With an increasing number of users turning to online financial transactions, the instances of online financial fraud are on the rise. Banks and financial institutions have to adopt advanced technologies to stay ahead of hackers and fraudsters to detect and prevent frauds before they occur.

Verafin has partnered with Fundtech (News - Alert), a provider of worldwide transaction banking solutions. This partnership will bring together Verafin’s enterprise FRAML solution and Fundtech’s PAYplus payment platforms to fight against online financial frauds.

Verafin’s FRAML solution helps users to improve their existing wire fraud alert review process as they will now have the ability to analyze wires as they originate. It even holds the high-risk wires to be evaluated by the investigator and presents alerts in a clear visual workflow.

Fraud investigators get great help from the vast customer data within Verafin. If they discover any abnormalities, they have the authority to reject the wire and prevent fraud loss.

FRAML helps banks and financial institutions fight online financial fraud by helping them in fraud detection and anti-money laundering (AML). FRAML offers a single platform that brings together fraud and AML analysis and presents abnormal behavior as alerts.

“When we started to look for fraud detection software, we wanted an innovative solution that helped us proactively protect our subsidiary banks from even the latest criminal advances. We did not want a point solution that gave us only one piece of the fraud puzzle. We needed technology with the flexibility to integrate with our existing systems; a solution that gave us breadth of functionality and a better view of customer activity across our enterprise,” said Kenneth Kane, senior vice president, Business Banking Operations at Heartland Financial.