FlexVerify Fraud Detection
New functions within FlexVerify include the ability to stop fraud before it can start. A series of baseline parameters are established to warn tellers when account activity has exceeded typical transaction behavior, based on account age, transaction volume or dollar amount trends. Prior to completing a transaction, FlexVerify prompts tellers of suspicious account activity, including the ability to instantly review previous transactions over the last five business days. Fraudulent transit items, stolen on-us checks, and check kiting represent the core focus of FlexVerify fraud tracking initiatives. Past transaction activity is condensed using statistical analysis, allowing FlexVerify to provide results based on months – or years – of transaction data. Long-term analysis is better equipped to anticipate gradual changes in customer patterns, yet deliver information to the teller as efficiently as possible. FlexVerify also supports exceptions to standard fraud tracking rules. Accounts that are known to have unusual activity patterns can be identified to eliminate unnecessary warnings, ensuring end user confidence in FlexVerify.