News & Views - Savantor

Savantor launches Fraud Plus (F+)

Monday, 16 February 2009

One area that doesn't seem to be affected by the recession is fraud. Banks are trying to come up with new ideas to combat the fraudsters such as HSBC looking to deploy a system that will analyse every credit card transaction in flight and Handelsbanken's card locking system. Help is also at hand from Savantor who have an innovative approach to solutions with the launch of their Fraud Plus (F+) Service Line. This service guides banks through critical fraud issues such as CNP and cross border fraud and delivers significant financial benefits. Savantor has recently undertaken projects with major financial institutions utilising this new service, one involved savings of more than €5m per year with an investment of less than 0.3% of the projected return. In particular, Savantor F+ assists customers in addressing increasing CNP and cross border fraud losses. In the current market with rising trends in fraud, organisations are being targeted at a time when they can ill-afford €multi-million fraud loss attacks.

Fraud has many touch points in a financial institution and it is through the detailed understanding of operations and process that Savantor is successful. A review will include current environment and processes, the use of technology, refinement of rule writing and scorecards, what-if scenarios, cost benefit analyses for change, and a review of the organisational focus, management and fraud accountabilities. A significant component of Savantor's activity is to review a customer's fraud measurement and monitoring (Management Information) where there are often areas for improvement.

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Marie Costers, General Manager - Clear2Pay Open Test Solutions

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Evert Fekkes, Business Information Manager - Rabobank - Nederland

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