FraudGuardian

FraudGuardian is a fraud prevention software designed specifically for financial institutions, including banks and wealth management firms. According to the vendor, it helps protect these organizations and their customers from various types of fraud, such as payment fraud, internal fraud, and AML transaction monitoring. The software is suitable for companies of all sizes, from small community banks to large multinational financial institutions. It is widely used by banking professionals, risk and compliance officers, fraud prevention teams, wealth managers, private banking professionals, insurance providers, financial services firms, payment processors, and both retail and corporate banking sectors.

Key Features

AI Risk Models: According to the vendor, FraudGuardian utilizes AI risk models to detect and prevent fraud in real-time. These pre-built models are designed to make it easier for financial institutions to start preventing fraud immediately, without the need for complex data science projects.

Seamless Integration: The vendor states that FraudGuardian is pre-integrated with major banking software providers such as Avaloq, Finacle, Finastra, Temenos, and Mambu. This integration aims to eliminate the need for lengthy and complex integration projects within the organization.

Efficiency and Cost Savings: According to the vendor, financial institutions can achieve significant cost savings on fraud prevention operations with FraudGuardian. The software aims to reduce the number of payments to block by 85% while increasing the fraud detection rate to 98%. This is expected to save operational costs and improve the overall customer experience.

Explainable AI for Business Users: According to the vendor, FraudGuardian's AI algorithms are designed to be easily understood by business users. The system provides full business context for each alert, allowing users to understand why AI raises an alert. Additionally, intuitive investigation tools enable powerful forensics, making it easier for users to analyze and investigate potential fraud cases.

Smarter AI: The vendor claims that FraudGuardian's AI system is designed to be smarter and more dynamic compared to traditional AI systems. The managed learning technology aims to prevent overfitting and continually diving down a few avenues, making the system more capable of detecting new types of fraud.

Comprehensive Fraud Prevention: According to the vendor, FraudGuardian offers a comprehensive suite of fraud prevention solutions, including payment fraud prevention, internal fraud prevention, and AML transaction monitoring. This aims to enable financial institutions to protect themselves from various types of fraud and comply with regulatory requirements.

Real-time Monitoring: FraudGuardian provides real-time monitoring of transactions, allowing financial institutions to detect and stop fraudulent activity as it happens. The immediate response aims to help prevent financial losses and protect customers from fraud.

Flexible Deployment Options: The vendor states that FraudGuardian offers flexible deployment options, including on-premise and cloud-based solutions. This allows financial institutions to choose the deployment option that best suits their needs and infrastructure.

Internal Fraud Prevention: According to the vendor, FraudGuardian is designed to prevent and detect internal fraud within financial institutions. It tracks employee behavior and ties it to customer transactions, allowing for the identification of front office/back office control bypass, privileged user abuse, and collusion. The software blocks potentially fraudulent transactions that are out-of-profile and triggers alerts for investigation.

Ready-to-go AI Risk Models: According to the vendor, FraudGuardian provides pre-built AI risk models that span employees and customers, allowing for effective internal fraud controls. These models utilize behavioral profiling to lower fraud losses and false positives. The risk models are designed to be easy to understand, manage, and extend, providing flexibility for customization.