Jack Henry has introduced the Jack Henry Financial Crimes Defender, a cloud-native solution designed to redefine fraud prevention and anti-money laundering (AML) capabilities in real-time.
This innovative solution empowers community and regional financial institutions to proactively combat financial crimes across multiple channels.
Part of Jack Henry’s technology modernization strategy, Financial Crimes Defender is built to deliver cloud-native solutions that enable banks and credit unions to innovate faster, differentiate strategically, and meet the ever-evolving needs of their accountholders. Leveraging the power of the public cloud, it offers real-time data access, enhanced reporting accuracy, open integrations, agility, and speed.
Among the pioneering financial institutions to embrace this solution is New York-based Carver Federal Savings Bank.
Carver Federal Savings Bank information technology VP Patrick Brennan said: “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.
“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 minimise risk.”
Financial Crimes Defender serves as an all-encompassing platform for the real-time detection and prevention of fraud involving checks, deposits, transfers, ACH transactions, and instant payments. This cutting-edge system allows financial institutions to halt transactions before they even exit the institution or appear in the clients’ accounts.
The platform’s open architecture further facilitates seamless third-party data integration, thereby enhancing overall fraud management across all relationships within the financial industry.
The use of artificial intelligence empowers Financial Crimes Defender to bundle fraud and AML solutions, aiding financial institutions of all sizes in making faster, more informed risk decisions, reducing false positives, minimising resource wastage, enhancing operational efficiency, and ensuring more effective fraud monitoring and reporting for Bank Secrecy Act (BSA) compliance.
Furthermore, the system’s real-time data and behavioral analytics foster secure transactions and instill heightened trust among users.
To enhance the data available for fighting fraud, financial institutions can tap into a central repository of fraudulent activity through the Federal Reserve’s FraudClassifier, a native feature of the solution. This addition addresses the industry-wide issue of inconsistent classifications for fraud pertaining to ACH, wire, or check payments.
Jack Henry complementary solutions president Matt Riley said: “Fighting fraud with real-time data is the equivalent of catching an intruder at the front door, before they get into the house.
“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.”
