|New anti-fraud platform|
New anti-fraud platform supports simple, quick installation and configuration utilizing a patent-pending technology that listens to the network activity, rather than requiring costly integration with core banking systems. Capabilities include customizable rule sets and an automated case management system.
Wolters Kluwer Financial Services Announces the Release of Wiz Sentri: Anti-Fraud Platform
Waltham, Mass. – Feb. 19, 2008 – In order to help financial institutions more effectively combat their growing fraud concerns, Wolters Kluwer Financial Services, through its line of PCi banking analytics solutions, has announced the release of the company’s Wiz Sentri: Anti-Fraud Platform with Internal Fraud module. This comprehensive and customizable technology platform will enable an institution to identify and track fraudulent trends and behavior in real-time.
According to the Association of Certified Fraud Examiners 2006 Report to the Nation on Occupational Fraud & Abuse, “U.S. organizations lose 5% of their annual revenues to fraud... The most common were banking and financial services… This 5% figure would translate to approximately $652 billion in fraud losses.” With the rapid pace of change resulting in opening more and more proprietary information systems, it is imperative that all financial institutions now reevaluate how they monitor and prevent fraudulent activity. While a majority of fraud is conducted in collusion with an insider at the institution, only about 40% of fraud is detected proactively; most fraud is discovered by accident or though an anonymous tip.
The Wiz Sentri: Anti-Fraud Platform with Internal Fraud module will help institutions detect and prevent internal fraud. The platform features technology from Intellinx that helps financial institutions to monitor any application activity in real-time, including mainframe, client/server and Web applications.
“Wiz Sentri: Anti-Fraud Platform is a comprehensive solution that targets fraud where it most often starts, within the institution,” said Todd Cooper, vice president and general manager of the Financial Intelligence Unit at Wolters Kluwer Financial Services. “With the ability to use analytics and reporting by combining real-time application monitoring, detection and data transformation, financial institutions can address the fraudulent activity problem quickly and efficiently. This gives the financial institution a strategic defense against the growing sophistication and threat of fraudsters, and is central to its ability to strengthen its reputation and reduce costs.”
Key benefits of Wiz Sentri: Anti-Fraud Platform’s Internal Fraud module include:
• simple, quick installation and configuration utilizing a patent-pending technology that listens to the network activity, rather than requiring costly integration with core banking systems
• the easy creation and customization of rules through a robust and comprehensive rules engine that permits extensive analysis of user behavior within any application, triggering real-time alerts
• an archiving system that encrypts, compresses, and digitally signs all application recordings
• unlimited geographic coverage and scalability; and
• automated case handling and workflow through a companion case management tool
Licensing proven and patent-pending technology from Intellinx, Wiz Sentri: Anti-Fraud Platform is the initial product release in Wolters Kluwer’s comprehensive product and services anti-fraud solution. For additional information, please visit http://www.pciwiz.com/solutions/sentri-fraud/
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GulfPak, Desert Document Services, AppOne®, GainsKeeper®, CCH® Capital Changes, NILS INSource®, AuthenticWeb™ and CCH Wall Street®.
Wolters Kluwer Financial Services’ solutions include integrated and stand-alone compliance and work flow tools, documentation, analytics, authoritative information, and professional services. Customers include banks, credit unions, mortgage lenders, and securities and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit www.WoltersKluwerFS.com.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has 2006 annual revenues of €3.4 billion ($4.3 billion), employs approximately 18,450 people worldwide and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
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