Bank Fraud
Detect and Prevent Bank Fraud in Real Time
As the volume, variety, and speed of financial transactions has escalated, financial institutions have found it ever more challenging to detect and prevent bank fraud in its many forms. The endless creativity of the perpetrators of bank fraud makes the job of loss prevention professionals that much more difficult. Various fraudulent schemes involving checks, credit cards, drafts, wire transfers, ATMs, loans, identity theft―the list goes on―demand the vigilant attention of the professionals tasked with detecting and preventing bank fraud. Given the sheer volume and speed of the transactions to be monitored, supportive technologies are an essential part of the job. Conventional bank fraud detection technologies, however, have been backward-looking, analyzing stored transactional data in order to detect patterns of abuse―but only after the fraud has already happened.
The Progress® Responsive Process Management (RPM) suite marks a break-through advance over conventional technologies by empowering loss prevention professionals to detect and respond to suspicious activities in real time and thereby to prevent or minimize the losses associated with bank fraud.
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Immediately Sense and Respond with Progress RPM
Progress RPM is the first business solution to seamlessly combine business transaction management, complex event processing, and business process management in a single platform controlled through a unified control console. Leveraging the power of complex-event processing, you can monitor fast-moving event streams across all of your operations to immediately sense and respond to potential indicators of bank fraud activity. The RPM suite delivers a rich feature set including:
- Customizable dashboards, charts, graphs, and dials that communicate the big picture of what’s occurring across all of your operations in real time, as well as the ability to drill down into a single customer view or transaction view.
- Tools that enable you to quickly configure new detection rules or to tune the parameters of existing ones.
- A visual development environment that facilitates the rapid building and testing of new or revised monitoring applications.
- A robust process modeling and automation environment that empowers analysts and developers to continuously optimize automated transaction processes in the wake of new information and insights regarding bank fraud.
- An underlying enterprise integration platform that seamlessly connects with middleware systems, applications, and other endpoints without disrupting your current IT infrastructure.
Progress RPM Delivers Operational Responsiveness
In addition to bank fraud detection and mitigation, Progress RPM delivers operational responsiveness solutions across a range of industries, including:
- Market surveillance to monitor and respond to fast-changing financial markets.
- Post-trade automation to lower the costs, delays, and risks associated with OTC derivatives and other traded instruments.
- Claims automation to improve process efficiency and customer experience in insurance industries.
- Revenue management to optimize revenue generation in industries that are characterized by pre-booking of transient inventory.
Learn more about how Progress RPM breaks new ground for business process management solutions.
In addition to providing solutions that help financial services and capital markets industries prevent bank fraud, Progress Software also also helps the telecommunications industry reduce order fallout, and offers the travel & leisure industry solutions to improve reservation assurance.
