Oracle Financial Services Software has announced the availability of a new release of Oracle Mantas Fraud. The upgrade provides new features aimed at better preparing institutions to meet the challenges posed by the technological advancement and globalisation of fraud activity, as well as a more stringent regulatory environment.
Mantas Fraud delivers an integrated view across accounts, customers and business lines to facilitate earlier detection of fraud schemes and financial crime rings, and enhance loss prevention and mitigation efforts. The new features include:
- Additional pre-built scenarios that provide more comprehensive coverage of the major fraud areas, including identity theft or account takeover, cheque and deposit fraud, employee or insider fraud, debit card fraud, electronic payments fraud, and online fraud.
- Intelligently correlate alerts and events from various channels and point fraud solutions to detect behaviours and patterns that evolve over time and indicate the existence of more sophisticated, complex fraud activity.
- Real-time payments and online fraud detection capabilities through integration with Oracle Adaptive Access Manager and Oracle Complex Events Processing.
- Enhanced network discovery and visualisation capabilities for more effective identification of complex fraud schemes and rings.
- More robust case management, including fraud-specific alert and case investigation workflows, loss and recovery reports and straightforward integration with the institution’s general ledger systems.
“Financial crime costs financial institutions billions of dollars each year, and the fraud schemes only get smarter and more pervasive. In today’s environment, point solutions focused on specific channels or types of fraud fall short in meeting financial institutions’ fraud detection needs,” said S. Ramakrishnan, chief executive of Reveleus and Mantas products, Oracle Financial Services Software. “The new release of Oracle Mantas Fraud provides an integrated fraud management platform that combines robust real-time detection and correlation capabilities with sophisticated behaviour detection, analytics and case management for powerful fraud protection across the enterprise.”