#USA #Austin #Fraud Detection #RiskScout #Mitek Systems

RiskScout Expands Integrated Fraud Functionality

RiskScout, a cutting-edge compliance platform designed specifically for financial institutions, has announced a significant enhancement to its fraud detection capabilities. This update integrates a suite of advanced tools that facilitate real-time alerts, detailed image-based fraud analysis, and direct communication with customers, all streamlined into a single user-friendly interface.

Developed by experts including former bank examiners and BSA professionals, these new features empower community banks and credit unions to swiftly identify and halt fraudulent activities without the complications of switching between multiple tools. This innovation comes as a response to the growing need for more efficient fraud prevention strategies in the financial sector.

Partnership with Mitek Systems

As part of this major rollout, RiskScout has joined forces with Mitek Systems, a globally recognized leader in digital identity verification and fraud prevention. This collaboration introduces Mitek’s sophisticated check fraud detection capabilities directly into the RiskScout platform. Users will now benefit from automated analysis to identify forgeries, alterations, and counterfeits, all while enjoying a streamlined operational experience.

Justin Fischer, CEO and Co-Founder of RiskScout, emphasized the importance of this development, stating, “This isn't just fraud detection—it's about providing real operational intelligence that helps institutions protect their customers and members effectively.” The aim is to simplify the fraud prevention process, allowing institutions to act quickly, remain compliant, and minimize losses related to fraudulent activities.

Michael Diamond, Senior Vice President and General Manager of Digital Banking at Mitek Systems, also commented on the partnership: “We've designed our image analysis technology to help institutions detect subtle fraud signals that older systems often overlook.” He noted that RiskScout's integrated approach to compliance and fraud management is ideal for embedding intelligence into existing, trusted systems, ultimately enabling teams to make informed decisions swiftly.

Key Features of RiskScout's Enhanced Fraud Capabilities

Here are some of the notable features included in the latest update from RiskScout:

• - Integrated Check Fraud Detection: Thanks to the collaboration with Mitek Systems, users can now instantly verify check images and flag any suspicious alterations in real-time.
• - Pre-Built Fraud Rules: The platform comes equipped with comprehensive coverage for various fraud types out of the box, including ACH, wire transfers, and multiple monetary instruments.
• - Real-Time Alerting System: By leveraging real-time data, RiskScout provides proactive alerts, helping financial institutions stay ahead of fraudulent activities.
• - Secure Customer Communication: The platform includes encrypted messaging capabilities for rapid customer investigations and responses, eliminating the need for traditional calls or emails.
• - Unified Compliance Workflow: RiskScout integrates fraud and compliance workflows within a single platform to enhance back-office efficiency for institutions.
• - No Hidden Fees: Fraud functionality is included without unexpected costs, ensuring transparency and value for the user. Mitek Systems' check fraud solution is available as a premium, fully integrated enhancement.
• - Automatic Transaction Variance Alerts: The system automatically detects any unusual transaction volume discrepancies across various payment types, eliminating the need for manual oversight.

With this latest update, RiskScout is reshaping how financial institutions approach fraud, transitioning from detection to resolution seamlessly. Community banks and credit unions can now access powerful tools typically reserved for larger enterprises without the associated complications.

For more information or to schedule a demo, visit www.riskscout.com, and check out their newly launched fraud solutions page.

About RiskScout

RiskScout is a dedicated team composed of former bank examiners, BSA specialists, and fintech developers committed to enhancing the efficiency and profitability of financial institutions. Supported by premier industry investors and top fintech accelerators, RiskScout combines profound industry knowledge with a commitment to exceptional service and client satisfaction. Their comprehensive fraud detection and BSA/AML suite helps reduce compliance costs, prevent losses, and opens doors to new deposit streams, effectively catching fraudsters in the act.