Guardian Analytics Inc. plans to launch an outsourced fraud-prevention service on July 13 that will help financial institutions meet new Federal Financial Institutions Examination Council guidelines released June 29.
The guidelines require banks to have a layered approach to security and continuous risk assessments. Banks also must protect security at the transaction level.
A chief concern for financial institutions is that it may take too much time and is too costly to do ongoing account monitoring and behavior analysis, as the guidelines now mandate, Guardian said.
Guardian’s service will include on-staff fraud analysts who can help financial institutions assess fraud alerts and flag high-risk events and activity, including unusual payments that may require internal review. The analysts would help keep unauthorized wire, automated clearinghouse and bill payment transactions from leaving the institution, Guardian said.
The service will complement Guardian’s automated fraud-prevention platform FraudMap. Guardian is based in Los Altos, Calif.
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