DCI and DataVisor join forces to help banks fight fraud

Financial fraud has increased significantly as the trend towards mobile banking and digitization accelerates. In 2022 alone, the Federal Trade Commission received over 1.1 million reports of identity theft and over 440,000 reports of credit card fraud.

To help banks proactively detect and reduce fraud, DCI (Data Center Inc.) – the privately held developer of core processing, digital banking and Fintech processing solutions – has partnered with DataVisor – the only comprehensive real-time fraud and risk management. platform that leverages sophisticated artificial intelligence and modern machine learning to prevent new fraud threats.

As a result, DCI customers can now better detect and mitigate application and identity theft, transaction fraud, account takeovers, money laundering and other types of banking fraud before it results in financial and reputational damage.

“DataVisor leverages AI and advanced machine learning techniques to connect the dots between fraud signals across various events and channels, enabling organizations to act on rapidly evolving fraud and money laundering activities as they happen in real time, preventing financial losses with early action.” said Yinglian Xie, DataVisor’s CEO and co-founder.

Currently, it is mandatory for all banks using RTP applications to have a fraud solution, and the DCI requires all Fintechs using their core to have fraud protection as well. DataVisor’s fraud solution, integrated through DCI’s core, allows fraud protection for RTP, ACH, Wire and Card transactions through one platform.

“DCI continually strives to provide community banks with the tools to leverage their positions in the marketplace,” said Sarah Fankhauser, DCI President and CEO. “We have invested in fraud management to help our banks minimize their risk as they continue to expand their mobile and digital offerings.”

DCI’s implementation of DataVisor’s innovative technology comes on the heels of the creation of DCI’s own internal fraud and compliance department – ​​managed by a Certified Anti-Money Laundering Specialist (CAMS) and a Certified Fraud Examiner (ACFE). As part of DCI’s investment in helping community banks combat fraud, this new division is partnering with DataVisor, which provides 24/7 fraud detection and support for DCI customers. They also work with the nationwide Financial Fraud Consortium (FFC) to actively explore best practices to more effectively deter, detect and combat fraud.