CheckFree Corp. said more than 40 financial companies are using its fraud detection software or will start using it this year.
Processing Content
The Atlanta bill payment service provider issued the progress report last week for its FraudNet software, which was introduced in November of last year.
The users include two top 10 banks and five major regional banks, CheckFree said.
FraudNet scores bill payments according to a variety of business rules to spot potentially fraudulent ones.
Matt Lewis, the general manager of CheckFree's electronic commerce division, said in a press release that the vendor and its clients are "providing added protection by proactively monitoring and stopping fraud before it happens."
