manage and prevent any unusual activities on account or transactions. You can define your risk profile with controlling parameters and monitoring policy adapted to your business needs that help reduce fraud losses by accelerating revenue without compromising customer satisfaction or compliance. This allows for alerts to be generated when pre-defined thresholds are exceeded or abnormal behavior being deducted. Our solution carries out configurable risk controls by ensuring risk-based rule profiles are in place. As part of the transaction authorisation process, various validation actions are performed. Our solution enables your business to:

  • Identify, assess and treat risks in real-time
  • Define your monitoring policy and controlling parameters
  • Put alarms and controls in place to prevent undesired exposure or customer behavior in real-time
  • Handle risk rule notifications
  • Prevent losses from fraud
  • Ensure adherence to regulatory and compliance mandates to avoid fines and penalties
  • Reduce chargeback costs
  • Collect statistics for advanced analytics and reporting
  • Generation of alerts such as emails, SMSs