January 28, 2008
CashEdge: More Data Helps Prevent Fraud
In his feature story on CashEdge’s risk monitoring capabilities, Daniel Wolfe explains that CashEdge assumes the liability for all transfers but that the wealth of data the company has access to -- due to having so many clients -- makes it easier to spot and prevent fraud. He summarizes that as consumers have become more comfortable moving money online, it has become clear what a typical money transfer looks like - so the bogus ones stand out.
“Brian McGinley, Wachovia's loss management director, said the Charlotte company is pleased with CashEdge's ability to catch fraud. ‘I don't know that this product could exist effectively without a capability like this,’ he said.”
“Tracy Paonessa, who manages Wachovia's online fraud prevention team, said her team benefits from sharing data with CashEdge. ‘They have access to information that we don't have access to, and then we may have some information that they don't have access to, so it's a good partnership,’ Ms. Paonessa said.”
“Avivah Litan, a vice president and research director at the Stamford, Conn., market research company Gartner Inc., said that fraud detection is the key selling point of CashEdge's services.”