VECTOR Fraud Solution
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A powerful weapon in the fight against fraud and kiting.
Are your bank's resources for addressing fraud and kiting schemes stretched thin? Typically, there's too much suspicious activity to investigate and not enough people to do it. The VECTOR Fraud Solution can correct that situation in a dramatic way, by simplifying the decision-making process, expediting communication to everyone involved, and helping you isolate and act on the most likely cases.
You could call it relentless
Working in either the mainframe or client/server environment, VECTOR Fraud performs account transaction analysis with user-selected rules and filters that can be applied at the account-type or individual-account level. The Solution will let you service accounts with more accuracy - because prioritization focuses effort on the most likely suspects. This filtering process can improve analyst productivity by 30-40%.
The premier fraud/kiting solution
Metavante Image Solutions was the first to offer a complete solution for check kiting and fraud. Today's VECTOR Fraud Solution offers protection no one in the industry can match. It works for small community banks, for the nation's largest bank, and for the banks in between. And it's flexible enough to adapt to your specific needs.
The Metavante Image Solutions fraud team is extremely knowledgeable about the banking business, as well as the VECTOR Fraud Solution. Our implementation and support assistance is second to none - and is delivered on schedule. In addition, our customers have direct input into the development and testing of new capabilities for the VECTOR Fraud Solution.
Fighting fraud to a standstill
When it comes to combating check fraud and kiting schemes, VECTOR Fraud does the job by improving the focus on most-likely suspect activity. It uses flexible suspect criteria and performs account behavioral analysis. With centralized control, it accelerates analysis and research, and issues extensive reporting. The fact is, the VECTOR Fraud Solution automates and streamlines virtually every step of your fraud detection process.
The impact of Check 21
With the advent of Check 21, you may be asking yourself if your bank really needs a kite detection and prevention system. The simple answer is, "Yes." Without a doubt, the Check Clearing for the 21 Century Act (Check 21) has had a major impact on many areas of a bank's business. The detection and prevention of kiting and fraud, however, are not expected to see an immediate impact.
The growing use of image replacement documents (IRDs) and image exchange will not eliminate kiting schemes. Many banks will not be ready to conduct image exchange for years to come. And even for those that do, while image exchange does reduce the float "window" within which kiters can perpetrate their schemes, it does not eliminate it. And if the financial industry has learned one thing from painful experience, it's that the kiters are smart. They will continue to devise new schemes to deal with industry changes. And they will continue to locate, and target, the banks that are most vulnerable - those that have not implemented a kite detection and prevention system, and/or those that are not participating in image exchange. That's why the VECTOR Fraud Solution is your most powerful anti-kiting tool, for today and tomorrow, whether your bank is "Check 21 ready" or not.
Grounding the kiters
VECTOR Fraud uncovers kiting schemes by analyzing input data from a wide range of sources. It considers all the factors - with priorities that you assign.
The Solution's patent-pending rules processing views customer activity, not just statistics. It uses actual account transactions to validate kite activity. And it accurately analyzes such activity and eliminates the "false positives" often flagged by other systems.
Maintain your good image
The data compiled by the VECTOR Fraud Solution may be easily accessed via standard web browser, and an interface with your image archive allows you to view suspected kite items.
Keeping priorities straight
Too much data, not enough time: that's the central problem of kite research. VECTOR Fraud condenses data volume and minimizes research time.
The Solution's priority module isolates critical accounts, identifies the most likely suspects and prioritizes suspect research based on parameters you set. This highly-focused process means that less accounts are reviewed, but each one that is scrutinized is scrutinized much more accurately. Since some banks report that 98% of all kiting activity is displayed in the top 10% of their priority reports, this approach to kite detection makes the most sense.
VECTOR Fraud's priority module creates staff flexibility and improves kite prevention - you're ensured of the maximum payback for your review efforts, and the Solution's research capability can help you combat money laundering, as well.
Don't be left holding the bag
In today's environment, even existing "good" customers can become kiters - and your degree of exposure is increasing as more banks install kite prevention mechanisms and/or initiate image exchange. Don't be the bank left "holding the bag."
The VECTOR Fraud Solution uncovers previously-overlooked suspects, because its rules are consistent, day in and day out. It also analyzes non-suspect activity to uncover potential new suspects.
VECTOR Fraud reduces kite losses - and it increases productivity with its concise presentation of information and focused account research. In fact, it's not unusual for a single fraud analyst to average 350+ cases per day.
The Solution for immediate results
Many banks who have adopted the VECTOR Fraud Solution have saved between three and 12 million dollars annually - even more in some cases. And results like that can begin immediately upon installation. In fact, with its use of image access, the Solution is the ideal mechanism for enhancing every aspect of your fraud and kiting review process.
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