May.28, 2010, 09:37:11 EDT

Banco Espirito Santo, or BES, a provider of banking services, has implemented Fiserv's Fraud Risk Manager solution, to monitor, detect, prioritize and case-manage multi-channel fraud, including internal fraud and unethical employee behavior.

BES chose Fiserv because it is already using its anti-money laundering solution, AML Manager, to detect suspected money laundering activities. Utilizing the same transaction database, this financial crime risk management platform will generate money laundering and fraudulent behavior alerts using scenarios for risk protection of the customer.

By having Fraud Risk Manager and AML Manager on a single platform, BES will also be able to utilize shared functionality through use of common resources.

Fraud Risk Manager monitors not only transactions, but also customer characteristics, account information and non-financial events, such as an address change, new debit card and personal identification number requests or change in ownership. The solution also combines monitoring techniques including profiling, predictive analytics, peer group analysis and rules to detect fraud.

John Filby, president of risk and compliance solutions at Fiserv, said: "Since the economic crisis started in late 2008, there has been a significant rise in fraudulent activity alongside an ongoing need for institutions to reinforce customer trust. Our customers are increasingly asking us to help them paint a holistic picture of financial crime activity across the enterprise, both to prevent losses and protect their reputations.

"With Fraud Risk Manager, BES will now have daily monitoring of fraud alerts and internal fraud. Combined with their existing AML Manager solution from Fiserv, BES now has a more complete view of its financial crime risk."