The detection of Employee Fraud is a primary focus of Focus Technology Groups products. These products also provide a good source of information for fraud risk assessments as they provide evidence of anti-fraud control effectiveness and fraud indicators.
BancProtect acts as a bank’s “24/7” fraud auditor by following the money for all transactions. “Following-the-Money” is the best technique for detecting potential fraud, non-compliance and abuse, but very time consuming and impossible to do manually on a wide-scale basis. BancProtect automates the process by reviewing every transaction posted to deposit, time and loan systems, by all employees. BancProtect looks at the “source” accounts and “destination” accounts for each transfer and reports those transfers with no apparent relationship between account owners. BancProtect then generates Risk Alerts for investigation and risk assessment purposes.
BancAudit Pro reports with the red flags of fraud scenarios such as loan rollovers, unauthorized loan extensions, loan lapping schemes and inactive and dormant CD manipulations. Evaluate anti-fraud controls using deposit and loan transaction and maintenance monitors for Suspicious CIF Maintenance Changes: Monitors CIF maintenance fields for suspicious changes representative of identity theft, statement re-directions and other types of fraud.
The IDEA® Account Activity App contains six tests that address common and pervasive fraud risks:
- Deposit Account Takeover
- Dormant Account Manager
- Inactive Accounts Manager
- Certificate of Deposit Early Withdrawals
- Maintenance Transactions
- Internal and Employee Account Transaction Monitor
The IDEA® Loan Examiner App contains eight tests that address common and pervasive fraud risks:
- Underperforming Loans
- Loan Transaction Monitor
- Loan Maintenance Monitor
- Loan Payment Extensions
- Loan Repayment Analysis
- Loan Charge-off and Recovery Monitor
- Loan Delinquency Manipulation
- Lending Separation of Duties