Helping the Finance Industry Toughen Up Against Fraud

There is a lot that human beings can do well, but at the same time, there is little we do better than growing on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

Jack Henry, an industry-leading financial technology company, has officially announced the launch of a new fraud monitor called Payrailz, which is a cloud-native, AI-based feature of the Payrailz Digital Payments platform designed to provide real-time fraud detection. According to certain reports, the stated solution can be customized to support person-to-person (P2P) payments, consumer and business bill payments, account-to-account (A2A) outbound external transfers, and more. But how does it deliver on this promised value proposition? Well, in simple terms, Payrailz applies AI and machine learning to simultaneously detect and weigh multiple fraud attributes and indicators, including known and previously unknown fraud instances and patterns. Once the assessment part is done, the technology would move on to generate an aggregated and actionable score as each payment transaction is scheduled. Interestingly enough, the users will also be provided the means to configure score ranges and other thresholds for complimenting their unique risk tolerance. In case the whole offering still falls short of impressing you, then it must be mentioned that Payrailz, owing to its machine-learning origins, can learn about your preferences and behavior over time to deliver best possible results around something like payment fraud mitigation or even blocking a comprehensive account takeover effort.

Alongside Payrailz, Jack Henry is also launching a complimentary product called Jack Henry Financial Crimes Defender, another cloud-native solution that will arrive with robust cross-channel fraud detection capabilities.

“It’s an unfortunate reality that every payment channel is being impacted by fraud and fraud attempts,” said Tede Forman, president of Payment Solutions at Jack Henry. “And we know that mitigating payments fraud takes a multi-layered approach that targets fraud attempts at the different stages of a payment transaction. We’re excited to offer Fraud Monitor to our clients and empower them with a sophisticated, AI-driven feature that scores 100% of P2P, A2A, and bill payments in real-time.”

Founded in 1976, Jack Henry has risen up the ranks by helping financial institutions unlock new and more advanced pathways through which they can get a step closer to their customer base. The validation for company’s commitment towards innovation can also be taken from the fact that it is, at the moment, firmly placed amongst S&P 500 organizations. Talk about reach, Jack Henry and its bleeding-edge fintech solutions are currently fuelling the operations of more than 8,000 clients worldwide.

“Fraud Monitor delivers a wide range of benefits for our credit union,” said Adam Jones, vice president of digital experience at Georgia’s Own Credit Union. “In addition to the critical benefit of helping us stop fraud in real-time, Fraud Monitor helps with workflow efficiencies by drastically reducing the number of suspicious transactions that need our manual review and automatically stopping fraudulent transactions. Fraud Monitor provided us the flexibility we need to respond to dynamic fraud schemes and patterns as well as the ability to tailor score thresholds and other configurations that support our risk preferences.”