Financial fraud has increased substantially as the trend towards mobile banking and digitisation accelerates. In 2022 alone, the US Federal Trade Commission received over 1.1 million reports of identity theft and over 440,000 reports of credit card fraud.
To help banks detect and mitigate fraud proactively, DCI – a privately-owned developer of core processing, digital banking and FinTech processing solutions – has partnered with DataVisor – one of the only comprehensive, real-time fraud and risk management platforms that harness sophisticated AI and modern Machine Learning to prevent against evolving fraud threats.
As a result, DCI customers can now better detect and mitigate application and identity theft, transaction fraud, account takeovers, money laundering and other types of banking fraud before it results in financial and reputational damage.
“DataVisor leverages AI and advanced Machine Learning techniques to connect the dots between fraud signals across various events and channels, enabling organisations to act on fast-evolving fraud and money laundering activities as they happen in real-time, preventing financial losses with early action,” said Yinglian Xie, CEO and Co-founder, DataVisor.
Currently, it is mandatory for all banks using RTP applications to have a fraud solution and DCI requires all FinTechs utilising their core to have fraud protection as well. DataVisor’s fraud solution, integrated through DCI’s core, allows fraud protection for RTP, ACH, Wire and card transactions through one platform.
“DCI continuously strives to provide community banks with tools to leverage their positions in the marketplace,” said Sarah Fankhauser, DCI President and CEO. “We’ve invested in fraud management to help our banks minimise their risks, as they continue to expand their mobile and digital offerings.”
DCI’s implementation of DataVisor’s innovative technology, comes on the heels of the creation of DCI’s own internal fraud and compliance department – managed by a Certified Anti-Money Laundering Specialist (CAMS) and a Certified Fraud Examiner (ACFE). As part of DCI’s investment in helping community banks fight fraud, this new department works with DataVisor, which provides 24/7 fraud detection and mitigation support for DCI customers. It also partners with the nationwide Financial Fraud Consortium (FFC) to actively explore best practices for deterring, detecting, and combating fraud more effectively.
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