March 22, 2011 | Business Wire, Inc.

http://insurancenewsnet.com/article.aspx?id=252857

Improves workflow management across the life of suspicious activity, from risk-based detection and alert review to case management, investigation and reporting

HOLLYWOOD, Fla.--(BUSINESS WIRE)-- Verafin Inc., a leading provider of compliance, anti-money laundering (AML) and fraud detection software, today announced the availability of Winter ’11, a major new release of Verafin’s solution that further solidifies the company’s leadership position in the development of intelligent, behavior-based software that combines anti-fraud and BSA/AML compliance in a single platform.

“When we set out to create a major new release of Verafin we went to our customers to find out what would help them work more efficiently. One of the big requests was to show the link between fraud and money laundering alerts even more clearly. The FRAML dashboard came directly from that feedback,” said Jamie King, CEO and president of Verafin. “From customer research, to product development and usability testing, we have worked to ensure this Winter ’11 release provides AML and anti-fraud professionals with the right mix of information and tools to manage their BSA compliance and financial crime detection obligations.”

Verafin’s consolidation of anti-fraud and AML, called FRAML, leverages artificial intelligence and pattern recognition technology to immediately identify suspicious behavior and root out potential fraudsters and money launderers. Using a common underlying technology with separate analytics and configuration parameters for fraud and money laundering detection simplifies the tasks of system tuning and ongoing administration that often prove confusing and time-consuming for users of less sophisticated, rules-based systems.

Winter ’11 provides a consolidated, customer-centric alerts dashboard, improves access to data, information and tools to expedite the review and decision-making of all suspicious activity (fraud and AML), and minimizes any duplication of effort in the alert review and investigation processes—a common problem when separate, point solutions for AML and anti-fraud are deployed. For example, with just one click a user can now see all alerts (e.g., check kiting and money laundering) for a customer in one view, providing a full picture of suspicious activity.

“Over the last few years, analysts and industry experts have predicted the convergence of fraud and AML,” said Mr. King. “Our Winter ’11 release takes what we know from years of experience and elevates it to an unprecedented level of sophistication and innovation, giving compliance officers a simpler, more collaborative solution that adds further transparency to the process of fraud and AML investigations, expediting the detection of fraudulent activity.”