ProfitStars launches online banking fraud solution

Jack Henry & Associates, a provider of technology solutions and payment processing services, has launched is Gladiator iPay Enterprise Security Monitoring solution (iPay ESM).

Part of the company’s ProfitStars division, iPay ESM is a web-based monitoring and reporting solution designed to help financial institutions mitigate online bill pay fraud and comply with regulations. Following the launch, its iPay bill pay clients can now combat fraud while complying with the FFIEC’s evolving regulations for internet banking security according to the company.

Scott Pooler, executive vice president and chief information officer of Watertown Savings Bank, stated, “In today’s dangerous online banking environment, iPay ESM helps protect our bill pay customers and their accounts while helping us comply with regulations. The tool flags suspicious activity almost immediately and alerts us to transactions that may be fraudulent. This kind of protection is necessary in today’s digital world.”

iPay ESM features fraud analytics that track strategic bill pay functions and flag items that need immediate attention. It uses analytics to determine if the behavior is expected and legitimate as compared to historic data and patterns.

Financial institutions leveraging iPay ESM will also benefit from the expertise and support of Gladiator’s regulatory compliance and certified security experts. The solution includes integrated reporting features that can be securely accessed at any time, allowing financial institutions to easily produce reports for employees or examiners.

Russ Bernthal, vice president of Jack Henry & Associates and president of ProfitStars, added, “Financial institutions face serious ongoing risks related to payments fraud in today’s complex online business environment.

“Our iPay ESM solution delivers sophisticated fraud analytics, eases compliance, and provides powerful reporting capabilities to financial institutions. It enables banks and credit unions to better protect their retail and commercial customers’ digital transactions, which boosts trust and ultimately strengthens relationships.”

ProfitStars, a division of Jack Henry & Associates, helps financial institutions proactively identify and prepare for risks and market changes that could negatively impact their business. ProfitStars’ solutions and services include JHA Payment Solutions, Information Security & Risk Management, Online & Mobile, Lending, Financial Performance, and Imaging/Data Management.

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