The race to empower banks with enterprise fraud-fighting chops stepped up last week when Metavante announced a partnership with NICE-owned Actimize to provide banking and payment clients with fraud monitoring and reporting technology. While it will roll out first with Metavante’s online bill-pay offering, it will eventually be utilized across all its core processing and payment solutions, according to the company.
Actimize’s analytics engine tracks down suspicious banking transactions and patterns that can be transposed into fraud prevention rules that run across all lines of business at an institution. What makes this important is Actimize being one of the leading vendors in preventing insider fraud—one of the banking’s industry’s primary fraud problems. The Association of Certified Fraud Examiner’ 2008 Report to the Nation reports that 15 percent of all occupational fraud losses occurred within financial services; banks were also second among industries with a median loss of $250,000 per incident.
As if to underscore the problem, Metavante’s announcement came the same week that
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
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