Spotting and Stopping Wire Transfer Scams

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Spotting And Stopping Wire Transfer Scams
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Wire fraud is a serious problem in the U.S.,
stealing millions of dollars from consumers and
legitimate businesses. According to a 2009
survey, about six percent of companies
experienced wire fraud, up significantly from two
years prior to the survey. The rise of e-commerce
and online banking have made wire fraud more
common, as an increase in electronic transfers of
money has created growth in the opportunities for
unscrupulous individuals to do mischief. Banks
and financial institutions can protect themselves
from wire fraud by using anti-fraud software.
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Common Types of Wire Fraud

• Bogus buyers on classified ad purchases
• Bogus classified ad sellers
• The infamous Nigerian Prince scam
• Exorbitant food orders
• Relatives in need scams
• Advance-free loan offers
• Secret shopper job offers
• Fake lotteries
• Work-at-home schemes

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How Banks Can Stop Wire Fraud
Banks and financial institutions can protect
themselves and their clients against wire fraud
by investing in software that identifies patterns
and sources of suspicious activity and
efficiently flags and halts such activity.
Software can also protect against malware and
hacker attacks that contribute to wire fraud.
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Ocean Systems FedLink Programs
Ocean Systems FedLink programs help to automate
and secure wire transfers. Automation reduces the
opportunity for fraudulent activity by human
actors. FedLink also helps facilitate
transparency by posting entries to client
accounts.
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Ocean Systems Retina Software

• Ocean Systems key anti-fraud program, Retina
  helps provide financial institutions with the
  protection they need against unscrupulous
  individuals seeking to commit wire fraud. The
  program can
• Monitor Fedwire, SWIFT,
• and ACH transfers
• Identify suspect activity
• Suspend suspect
• transactions
• Produce alerts

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Ocean Systems Prevent Software
Prevent is a risk-assessment program that uses
your specific risk policy to analyze accounts to
determine whether an account bears closer
scrutiny. The software can provide real-time,
up-to-date risk assessment.
It can also be continuously updated with new
information and risk factors through a fast and
intuitive process.
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Ocean Systems ECS Software
ECS software monitors transactions for suspicious
and possibly fraudulent transactions. The program
monitors more than just individual transfers, it
monitors patterns of transactions among groups
and persons
to identify potentially fraudulent or illegal
behavior.
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Worldwide Money Laundering
In addition to wire fraud, money laundering is a
huge problem for financial institutions and
governments. An American Bankers Association
report says that about 3.7 percent of the world
GDP, or 1.6 trillion is laundered each year.
Laundered money supports and enables a number of
destructive elements, including the drug trade,
human trafficking and terrorism. Ocean Systems
software can also combat money laundering and
help keep banks in compliance with the law.
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About Ocean Systems, Inc.
Ocean Systems, Inc. develops electronic funds
transfer software for the financial industry. OSI
produces a number of software applications,
including FedLink, the OFAC EDD Server and the
Enhanced Compliance Solution to meet client needs
for transfer and compliance solutions.
Headquartered in Miami, Fla, OSI has been in
business since 1991 and its products are used in
more than 220 installations in the U.S., Europe,
Central America, South America and the Caribbean.
To learn more, please visit www.oceansys.com.