The Facts to Know Before Wasting Money on Inferior Legacy Fraud Solutions

The Facts to Know Before Wasting Money
on Inferior Legacy Fraud Solutions

Here are the Answers

ToolCASE, the banking industry’s leader in artificial intelligence-backed fraud detection and prevention, has received hundreds of questions about the capabilities of its real-time RembrandtAI system – directly from the nation’s top fraud investigators. Here are the 12 most common questions they ask, and the revealing answers you should know.

  • Q: Does RembrandtAi detect transactional frauds in real time? A: Yes. RembrandtAi can detect transactional frauds in the micro-moment, as they’re happening.
  • Q: Does RembrandtAi provide for OFAC checking? A: The system completes automatic daily OFAC checking against SDN lists, all consolidated data and sanctions lists, for direct submission to FinCEN.
  • Q: What are the BSA/AML capabilities of RembrandtAi? A: RembrandtAi allows for full BSA/AML compliance and e-filing for direct submission to FinCEN.
  • Q: Does RembrandtAi have a function such as “find similar” to quickly search all transactions for patterns of fraud that we cannot see? A: RembrandtAi is not just a monitoring tool, but an investigative tool as well. One of its core functions is to specifically look for patterns across all transactions, automatically. Importantly, part of its Ai capability is to not simply detect what’s going on at your institution, but it harvests in real-time, all the examples of fraud that your peers are experiencing; then the system notifies you of these potential threats before they affect you.
  • Q: Is RembrandtAi and in-house or hosted solution? A: RembrandtAi is an on-premises solution. For the highest level of security, all your internal and member/customer data stays within your institution. Nothing is taken off site.
  • Q: Does RembrandtAi come with a pre-built set of rules to be used as a starting point, or is it all left up to the institution to implement? A: The system is ready to go right from the start, meaning its effective from day 1. However, RembrandtAi is pre-implemented with well over 500 existing parameters that can be easily customized based upon your institution’s needs.
  • Q: Does RembrandtAi only accumulate and investigate CORE data? Or can it examine data from online banking as well. A: The amount of data sets RembrandtAi can aggregate and analyze is unlimited, and it can do so from nearly any data sources, including online. Importantly, all analysis, regardless of data source, is done in real-time.
  • Q: Does the system alert for wire reviews in real time? A: The system monitors wire transactions from wire files, wire systems or what’s processed within the CORE. It can look at both incoming and outgoing wires, as well as IAT and associated BSA payees.
  • Q: How is the system maintained or updated? A: The system is automatically updated and maintained with new features and functionalities, seamlessly and does not require the resources of your institutions IT department.
  • Q: Does RembrandtAi provide for alerts/monitoring for ACH fraud? A: Yes, absolutely. All the parties involved in an ACH transaction can be examined for fraud, live. This capability extends to other p2p services as well.
  • Q: Are there any benefits for collections? A: Yes, huge benefits. Because the system operates in real-time and can see and hold deposits from any source 24/7, it has allowed for one partner institution to experience a reduction in collections losses in excess of $6 million a year.
  • Q: When can I expect full ROI? A: You can expect full ROI in as little as two weeks, but more typically within two to three months. However, your ROI begins on day 1 as fraud prevention begins.

Discover the remarkable capabilities of RembrandtAi, and receive a full, eye-opening demonstration of this best-in-class technology, at ToolCASE.com or Call 1-888-TOOLCASE to schedule a demo today.



fraud solutions