Yellow Hammer Wire Origination™
Near-real-time monitoring of wire transactions
Yellow Hammer Wire Origination is a module of Yellow Hammer Fraud Detective™ that provides the layered security banks need to mitigate the risks associated with fraudulent wire origination attacks initiated through the online banking channel. This module’s transaction monitoring is the last line of defense to prevent fraudulent funds from leaving the institution. The Yellow Hammer Wire Origination module scans all wire transfers submitted through Jack Henry Banking’s NetTeller® Cash Management™ system prior to origination, helping to protect banks and their business customers from financial and reputational losses. Yellow Hammer identifies wires with abnormal total dollar amounts, determines if there are an unusual number of wire transfers in a short timeframe, monitors activity to foreign countries, and triggers alerts when a wire transaction is sent to a new beneficiary. The Yellow Hammer Wire Origination module also analyzes non-financial account activities that are common indicators of wire origination fraud, including maintenance to a user’s authority or contact information, and it alerts banks when new users are added.
This solution is available to banks automated by the SilverLake System® and CIF 20/20® platforms.
What It Does
- Provides near-real-time detection and tracking of potentially fraudulent transactions and accounts with the highest probability of fraudulent activities.
- Automatically monitors account activity from multiple touch points.
- Identifies fraud related to wire originated transactions through NetTeller Cash Management.
- Generates accurate representations of "normal" and "abnormal" wire originations.
- Enables suspicious wire transactions to be immediately researched using integration with Jack Henry Banking’s SilverLake System and CIF 20/20 core processing platform.
- Generates daily lists of potentially fraudulent activities and enables preventative action directly through the system.
- Provides immediate access to historical wire transfers, user’s authority limits, and maintenance to transactions and user authority.
- Provides immediate access to customer history, check images, and other electronic documents including signature cards (requires interface with image/signature vendor).
- Rates the risk associated with each abnormality and generates immediate alerts of possible fraudulent transactions.
- Provides fully customizable analysis of wire originated transactions as well as user and account-based activity.
- Allows administrators to establish standard guidelines for researching suspicious activity.
What It Does For You
- Helps prevent the financial and reputational losses associated with wire origination fraud.
- Replaces a historically manual, report-based process with a sophisticated, automated process.
- Reduces the need for manual out-of-band verification.
- Identifies and prevents fraud before it occurs.
- Safeguards bank and customer assets.
- Expedites the resolution of fraud-related issues.
- Allows banks to proactively respond to emerging fraud challenges.
- Empowers banks with flexible system design and ongoing research and development.
- Saves banks valuable time and resources.
- Simplifies bank operations while minimizing staff training and onsite technical support requirements.