CashEdge’s Risk Management Services Prevent More than $139 Million in Client Fraud Losses in 2009
Hundreds of Financial Institutions Benefit from Industry-leading Risk Management Services
NEW YORK - CashEdge Inc. (www.cashedge.com), the leader in Intelligent Money Movement™, announced today that the Company successfully prevented more than $139 million in client fraud losses through its comprehensive risk management services in 2009. The fraud losses prevented reflect the dollar value of potentially fraudulent transactions detected and prevented by CashEdge’s risk monitoring services. Last year CashEdge moved almost $50B for partner financial institutions.
CashEdge’s risk management uses proprietary technology and the insights gathered from managing risk for the world’s largest financial institutions, to help its clients mitigate risk and decrease fraud exposure.
“As predicted, in 2009 we clearly saw a rapid evolution in online fraud,” said Amir Sunderji, Senior Vice President and Chief Risk & Payments Officer at CashEdge. “New threats have emerged and fraudsters have become more sophisticated in their approach, making it imperative for financial institutions to have risk management processes and systems in place to monitor and adapt to such threats.”
As adoption of online banking, including online account opening and funding and online funds transfers, has risen, so, too, has the associated fraud risk, especially in light of data breaches, which increased 55 percent from 2006 to 2009, as reported by Identity Theft Resource Center. This translates into increased pressure on financial institutions to act and to improve risk management.
“CashEdge’s clients and their customers have enjoyed better protection than banks that do not have access to our sophisticated risk management tools,” Sunderji added. “With forward deployment of our risk evaluation and mitigation strategy, transactions are stopped even before they are released into the network.”
CashEdge’s approach to risk monitoring, identification, detection, fraud prevention, and mitigation combines human intelligence with automation that focuses on critical points in the life cycle of a customer, account and transaction, individually and collectively. Through this process, CashEdge provides the most sophisticated risk management in the industry.
All of the Company’s Intelligent Money Movement services, including Popmoney™, its new person-to-person payments service, are supported by CashEdge’s risk management capabilities. CashEdge services are currently used at hundreds of financial institutions in the U.S., including seven of the top ten banks.
To learn more about CashEdge’s Intelligent Money Movement Services, visit www.cashedge.com.
CashEdge is a leading provider of Intelligent Money Movement™ solutions for financial institutions, including mobile and online person-to-person (P2P) payments, account transfers, account opening and funding, small business applications and financial account aggregation. The Company’s clients include hundreds of leading financial institutions, including seven of the ten largest banks in the country, for which they move more than $50B every year. CashEdge’s newest offering, Popmoney™, is a bank-enabled P2P service that is live at leading banks in the U.S.
CashEdge’s industry-leading products include POPmoney™ for person-to-person payments; OpenNow®/FundNow® for new account opening and funding; TransferNow® for Consumers, which includes Me-to-Me and Third Party Transfers; and TransferNow® for Small Businesses, which includes Invoicing, Me-to-Me Transfers, Employee Payments and Vendor Payments. All CashEdge products are supported by industry-leading risk management capabilities that leverage proprietary technology to help financial institutions mitigate risk and decrease fraud exposure.
The above contains statements that are based on subjective views, opinions or beliefs of the management. The data provided herein is based solely on CashEdge’s solutions and does not relate to any specific financial institution or client or the industry.
The Company is headquartered in New York with offices in Silicon Valley and India. For more information, visit www.cashedge.com.
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