Boston, MA, April 15, 2009 – A new report from Aite Group, LLC reveals financial institutions'
perceptions of fraud management technology vendors. Based on a November 2008 Aite Group survey of executives responsible for fraud management strategy at 23 of
the top 150 U.S. financial institutions, the report ranks vendors in four areas: new account opening fraud detection, ID verification, authentication and ID fraud
monitoring; fraud database; enterprise fraud case management; and check fraud detection.
Fraud remains a serious concern for financial institutions, with banks and credit unions spending millions of dollars per year on numerous point
solutions to address the ever-broadening scope of fraud attacks. Integration of fraud management across an institution is no easy task, particularly given that
fraud is no longer restricted to a single compartment, instead becoming increasingly multichannel.
"The sheer number of fraud management vendors used by financial institutions speaks to a lack of ability for any one vendor to address the
gamut of fraud management needs," says Nick Holland, senior analyst
with Aite Group and author of this report. "Vendors looking at the fraud management landscape for financial institutions should realize that institutions
are likely to gravitate to vendors that can provide fewer touchpoints to the overall fraud picture. Vendors should explore strategic partnerships in order to present
a more complete offering."
The fraud management technology vendors mentioned in this report are: ACI Worldwide, Actimize, Acxiom, BANKDetect, BITS, ChoicePoint, Computer
Sciences Corporation, Early Warning, Equifax, Experian, Fidelity Information Systems, Fair Isaac, Fiserv, Harland Financial Solutions, IBM, ID Analytics, LexisNexis,
Metavante, Mitek, NCR, Norkom, Orbograph, Pegasystems, Retail Decisions, RSA, Softpro, SQN Banking Systems, Summit, Thomson Financial, Transunion, and Yellow Hammer.
This 26-page Impact Report contains 19 figures. Clients of Aite Group's Retail Banking service can download the report by clicking
on the icon to the right. 
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