CASHEDGE PREVENTS MORE THAN $130 MILLION IN CLIENT FRAUD LOSSES IN 2008 THROUGH INDUSTRY-LEADING RISK MANAGEMENT SERVICES
New York – February 26, 2009 — CashEdge Inc. (www.cashedge.com), the leader in Intelligent Money Movement™ products for financial institutions, announced today that the Company successfully stopped more than $130 million in client fraud losses through its comprehensive risk management services in 2008. The fraud losses stopped reflect the dollar value of potentially fraudulent transactions detected and prevented by CashEdge’s risk monitoring services.
CashEdge’s risk management services leverage proprietary technology and the insights gathered from managing risk for the world’s largest financial institutions, to help its financial institution clients mitigate risk and decrease fraud exposure. These services prevent fraudulent transactions from being initiated, prevent repeated fraud from disguised transactions and help in retrieval of funds after a fraudulent transaction has been executed. CashEdge uses statistical modeling to highlight patterns, practices, irregular transactions, other discrepancies and specific activities that suggest the existence of identity theft or unauthorized transactions.
CashEdge risk management services have been proven to be 95 percent effective in preventing potential fraud encountered by CashEdge’s financial institution clients through the use of its transfer products.
According to Gartner, an estimated 71 million people in the U.S. currently use online banking and this number continues to grow. As adoption of online banking, including online account opening and funding and online funds transfers, continues to rise, so, too, does the associated fraud risk, especially in the light of data breaches, which increased 47 percent in 2008 as reported by Identity Theft Resource Center. This translates into increased pressure on financial institutions to act and to improve risk management in the online channel.
CashEdge's approach to risk monitoring, identification, detection, fraud prevention and mitigation combines human intelligence with automation that focuses on critical points in the life cycle of a customer, account and transaction, individually and collectively. Through this process, CashEdge helps institutions mitigate risk, increase fraud recovery and decrease fraud exposure, providing the most sophisticated risk management technology tools in the industry.
“Fraud is constantly evolving and growing more complex and sophisticated everyday – so it is imperative that financial institutions continually monitor, evaluate and rapidly adapt their risk management process to address emerging trends,” said Amir Sunderji, Senior Vice President and Chief Risk & Payments Officer at CashEdge. “CashEdge has developed sophisticated risk management technology tools that combine human intelligence and behavioral risk models across population segments to proactively monitor, identify and mitigate fraudulent transactions – often stopping them before they ever hit the network.”
All of the Company’s Intelligent Money Movement services are supported by CashEdge’s risk management capabilities. CashEdge services are currently in use at more than 600 financial institutions in the U.S., including 23 of the top 100 banks.
To learn more about CashEdge’s Intelligent Money Movement Services, visit www.cashedge.com.
About CashEdge
CashEdge is the leader in Intelligent Money Movement™ services that enable financial institutions to engage customers in new ways. CashEdge's Intelligent Money Movement services provide a single point of access, through an online banking portal or mobile application, for multiple easy-to-use consumer and small business transfer routes. CashEdge’s industry-leading products include OpenNow®/FundNow® for new account opening, TransferNow® for Consumers which includes Me-to-Me Transfers and Third Party Transfers, and TransferNow for Small Businesses which includes Invoicing and Payments, Me-to-Me Transfers, Employee Payments and Vendor Payments. These products are supported by industry-leading risk management capabilities that leverage comprehensive, proprietary technology, helping institutions mitigate risk and decrease fraud exposure.
CashEdge currently serves hundreds of leading financial institutions, including the majority of the nation’s largest banks. The Company has offices in New York, Silicon Valley and India. For more information, visit www.cashedge.com.
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