CashEdge Inc. said the fraud management tools it uses for its money transfer services prevented more than $139 million in fraudulent transactions in 2009.

The New York company provides this fraud monitoring as part of its Intelligent Money Movement services.

"Fraudsters have become more sophisticated in their approach, making it imperative for financial institutions to have risk management processes and systems in place," Amir Sunderji, CashEdge's chief risk and payments officer and a senior vice president, said in a press release Friday.