Australia and New Zealand Banking Group (ANZ) has contracted with Dallas-based Carreker to install its FraudLink On-Us, FraudLink Deposit, and FraudLink Kite software to monitor potential fraudulent activity across all cheque transactions within the bank's operations.
The contract represents the first entry of Carreker technology into New Zealand and another expansion of the company's technology in Australia. With this engagement, Carreker solutions will monitor more than 80 per cent of the Australian banking industry's depository accounts against fraud.
The Australian Institute of Criminology estimates the cost of fraud and misappropriation is between A$3 billion and A$3.5 billion per year in Australia.
Carreker's FraudLink On-Us is a mainframe-based fraud detection platform designed to assist banks in reducing cheque fraud losses by detecting counterfeit and forged cheques either at the teller station or in the back office.
The FraudLink Deposit software solution allows banks to detect potentially fraudulent deposit transactions by using bank-set parameters to identify criminal trends and comparing the information with account holders' established deposit history. FraudLink Kite is an historical, behavior-based application designed to identify and report suspected kiting cases for investigation.