Vendor Assessment: Industry Short List for Payments Fraud Management Software ? The Move to Enterprise Fraud Management

Document Overview

Vendor Assessment: Industry Short List for Payments Fraud Management Software — The Move to Enterprise Fraud Management

Price: US $3,750

Author: Aaron McPherson

Market Overview
December, 2009 - Doc # FIN221307
Number of Pages: 37
Number of Figures: 2

Overview

This IDC Financial Insights report provides a detailed assessment and comparison of the payments fraud solutions provided by six leading vendors: ACI Worldwide, Actimize, FICO, Fidelity Information Services (FIS), Fiserv, and Memento Security. While all six had strong offerings, we found that implementation services and ongoing support were more important than in other markets, due to the extreme amount of data gathering and analysis required and the always evolving threat environment. Smaller firms must offer unique and compelling technology to offset the support resources of the larger providers. As attacks on payment system integrity grow ever more sophisticated, financial institutions are being forced to respond by drawing upon information from across their core systems and from payment networks, processors, other financial institutions, and retailers. Technologies developed for credit card fraud management are now being applied to other payment methods, such as debit cards, automated clearing house (ACH) payments, and wire transfers. New analytic techniques allow nonfinancial data, such as customer reference data and employee actions, to be utilized to identify likely fraud rings and "bust out" accounts that are constructed by fraudsters to appear normal until they can be used for a one-time, high-value attack. Automated case management tools are being enhanced to provide greater access to data within and outside the financial institution and increased workflow support to help fraud analysts work a larger number of cases.

According to Aaron McPherson, practice director for Financial Services, "It is not enough to offer the best technology if the customer cannot make good use of it. Strong technical support and professional services are needed to ensure that clients are getting the maximum value from their investment."

Subscriptions Covered:

Community Banking, Payments Advisory Service

Companies Covered:

ACI Worldwide, Actimize, BPC Group, Detica, Fair Isaac, Fidelity Information Services, Fiserv, Memento, Norkom, Oracle, RSA, SAS