Wire Fraud Detection Service
Catalyst Corporate, in partnership with anti-financial crime management pioneer Verafin, offers a real-time fraud detection solution for domestic and international wire transfers – Fraud Verify.
With Fraud Verify, innovative cloud-based analytics alert credit unions to review potentially fraudulent wire transfers before they are released. Each time a wire is submitted in TranZact, Catalyst Corporate’s account management portal, a real-time fraud scan is initiated. Fraud Verify reports results of the wire scan in TranZact under wire pending approvals as “No Fraud” or “Needs Review.”
The credit union evaluates wires flagged for review to determine whether to stop the wires or continue processing. Wire decisions are logged with the wires in the Verafin software, and wire details are searchable in TranZact.
Catalyst Corporate has partnered with Verafin, a Nasdaq-owned company, for many years to facilitate efficient Bank Secrecy Act reviews. The integrated Fraud Verify process adds another layer of efficiency, enabling credit unions to conduct real-time fraud reviews and stop fraud losses prior to sending a wire.
Implementation requirements are minimal for credit unions that already have an established Verafin business relationship.
To find out more about Catalyst Corporate’s Fraud Verify wire fraud detection service, contact the Wire Services Team.