Your institution is vulnerable to sophisticated fraudsters when you use disjointed and manual detection methods. Abrigo’s fraud detection software for banks and credit unions automates workflows. This automation allows for quicker detection of fraud. Additionally, the software utilizes artificial intelligence (AI) to enhance its effectiveness. This provides real protection against fraudsters who take advantage of weak systems.
Fraud management software
Fraud detection software for banks and credit unions
Abrigo Fraud Detection customers are recovering their investment in six months or less. This is based on their average monthly reduction in fraud losses.
Smarter tech, safer future
As technology advances, so does the arsenal of fraudsters. Abrigo’s fraud solutions provide the adaptive shield needed to protect from the ever-growing threat of fraud. We recognize that operational inefficiency, reputational harm, and unhappy customers are significant concerns. Therefore, we aim to provide institutions with the tools necessary to safeguard what they value most.
Reduce loss and protect your customers with our sophisticated detection and fraud management software.
Comprehensive fraud management software keeps you one step ahead
Features and functionality of fraud detection software
It can be a challenge to balance effective fraud detection with a frictionless customer experience. Abrigo simplifies it for you. Abrigo Fraud Detection is a scalable, AI-powered platform with a real-time orchestration engine. It combines explainable machine learning with rules-based logic to identify sophisticated fraud patterns and boost team efficiency. Configurable capabilities let analysts approve, decline, or engage with customers to reach swift, informed resolutions.
Simplify data ingestion
Unify data from across your institution to gain a more comprehensive view of potential fraud exposure. Customized frequencies through a single-entry point eliminate the risk of duplicate data collection.
Accelerate inspection
Make data-driven decisions by examining transactions from multiple angles to identify potential behavioral red flags. Obtain a transparent fraud risk score, empowering you to make faster, more accurate decisions and optimize review times.
Streamline decisioning
Rapidly approve, decline, or flag transactions for review with configurable rules developed with Abrigo’s fraud expertise. Seamlessly conduct time-sensitive investigations using comprehensive end-to-end case management to make swift decisions.
Gain insights
Easily track key trends and monitor analyst performance with advanced fraud reporting. Our reports provide useful insights to help you improve processes, make informed decisions, and stay ahead of new threats.
Step-up authentication
Empower fraud analysts to enhance security by sending text alerts to customers when a transaction appears suspicious. Customers can quickly confirm or deny the activity. Their responses are recorded in the platform, aiding analysts in making faster, informed decisions.
Optimize case management
Efficiently manage fraud cases from detection to resolution with Abrigo’s end-to-end case management. Automate workflows, centralize case data, and facilitate collaboration to accelerate decision-making and minimize fraud losses.
Covering your fraud detection needs
Abrigo Fraud Detection empowers financial institutions to combat fraud proactively, stopping fraudulent transactions before they impact operations or customers. Abrigo will enhance our check and wire fraud detection capabilities to address new threats. We will also expand the platform to include more transaction types. Institutions can detect fraud linked to ACH, debit card activity, and new accounts. This is possible through Abrigo’s existing fraud scenarios.
Check Fraud Detection
Detect altered items, forgeries, and fraudulent check images at a higher rate with a solution that unifies Mitek’s AI/ML powered check image analysis, a nationwide consortium of check fraud data, and Abrigo’s configurable decision engine.
Wire Fraud Detection
Stop fraudulent transactions before funds are released. The real-time solution combines expert-designed detection scenarios, a configurable rules engine, adjustable fraud thresholds, and seamless integration with wire payment providers.
Check Kiting Fraud Detection
Receive alerts for account scenarios when there are significant changes in past behaviors or unexpected activities.
ACH Origination Fraud Detection
Prevent Corporate Account Takeover with scenarios that run immediately after a batch has been uploaded to Abrigo.
ACH Incoming Fraud Detection
Detect changes in behavior with an account-based detection library. This will help the financial institution identify fraud or potential money mule account activities.
New Account Fraud Detection
Monitor new accounts with aggressive or excessive behaviors concerning currency vehicles and their transactional traits.
Debit Card Fraud Detection
Detect known patterns of fraudulent debit card behavior, including unusual spikes in activity and changes in usage frequency.
"We're catching fraud before it happens, and we're able to catch fraudulent checks with image analysis that we couldn't have caught [before]."
Stephen Wager, Chief Risk Officer and Chief Compliance Officer, TEXAS NATIONAL BANK
Advantages of fraud detection software
Abrigo offers community financial institutions access to advanced fraud detection software. This technology was previously available only to the largest banks. Defend your institution, customers, and bottom line from costly attacks.
Time savings
AUTOMATED END-TO-END WORKFLOWS
Enhance efficiency with automated fraud detection workflows. These workflows can be customized to meet your needs, covering data ingestion, inspection, decision-making, and reporting. This minimizes the burden of manual processing, lowering costs and proactively preventing fraud's impact on your institution and customers.
Accuracy
CHECK IMAGE ANALYSIS
The solution utilizes AI and machine learning for check image analysis. Powered by Mitek, it examines 24 elements, including handwriting and signatures. Additionally, it leverages a nationwide consortium of check data. Get a smarter, transparent fraud risk score that reflects multiple factors to power your automated decisioning process.
90%+ Fraud detection
Abrigo Fraud Detection has identified over 90% of fraudulent check value for its most engaged early adopters. This is achieved by calibrating to each institution’s unique risk profile, ensuring both accuracy and protection.
Integrated systems with Abrigo
Your partner in the fight against financial crime
Abrigo offers world class software, but we are more than just a software provider. In addition to our solutions, we provide access to a strong network of over 85,000 Abrigo Community members. This includes experienced financial crime consultants and industry experts available to you. Abrigo makes it possible to combat financial crime with software and services built for your institution.
Combat financial crime with software and services built for your financial institution
Our robust, transparent, and adaptable financial crime solution suite includes both fraud detection software and AML software. Through shared case management, data integration, and reporting, banks and credit unions can eliminate internal silos. This approach helps them detect, manage, and resolve suspicious activity more effectively.
Our tailored AML training and workshops get you started, while our AML advisory services guide you towards success.
Resources on fraud detection
Combatting fraud in your institution
Success Story - Texas National Bank amplifies fraud prevention with Abrigo Fraud Detection
Learn how a financial institution faced the challenge of increasing fraud threats and complexity in detection.
Reg CC: Funds availability requirements and fraud
Blog - How to comply with both Reg CC and fraud requirements
Read about the rules outlined by Reg CC, the circumstances that allow exceptions, and what to do when your financial institution suspects fraud.
Modern fraud typologies and prevention methods
Fraud Guidebook: Practical insights for financial institutions
Download this guide, which includes best practices for establishing a fast, effective fraud detection program.
