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eDETECT+™: ENTERPRISE FRAUD MONITORING FOR THE DIGITAL WORLD

Thursday, October 22, 2020

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Company: Everlink Payment Services Inc.

As digital banking continues to rise in popularity and financial institutions transform their offerings to be available digitally, via multi-channel platforms, fraud is on the rise, particularly in money movement channels such as bill payments and e-transfers. As a result, it has never been more crucial for financial institutions to develop fraud prevention and detection strategies that evolve and adapt to the dynamic threats that continually transform and threaten your customers’ digital experience across multiple channels. Everlink is pleased to announce that Enterprise Fraud Monitoring for Issuers is here, offering a solution to combat ever-increasing and ever-more complex, multi-channel fraud!

Everlink’s enterprise fraud monitoring solution, eDETECT+™, is designed to absorb and amalgamate multi-channel siloed activity into an omni-channel comprehensive view of all interactions the account holder has with their money. This amalgamation process into a single platform allows eDETECT+™ to provide datacentric fraud monitoring services capable of detecting intricate fraud schemes associated with the structuring of funds in anti-money laundering (AML) schemes, among others.

As customers demand more convenient and easier access to their accounts, it becomes increasingly challenging to secure all of the multiple, varied account access points used by your members/customers. Fraudsters take advantage of weak usernames and passwords to mimic legitimate access into online accounts. When fraudulent transactions occur, it is the account-holder that identifies the fraud. Having a solution that monitors these transactions in a real-time environment is essential to protect your members’/customers’ funds from unauthorized withdrawals and maintain their confidence in your online solution.

eDETECT+™ is capable of receiving, reviewing and detecting fraud within the digital banking channels such as mobile/desktop banking, money send platforms, or from banking hosts themselves. Both non-monetary and monetary transactions are absorbed, profiled and reviewed. Non-monetary transactions are used as early indicators of potential account takeover (ATO) situations, while money movement transactions are reviewed in real-time with capabilities to decline and prevent fraud before losses are incurred by our client Issuers.

Everlink’s approach to fraud management is focused on layering best in class services and solutions available in the industry. eDETECT+™ is focused on monitoring individual transactions, expanding that scope from ATM, POS and eCommerce transactions to e-Transfers, bill payments, and account-to-account money movements. Furthermore, eDETECT+™ offers AML monitoring, KYC compliance functionality, and even internal employee misconduct monitoring via exception reporting. eDETECT+™ is a fully integrated platform offering SMS fraud notification alerts, and backed by data modelling schemes via our eSCORE™ product offering.

“Unfortunately, fraudsters have become more sophisticated and innovative in their attack strategies. It was incumbent on Everlink to rise to the challenge and expand our fraud monitoring footprint beyond payments. eDETECT+™ delivers a solution which provides our clients with a holistic view of their cardholders’ activities across multiple digital channels and arms them with a much broader and more resilient line of defence,” says Mark Ripplinger, President and CEO. “I’m very proud of our teams’ effort in bringing eDETECT+™ to market, and we look forward to working with our clients to help them maintain a great member/customer experience and better piece of mind.”

Under the eDETECT+™ umbrella, Everlink currently offers services to ATM acquirers, Issuers, and in the future, these capabilities will expand to Merchants alike.

For additional information on eDETECT+™ and other fraud management solutions, please contact your Everlink Account Executive or Client Service Delivery Manager.

Everlink Payment Services Inc. is a leading provider of comprehensive, innovative and integrated payments solutions and services for credit unions, banks, and SMEs across Canada. In addition to supplying best‐in-breed technology infrastructure and payment network connectivity, we offer a comprehensive range of integrated payments Lines of Business including: Payment Network Gateway, ATM Managed Services, Card Issuance & Management, Fraud Management Solutions, Mobile Payments, Professional Services and SME Solutions.


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