Premium Products / Personal Service
Suspicious Activity Monitor
SAM is our premier fraud detection system. It monitors all of your customer transactions for unusual activity and highlights those that are most likely unauthorized.
SAM uses historical data to establish behavior modeling. Bottom line: a customer’s past activity is the best indicator for their future activity. Once you know what to expect, it’s easier to identify suspicious transactions.
Our behavior modeling for ACH transaction includes:
The daily monitoring of incoming and outgoing ACH transactions.
SAM alerts you to unusually large transactions, based on the transaction-originator.
SAM also highlights first-time transactions. (That is, transactions sent by an originator to a customer for the very first time.)
2.4% of first-time transactions are unauthorized.
The daily monitoring of IATs, for both suspicious amounts and OFAC compliance.
The regulators recommend that you review any IAT of $1,000 or more on a give day. (Shipments of illegal nicotine or synthetic hallucinogens are typically around $1,200 – $1,500.)
The regulators also recommend enhanced due diligence on any customer that sends/receives IATs of $5,000 or more to/from the same party.
We got you covered on everything for IATs–including OFAC compliance.
SAM alerts you to potential corporate account takeovers (CATOs).
Our systems have stopped more than $4 million in CATOs.
The system alerts you when customers are dealing with Bitcoin and other digital currencies.
This is very important when dealing with state laws protecting older customers.
SAM keeps track of returned ACH transactions and highlights unauthorized debits.
The system helps you determine your off-balance sheet risk for ACH originators.
It reports government benefit payments that may be posted illegally.
SAM offers easy-to-use check fraud detection:
The system monitors for duplicate presentment of the same check. (This type of fraud is especially prevalent with mobile banking.)
The system also monitors for checks with numbers outside of an expected range. (This is a common characteristic of checks where the amount has been materially altered.)
The system also has “all-items monitoring abilities”:
SAM warns you when large debits appear to be presented against uncollected funds.
The system advises you when it detects a customer who is kiting.
It warns you when customers have 90+ days between transactions (a frequent indicator of elder abuse or theft from an estate.)
It’s a fact of life: the less you look at, the more you see. SAM’s behavior modeling greatly reduces false-positive results.
SAM automates the Enhanced Due Diligence function, documents why customers are considered high-risk and simplifies the monitoring of high-risk accounts.
The system works seamlessly with all transactions.
Wayne Barnett Software provides you with unlimited free training.