Coming to the rescue is Abrigo—a market-leading provider of compliance, credit risk, and lending solutions to allow financial institutions to manage risk and drive growth. The Austin-based Abrigo brings in world-class BSA, AML and fraud detection products to help clients stay on top of emerging fraud trends and offer better protection.
Abrigo’s BSA/AML platform, BAM+, was formatted to suit the specific risk profile of each financial institution. The highly-flexible and transparent BAM+ provides fraud scenarios, data validation, automated risk rating, SAR preparation, CTR automation, case management, due diligence and much more.
Abrigo’s BAM+ fraud scenarios combine institution-level risk thresholds and behavioral logic to alert users to both single- and multi-channel fraud. This logic identifies individual and peer deviations with typology pattern detection to ensure institutions are better protecting their customers/members and themselves. Single-channel fraud detection looks at and alerts to fraud using only one channel—usually funds leaving the institution. Multi-channel fraud detection relies on money coming into the institution and then going back out. Some transaction monitoring systems only track for multi-channel fraud, meaning institutions can be overlooking a substantial number in fraud losses by only relying on that.
Our fraud scenarios work to help community financial institutions better identify, detect and stop the types of fraud that are truly affecting their institution
BAM+ also includes a central fraud case management system to house all of the details related to fraud so institutions can resolve alerts quickly and efficiently.
Abrigo’s customized solution proved beneficial to Virginia Credit Union, which was looking for a robust, automated fraud detection system to track suspicious activity in a central location. After integrating the BAM+ fraud scenarios, the client relied on the single-channel and multi-channel fraud detection tools to successfully cut down on fraud, especially pertaining to wires. With these tools, they were alerted to potentially fraudulent outgoing wires, ultimately strengthening their fraud program. Additionally, the enterprise fraud case management system provided one location to track and record fraud detection across the entire institution.
Abrigo is consistently working to integrate emerging technologies to stay ahead of trends in the financial fraud market and aid community financial institutions in safeguarding themselves and their customers/members.