Advanced integration enables financial institutions to identify fraudulent transactions earlier in the process and help reduce disputes and losses.
BIRMINGHAM, Ala., April 15, 2024 /PRNewswire-PRWeb/ -- FIntegrate Technology, a leading provider of dispute management and collections/recovery software solutions, has teamed up with ThreatAdvice, a premier provider of fraud and cybersecurity solutions for financial institutions. This partnership aims to fortify financial institutions' defenses against fraud, streamlining operations and bolstering customer trust.
Under the terms of the agreement, FIntegrate Technology will integrate ThreatAdvice's TAFraudSentry solution into its FusionDMS dispute management and resolution software. FusionDMS offers a unified platform to automate workflows, boost productivity, and ensure regulatory compliance across all types of financial disputes, thereby alleviating the burdens associated with manual or non-integrated dispute management.
According to FeatureSpace's report on "The State of Fraud and Financial Crime in North America," fraud rates in financial institutions have been on the rise, with a notable 70% increase in the past year. To address this challenge, FusionDMS incorporates check fraud management features designed to simplify and expedite the administration of return requests for unauthorized check transactions and will now leverage the advanced artificial intelligence and image analysis technologies from TAFraudSentry. TAFraudSentry fills in the gaps in transactional analysis-based fraud detection and allows real-time customer notification and verification. This integration enhances fraud detection and prevention capabilities, with a check fraud prevention success rate exceeding 95% in targeted scenarios.
Kris Bishop, CEO of FIntegrate Technology, emphasized the significance of this collaboration, stating, "By integrating ThreatAdvice's TAFraudSentry solution into our FusionDMS platform, we are enhancing our ability to identify fraudulent transactions earlier in the process and help reduce disputes and losses to the financial institutions. This partnership represents our commitment to offering integrated, automated, cutting-edge solutions that streamline operations and safeguard our clients' assets," Bishop said.
Echoing this sentiment, Russell Taylor, president of ThreatAdvice highlighted the partnership's proactive approach to combating fraud. "Our collaboration with FIntegrate represents a significant stride in empowering financial institutions with advanced fraud solutions. By combining ThreatAdvice's TAFraudSentry platform with FIntegrate's FusionDMS for dispute management, we are equipping institutions with the tools they need to proactively combat fraud, prevent losses, and protect their customers' financial well-being."
FIntegrate Technology also offers FusionCRS that simplifies the delinquency, collection, loss mitigation, and recovery tasks by consolidating them into a single platform collections and recovery system. Its Charge-Off Risk Score accurately forecasts charge-off risks for delinquent accounts, guiding automated processes and optimizing resource allocation. By automating manual procedures, FusionCRS boosts efficiency in communication and recovery, reduces delinquency costs, and enhances productivity for collection teams.
ThreatAdvice offers an additional solution to help financial institutions combat fraud, FraudXchange. FraudXchange is a centralized platform for financial institutions, facilitating the reporting and exchange of fraudulent transactions to foster swift and decisive action. Leveraging its API-enabled fraud prevention database, it specializes in identifying stolen checks while providing tailored fraud watchlist screening services for various use cases. Equipping institutions with real-time alerts on suspicious activities, FraudXchange enables prompt customer notifications, thus fostering protection and trust in the online fraud ecosystem.
About ThreatAdvice
Headquartered in Birmingham, Ala., ThreatAdvice is a leading provider of fraud and cybersecurity solutions for financial institutions. Their tools enable organizations to stay ahead of evolving threats and protect their assets effectively. Learn more at http://www.threatadvice.com or fraudxchange.com.
About FIntegrate
Headquartered in Birmingham, Alabama, FIntegrate Technology is a leading industry provider specializing in Dispute Management and Collections/Recovery software solutions. Our comprehensive offerings encompass workflow automation, data integration and access, API integrations, data analytics, and data conversion services tailored for financial institutions. At Fntegrate, we proudly present top-tier products such as FusionDMS for Dispute Management and FusionCRS for Collections and Recovery, drawing upon decades of expertise and an unwavering dedication to innovation, automation, and excellence. http://www.FIntegratetech.com
SOURCE ThreatAdvice
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