Financial Institutions Deploy CheckFree FraudNet(TM) to Bolster Fraud Detection and Prevention Efforts and Safeguard Consumers
16 Novembro 2006 - 12:00PM
PR Newswire (US)
- CheckFree Also Announces New Payment Protection Terms for
Customers of Banks Using CheckFree FraudNet - ATLANTA and LAS
VEGAS, Nov. 16 /PRNewswire-FirstCall/ -- BAI Retail Delivery
Conference & Expo, Booth # 1417 -- CheckFree Corporation
(NASDAQ:CKFR) today announced that more than 40 financial
institutions will deploy CheckFree FraudNet(TM), an automated fraud
detection and case management system, by the end of 2006. Two of
the nation's top 10 national banks, five super-regional banks, as
well as brokerage firms, credit unions and community banks, are
among the institutions that have already implemented CheckFree
FraudNet and achieved tangible results. CheckFree FraudNet was
introduced in November 2005 to help ensure that receiving and
paying bills online remains safer than offline, paper-based bills
and payments. The system helps mitigate risk and reduce fraud for
banks and consumers before it happens, which helps make paying
bills online even safer for consumers. New Payment Protection Terms
Announced CheckFree also announced today that consumers who pay
bills online through banks that utilize CheckFree FraudNet will
receive enhanced payment protection beginning in January 2007.
CheckFree will cover all of a consumer's late fees resulting from a
delayed payment for payments up to $50,000, as long as the payment
was scheduled within the service's terms and conditions. In
addition, CheckFree will cover a consumer's liability, up to $50,
in the case of an unauthorized payment. For customers using
non-FraudNet-protected online banking sites to pay their bills, the
existing CheckFree Guarantee remains in effect, covering late
payment charges of up to $50 if a payment posts after its due date,
provided it was scheduled according to the service's terms and
conditions. "We know consumers are safer online than offline and
they are safest online at financial institutions," said Matt Lewis,
executive vice president and general manager of CheckFree's
Electronic Commerce Division. "With FraudNet, CheckFree and
financial institutions are providing added protection by
proactively monitoring and stopping fraud before it happens, as
well as limiting a consumer's exposure to expenses related to
delayed or unauthorized payments. For consumers, CheckFree FraudNet
is one more reason why receiving and paying bills online is safer
and more secure than traditional paper-based methods." CheckFree
FraudNet can help significantly reduce losses for participating
banks, as well as provide data on attempted fraudulent transactions
to help law enforcement officials apprehend and prosecute
fraudsters. The system combines CheckFree's cumulative knowledge of
payment patterns and a sophisticated analytics engine to help
financial services organizations detect and stop unauthorized
payments before they are completed. CheckFree FraudNet scores each
online bill payment, enabling potentially fraudulent transactions
to be identified and stopped before they are processed. By
detecting suspicious scenarios and examining behavioral patterns,
CheckFree continually updates its business rules with real-time
intelligence that identifies new types of fraudulent activity. Both
consumer behaviors and merchant transaction activities are
analyzed. In fiscal 2006, CheckFree processed 1.13 billion
transactions and distributed 184.6 million electronic bills. Fraud
rates for CheckFree's electronic billing and payment services
historically have been extremely low due to stringent policies and
practices already in place. CheckFree FraudNet is proving extremely
effective at flagging possible fraudulent transactions through
automated fraud prevention, detection and case resolution processes
that have been conducted successfully for many years by CheckFree
Fraud Control Services. As continued adoption of electronic billing
and payment results in increasing transaction volumes, CheckFree
automated these processes to monitor and stop fraudulent
transactions before they are completed. In addition to stringent
security technologies and privacy policies in place, consumers may
not be aware that financial services websites, and electronic
transactions in particular, are subject to federal regulations
designed to protect consumers. These include Federal Reserve
Regulation E, the Uniform Commercial Code and The Internet False
Identification Act of 2000. According to a study released in
January 2005 by Javelin Strategy & Research, identity theft and
identity fraud are more frequently committed using traditional
methods -- a lost or stolen wallet, access to account information
from paper mail and trash -- and are more frequently perpetrated by
people the victims know than by strangers who hack Internet sites.
The best ways consumers can protect themselves are illustrated by a
quiz and tips at a site hosted by the Better Business Bureau --
http://www.idsafety.net/. In a recent survey reported by Aite
Group, 67 percent of 12 top financial institutions identified fraud
detection and transaction monitoring technology as the most
important factor in making online banking even more secure over the
next five years. "No one is protecting your mailbox or trash can
from thieves," Lewis said. "But CheckFree and financial
institutions are stepping up to protect consumers from the threat
of identity fraud by proactively monitoring and stopping
unauthorized online transactions before they result in bank and
consumer losses. We're also providing consumer's who bank at
financial institutions that implement CheckFree FraudNet limited
exposure to expenses related to fraudulent payments." According to
a January 2006 study released by Javelin Strategy & Research
and the Better Business Bureau and sponsored by CheckFree, Wells
Fargo Bank and Visa USA, 90 percent of unauthorized access to
sensitive information occurs through non-electronic traditional
channels, such as lost or stolen wallets, bills and statements. The
median fraud amount remains at $750 per fraud victim. Overall, the
annual amount of identity fraud was estimated at $56.6 billion,
according to Javelin. The study recommends that consumers replace
paper invoices, statements and checks, which can be stolen from
unsecured locations such as mailboxes, with electronic versions and
advises consumers to frequently monitor their financial accounts
online to help prevent and detect identity theft. About CheckFree
(http://www.checkfreecorp.com/) Founded in 1981, CheckFree
Corporation (NASDAQ:CKFR) provides financial electronic commerce
services and products to organizations around the world. CheckFree
Electronic Commerce solutions enable thousands of financial
services providers and billers to offer the convenience of
receiving and paying household bills online, via phone or in person
through retail outlets. CheckFree Investment Services provides a
broad range of investment management solutions and outsourced
services to hundreds of financial services organizations, which
manage about $1.5 trillion in assets. CheckFree Software develops,
markets and supports payment processing solutions that are used by
financial institutions to process more than two-thirds of the 14
billion Automated Clearing House transactions in the United States,
and supports reconciliation, exception management, risk management,
transaction process management, corporate actions processing, and
compliance within thousands of organizations worldwide. Certain of
the Company's statements in this press release are not purely
historical, and as such are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
These include statements regarding management's intentions, plans,
beliefs, expectations or projections of the future. Forward-looking
statements involve risks and uncertainties, including without
limitation, the various risks inherent in the Company's business,
and other risks and uncertainties detailed from time to time in the
Company's periodic reports filed with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for
the year ended June 30, 2006 (filed September 8, 2006) and Form
10-Q for the quarter ended September 30, 2006 (filed November 8,
2006). One or more of these factors have affected, and could in the
future affect the Company's business and financial results in
future periods, and could cause actual results to differ materially
from plans and projections. There can be no assurance that the
forward-looking statements made in this press release will prove to
be accurate, and issuance of such forward-looking statements should
not be regarded as a representation by the Company, or any other
person, that the objectives and plans of the Company will be
achieved. All forward-looking statements made in this press release
are based on information presently available to management, and the
Company assumes no obligation to update any forward-looking
statements. DATASOURCE: CheckFree Corporation CONTACT: Investor
Relations: Tina Moore, +1-678-375-1278, , or Media Relations: Judy
DeRango Wicks, +1-678-375-1595, , both of CheckFree Corporation Web
site: http://www.checkfreecorp.com/ http://www.idsafety.net/
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