Catalyst News

Catalyst Corporate Launches ‘Fraud Verify’ Wire Fraud Detection Service

by Catalyst Corporate | Jan 10, 2022

The dollar value, irrevocable nature and immediate settlement of wire transfers make them inherently risky. With criminal schemes such as Business Email Compromise a growing problem, credit unions need enhanced monitoring to prevent serious loss. Catalyst Corporate, in partnership with anti-financial crime management pioneer Verafin, introduces its real-time fraud detection solution for domestic and international wire transfers – Fraud Verify.

With Fraud Verify, innovative analytics alert credit unions to review potentially fraudulent wire transfers before they are released. Each time a wire is submitted in TranZact, Catalyst Corporate’s account management portal, a real-time fraud scan is initiated. Fraud Verify reports results of the wire scan in TranZact under wire pending approvals as “No Fraud” or “Needs Review.”

A wire marked “Needs Review” can then be evaluated by a credit union employee to determine whether the suspicious aspects that were flagged merit stopping the wire or whether the wire can continue processing. Wire decisions are logged with the wires in the Verafin software, and wire details are searchable in TranZact.

"Fort Worth Community Credit Union found implementation of this new fraud monitoring feature to be very quick and easy," said Valerie Grosskurth, Fort Worth Community Vice President, Payment Systems & Risk Management. "Catalyst and Verafin provided training on how the monitoring is integrated and how it works on each side."

Catalyst Corporate has partnered with Verafin, a Nasdaq-owned company, for many years to facilitate efficient Bank Secrecy Act reviews. “This new integrated process adds another layer of efficiency, enabling credit unions to conduct real-time fraud reviews and stop fraud losses prior to sending a wire,” said Justin Lutes, Catalyst Corporate’s Vice President, Correspondent Services. 

Implementation requirements are minimal for credit unions that already have an established Verafin business relationship, Lutes said.

To find out more about Catalyst Corporate’s Fraud Verify wire fraud detection service, contact the Wire Services Team today.