FortiFI Fraud Prevention

Andera's Decision Management System plus FortiFI™ Fraud Prevention can prevent over 99% of fraud during the online account opening process.

Real-time detection of consumer data patterns protects the online channel and safeguards its reputation as an efficient, reliable source of new customers and accounts.

FortiFI enhances a financial institution's Red Flag Rules by identifying relevant patterns of activity signaling possible identity theft.

Financial Institutions are Vulnerable
While estimated to occur in 1.3% of all Identity Fraud transactions, New Account Fraud is associated with the greatest losses, costing Financial Institutions a total of $21 Billion in 2009. As sophisticated fraud networks continue to mature and discover new ways to deceive current security systems, the costs associated with New Account Fraud will substantially increase if new measures are not taken to identify and combat fraudulent applications.

FortiFI enables financial institutions to take a more aggressive approach with their ID Verification strategies to reduce the high number of false positives and increase the conversion rates for good applicants while stilling keeping the fraud at bay.

A Real-Time Network Approach is Needed

• Fraudsters use stolen identities to open accounts at unrelated institutions
• Fraud goes undetected since incidents appear unique at individual institutions
• Andera's system scans its entire network of institutions to discover patterns only visible on an industry-wide scale
• Flag accounts that match known patterns associated with fraudulent applications
• Recognize patterns across channels (Branch, Call Center, and Web) for all new account types