Release date: 1 Feb 2022
SuperChoice set to implement Velocity’s FinCrime solutions suite to tackle fraud and enhance transaction monitoring
The appointment will help SuperChoice enhance its transaction monitoring and fraud detection mechanisms
SuperChoice announced they will use Alacer Group’s Velocity FinCrime Solutions Suite, the powerful Fraud detection and Anti-Money Laundering software, to enhance transaction monitoring and defence against fraudulent digital transaction activities.
Increased use of technology and digital transactions within the superannuation ecosystem brings with it the risk of superannuation fraud. Financial institutions are required to monitor, investigate, and report transactions of any suspicious nature to regulatory authorities.
As such, it’s crucial for every stakeholder to play their part to ensure systems are shielded against fraudulent threats.
SuperChoice has provided a safe platform for handling superannuation contributions and STP reporting for many of Australia’s largest Super funds since 1996 and see this as a proactive move to handle the changing environment.
‘The evolution of digital transactions, and the sheer volume being made in near real-time, has meant the detection and prevention of fraud as close to the transaction time as possible is crucial.
We partnered with proven experts in this space to give a greater level of fraud detection for our clients.”
Andrew Callus
Chief Product Officer
Accurate and predictable transaction monitoring and behavioural pattern detection is key to combating fraud, money laundering and terrorist financing activities, and is a key regulatory requirement.
Through the adoption of the Alacer Group’s Velocity FinCrime Solution Suite, SuperChoice will strengthen its digital transaction monitoring efforts against digital fraud and AML compliance.
Velocity utilises the latest advances in the fields of Artificial Intelligence and Machine Learning to equip SuperChoice with a highly accurate and optimised solution against fraudulent transactions.
Alacer-Velocity’s Transaction and Behaviour Monitoring System (TBMS) is designed to meet strict regulatory standards with ease. The system is highly flexible with a plethora of out-of-box rules and convenient to use for detection, alerting, scoring, and reporting to regulatory authorities.
Velocity fraud detection platform will support SuperChoice with highly targeted multi-channel AML and Fraud Alerts. With its advanced analytics engine, Velocity will help SuperChoice achieve enhanced protection and compliance accurately and consistently.
