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Jack Henry adds fraud detection feature to Real-Time Payments

By Delisha Fernandes

June 21, 2023

  • A2A
  • AI
  • Banks
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Jack Henry, Farmers and Merchants BankJack Henry announced the launch of Payrailz  fraud monitor, a cloud-native, AI-based Payrailz Digital Payments Platform feature that provides real-time fraud detection when payment transactions are initiated.

This highly customisable, proprietary feature supports person-to-person (P2P) payments, consumer and business bill payments, and account-to-account (A2A) outbound external transfers powered by the Payrailz Digital Payments Platform.

Payrailz Fraud Monitor leverages AI and machine learning to simultaneously detect and weigh multiple fraud attributes and indicators, including known and previously unknown fraud instances and patterns, to generate an aggregated, actionable score as each payment transaction is scheduled.

“It is unfortunate that every payment channel is being impacted by fraud and fraud attempts,” said Tede Forman, president of Payment Solutions at Jack Henry. “And we know that mitigating payments fraud takes a multi-layered approach that targets fraud attempts at the different stages of a payment transaction. We are excited to offer Fraud Monitor to our clients and empower them with a sophisticated, AI-driven feature that scores 100% of P2P, A2A, and bill payments in real time. ”

“Fraud Monitor delivers a wide range of benefits for our credit union,” said Adam Jones, vice president of digital experience at Georgia’s Own Credit Union. “In addition to the critical benefit of helping us stop fraud in real-time, Fraud Monitor helps with workflow efficiencies by drastically reducing the number of suspicious transactions that need our manual review and automatically stopping fraudulent transactions. ”

The Payrailz Fraud Monitor feature supports Jack Henry’s strategic commitment to providing innovative solutions that help banks and credit unions reduce fraud and fraud attempts inherent in today’s payment channels. As part of its technology modernisation strategy, Jack Henry is also releasing Jack Henry Financial Crimes Defender, a cutting-edge, cloud-native, cross-channel fraud detection platform.

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