AI-powered Financial Crimes Defender helps
bankers detect and prevent fraud in
real-time
MONETT,
Mo., Oct. 16, 2023 /PRNewswire/ -- Jack Henry™
(Nasdaq: JKHY) announced today that it is redefining
fraud prevention with the initial roll out of Jack
Henry Financial Crimes Defender™, a cloud-native fraud
and anti-money laundering (AML) solution designed with real-time
capabilities at the forefront. This new solution allows community
and regional financial institutions to proactively combat financial
crimes across channels.
Financial Crimes Defender is part of Jack Henry's technology
modernization strategy, focused on delivering cloud-native
solutions that help banks and credit unions innovate faster,
differentiate strategically, and meet the evolving needs of their
accountholders. The platform is built on the public cloud, allowing
for real-time data, more accurate reporting, open integrations,
speed, and agility.
New York-based Carver Federal
Savings Bank is among the first financial institutions to implement
the solution. "Jack Henry's Financial Crimes Defender positions us
well against the rising threat of fraud; it allows us
to offer a secure and smooth banking experience for our customers,"
said Patrick Brennan, VP of
information technology at the bank. "It's seamless integration,
user-friendly design and real-time, AI-powered fraud
detection will help us operate more efficiently and improve our
fraud detection rate to keep our customers and their
money safe. Our staff can now make faster and smarter decisions and
better combat financial crimes and minimize risk."
Financial Crimes Defender provides real-time detection and
prevention of fraud involving checks, deposits,
transfers, ACH transactions, and instant payments. Financial
institutions can stop transactions before they leave the
institution or appear in the clients' accounts. Plus, its open
architecture allows for the seamless integration of third-party
data into the platform, improving overall fraud
management for financial institutions across all
relationships.
This AI-powered solution bundles fraud and AML
solutions to help financial institutions of all sizes make faster
and more informed risk decisions, minimize false positives and
wasted resources, improve operational efficiency, and ensure more
effective fraud monitoring and reporting for Bank
Secrecy Act (BSA) compliance. Moreover, its real-time data and
behavioral analytics enables secure transactions and enhanced
trust.
In order to fight fraud with more data, financial
institutions can access a central repository of fraudulent activity
using the Federal Reserve's FraudClassifier, built natively into
the solution. FraudClassifier addresses the industry-wide challenge
of inconsistent classifications for fraud involving
ACH, wire, or check payments.
"Fighting fraud with real-time data is the
equivalent of catching an intruder at the front door, before they
get into the house," says Matt
Riley, president of Complementary Solutions at Jack Henry.
"Financial Crimes Defender lets financial institutions detect and
prevent fraud at first sight, ensuring assets and
information remain within the institution. This is a game-changer
for community banks and credit unions."
About Jack Henry & Associates, Inc.®
Jack Henry™ (Nasdaq: JKHY) is a well-rounded
financial technology company that strengthens connections between
financial institutions and the people and businesses they serve. We
are an S&P 500 company that prioritizes openness,
collaboration, and user centricity – offering banks and credit
unions a vibrant ecosystem of internally developed modern
capabilities as well as the ability to integrate with leading
fintechs. For more than 47 years, Jack Henry has provided
technology solutions to enable clients to innovate faster,
strategically differentiate, and successfully compete while serving
the evolving needs of their accountholders. We empower
approximately 7,500 clients with people-inspired innovation,
personal service, and insight-driven solutions that help reduce the
barriers to financial health. Additional information is available
at www.jackhenry.com.
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SOURCE Jack Henry & Associates, Inc.