Abrigo, a US-based fintech company, has unveiled a real-time wire fraud detection solution aimed at protecting financial institutions and their clients from fraudulent transactions.
This solution, part of the Abrigo Fraud Detection platform, aims to intercept fraudulent wire transfers before funds are distributed, which is vital as real-time wire transfers are typically irreversible. The new feature aligns with Abrigo’s mission to assist financial institutions in fraud prevention and aid customers in avoiding financial losses.
According to Abrigo, wire fraud poses a significant threat, particularly in high-value transactions such as home purchases and mortgage refinancing. The 2024 Suspicious Activity Reports (SARs) indicate that these fraudulent schemes contribute to substantial financial losses, with the broader fraud landscape accounting for $12.5bn in losses last year, which is a 25% increase from 2023.
Key features of the wire fraud detection solution include an advanced detection engine that utilises real-time behavioural logic to identify high-risk activities like unusual sender behaviour or new beneficiary actions.
It is said to integrate seamlessly with existing wire payment providers and offers self-service rules configuration, allowing banks to customise or establish new detection protocols according to their policies and risk preferences.
Additionally, the solution provides step-up authentication, enabling analysts to alert customers about flagged transactions via text, allowing them to promptly confirm or decline the transaction.
The Abrigo Fraud Detection platform is scalable and artificial intelligence (AI)-powered, featuring a real-time orchestration engine. It integrates various aspects of financial crime prevention, including fraud detection, anti-money laundering, and sanctions screening.
The platform’s shared case management, integrated data, centralised reporting, and explainable AI with rules-based logic enhance institutions’ ability to detect, manage, and resolve suspicious activities effectively.
Abrigo chief product and technology officer Ravi Nemalikanti said: “Financial institutions face a proliferation of increasingly sophisticated wire fraud schemes.
“Abrigo is using technology to prevent the sending of irreversible wire transactions. With smart automation and behavior analysis, we can help protect financial institutions and consumers from major fraudulent transactions.”
Abrigo supports over 2,400 financial institutions worldwide with its risk management and financial crime prevention solutions. The company provides technology and expertise designed to help clients navigate complex challenges.
In another development, Abrigo has acquired Integrated Financial Solutions (IFS), expanding its automation capabilities in equipment leasing through IFSLeaseWorks.
Based in Hasbrouck Heights, New Jersey, IFSLeaseWorks complements Abrigo’s loan origination and management platform by incorporating segments related to equipment and vehicular financing.
This acquisition supports Abrigo’s strategy of enhancing efficiency through automation in both front and back-office operations.
IFSLeaseWorks offers a cloud-based system facilitating digitalisation across the entire lifecycle of lease and loan transactions—from structuring and pricing through application processing to credit decisioning and remarketing.
