ProfitStars, the Jack Henry & Associates division that provides risk management solutions for financial institutions, announced its latest fraud tool on Wednesday (Sept. 19).
The firm’s Gladiator iPay Enterprise Security Monitoring (iPay ESM) tool is now live for financial institutions to monitor and mitigate the risk of fraud linked to online bill payment, the company said in a press release. According to ProfitStars, more than 2,500 community and regional banks offer online bill payment to their retail and small business clients through iPay Solutions. The iPay ESM tool helps those institutions fight fraud while maintaining compliance with the Federal Financial Institutions Examination Council (FFIEC), the firm said.
The solution provides banks and FIs with enhanced fraud analytics capabilities, automatically flagging items in their bill pay functions that may signal fraudulent transactions. According to ProfitStars, the platform relies on behavior analytics, rather than historical data and patterns, to flag potential instances of fraud, resulting in fewer false positives.
The iPay ESM solution also offers banks the capability to produce reports for their employees or examiners, the company noted.
“Financial institutions face serious ongoing risks related to payments fraud in today’s complex online business environment,” said Jack Henry & Associates Vice President and ProfitStars President Russ Bernthal in a statement. “Our iPay ESM solution delivers sophisticated fraud analytics, eases compliance and provides powerful reporting capabilities to financial institutions. It enables banks and credit unions to better protect their retail and commercial customers’ digital transactions, which boosts trust and ultimately strengthens relationships.”
ProfitStars first released its Gladiator Incident Alert solution last year for banks and financial institutions to detect and be notified of data breaches and other security compromises. The tool mixes the solution’s proprietary threat intelligence with sandbox file testing to identify zero-day threats and other incidents that may be more advanced and persistent.