Fraud Detector Offered by Andera
A hosted account opening antifraud solution has been added to the customer acquisition products offered by Andera Inc.
The Providence, R.I., provider of online account opening technology to more than 500 credit unions and banks, said the FortiFI solution scans real-time consumer data patterns across its network of financial institutions.
Andrea Hunter, Andera product manager, said 63% of financial institutions it surveyed reported one or more cases of fraud, averaging $20,000 and ranging to more than $100,000.
She said the FortiFI solution was recently used to reveal two fraud rings, thwarting all but one of 168 total fraudulent applications.