The processing of duplicate and fraudulent messages is easily avoided, yet it occurs far too often. Increasingly, organisations have invested in sophisticated automation that can process large volumes of requests in real time. These companies need to protect themselves against the financial and reputational risk attached to processing duplicate and fraudulent payments.
Aqua Global’s Duplicate Message and Fraud Detection Module safeguards an organisation from this problem arising as a result of accidental or deliberate actions. Any duplicates can be configured to be controlled and processed within Aquila’s Incident Management module.
Duplicate Detection
Many institutions have interfaces that accept messages from multiple channels. Mistakes can occur, such as a channel releasing a duplicate set of transactions that could be automatically processed within a few seconds, including the creation of outward settlement transactions. Alternatively, a manual customer instruction could inadvertently be processed more than once. Duplicate detection operates in real time, automatically highlighting potential issues for all inward and outward message channels through proactive alerts and moving these messages to a repair/exceptions queue for review prior to processing or transmission.
Fraud Prevention
The threat of cyber-attacks is ever increasing, and it is of paramount importance to ensure the integrity of every transaction processed and increase barriers against fraud. Once access is achieved, attackers can operate silently for extended periods, learning patterns. They will create new “payment corridors” based on combinations of target and beneficiary banks, often blending fraudulent transactions with legitimate traffic during busy periods. For institutions that have invested in automation, this is a real threat. The solution provides the ability to control and monitor all messages that, for example, are sent to identical beneficiaries over a specified time period. This helps detect transactions that potentially make up a money laundering scenario or instructions injected from an external attack to transfer funds illegally. The solution is highly flexible and can be configured to select exactly which data elements in a message are used to determine if a message is duplicate or fraudulent. It can be configured for any service channel such as SWIFT FIN, ISO 20022, local clearing, mobile banking, as well as manual input.
Benefits:
- Simple to use
- Highly scalable for any service channel
- Minimal changes to existing environment
- Automatic alerts for exceptions
- Quick to deploy
- Full audit
