Name: FraudGuardian
Author: NetGuardians

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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.

Plaid in San Francisco offers a suite of applications supporting banks with risk management and customer account management features. Plaid is used by digital financial apps and services like Betterment, Expensify, Microsoft and Venmo, and by banks to make it easier for consumers to connect their financial accounts with the apps and services they want to use. Plaid connects with over 11,000 financial institutions across the U.S, Canada and Europe.

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SEON. Fraud Fighters

FraudGuardian

Fraud Detection Software, and Risk Management Software, are systems designed to detect and prevent fraud in real time and secure web, mobile, and phone transactions. These platforms are tailored to the needs of financial institutions and also retail organizations who sell online, and may vary in scope along the needs of their intended users.

NetGuardians

Fraud Detection Software Features

Features related to products that help users with fraud detection.

Anomaly Detection

The software uses advanced algorithms to identify patterns of behavior that deviate significantly from the norm, enabling detection of fraudulent activities.

Timely Monitoring

The system constantly monitors transactions and activities as they occur, providing immediate alerts for any suspicious or potentially fraudulent behavior.

ID Verification

The software incorporates robust identity verification mechanisms such as KYC (Know Your Customer) processes and multi-factor authentication to ensure the legitimacy of users.

Data Analysis and Pattern Recognition

Utilizing machine learning techniques, the software analyzes large volumes of data to identify patterns and correlations that may indicate fraud.

Rule-based Alerts

The system can be configured to generate alerts and notifications based on predefined rules that indicate suspicious or fraudulent behavior.

Investigation Tools

The software provides tools and workflows to manage and investigate potential fraud cases, allowing users to document findings, collaborate, and initiate appropriate actions.

External Data Integration

The system can connect with external databases, APIs, and third-party services to gather additional information and enrich the fraud detection process.

Compliance and Regulatory Support

The software incorporates features to help organizations meet compliance requirements and adhere to regulatory frameworks in the context of fraud prevention and detection.

User Interface

The software provides an intuitive and easy-to-use interface with interactive dashboards, allowing users to quickly navigate, access relevant information, and take necessary actions.

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FraudGuardian

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What is FraudGuardian?