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VerafinSynergent has partnered with Verafin, Inc., a leading provider of compliance, anti-money laundering (AML) and fraud detection software. Working together, Synergent and Verafin provide:
- Patriot Act compliance
- FACTA Red Flag regulation
- Currency transaction reporting
- Suspicious activity reporting
- BSA record keeping
- Case management
- Watch list checking
- Red flags for check fraud
- Account fraud identification (check kiting, loan fraud, stolen check, inactive account, etc.)
To successfully manage risk, anti-fraud and compliance, credit unions need to see the full picture of behavior. With 40% of customers switching banks after experiencing fraud and the affect of the reputational fall-out lingering for years, there is immense pressure to stay ahead of criminals.
Verafin FRAML is an innovative, fully integrated BSA/AML compliance and fraud detection solution. FRAML utilizes the latest advances in artificial intelligence to mine individual data across transaction channels, uncovering hidden fraudulent and money laundering activity. A highly visual and intuitive user interface presents both anti-fraud and AML alerts in one easy workflow, meaning you gain a clearer picture of activity at your credit union. In one place, you can minimize fraud losses, protect your reputation, automate your daily compliance tasks and better understand your members.
Verafin FRAML gives you visual, risk-rated fraud and money laundering alerts that let you act quicker to protect your members and reputation. Plus, a robust, fully integrated case management component lets you create an airtight documentation trail for your investigations.
- See through fraud detection and AML walls.
- Find hidden patterns of damaging suspicious activity.
- Be prepared for law enforcement and examiners.
- Reduce your hardware costs and IT demands.
- Transaction monitoring that does more.
Find out more with these whitepapers from Verafin!
FACTA
FRAML
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York County FCU is thrilled with the results they’ve seen with Verafin and feel that their BSA and fraud processes have been enhanced exponentially. The credit union now has solid proof of suspicious activity and no longer relies on subjective means of detecting it.
Verafin was the lynchpin required for the credit union to conduct a consistent, comprehensive review of member activity. “We didn’t know what we were looking for before. So far, we have shut down three different accounts due to check kiting and have thoroughly investigated 15-20 accounts.”
Chris Berube
Deposit Operations Security
York County FCU
Sanford, Maine
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