Backed by a one-year ROI guarantee, FROPS off-the-shelf solution automatically detects and prevents any form of online fraud in banking, insurance and other industries
LONDON – February 3 2015 – Salviol (http://www.salviol.com), a leading SaaS (software as a service) provider of global analytics, today announced the global launch of FROPS, an off-the-shelf, highly effective, SaaS solution that automatically detects, investigates, and prevents any form of online fraud. Backed by a one-year ROI guarantee, FROPS is optimized for use within specific industry sectors including: banking, insurance, reinsurance, health, pharmacy, law enforcement, government, and is effective in any other corporation or organization. The FROPS SaaS solution is particularly effective within the banking industry, where it can be used to detect and prevent electronic transaction fraud, anti-money laundering, fraudulent loan disbursements, skimming, cyber fraud, trading fraud, and more.The global launch of Salviol addresses the rapidly growing rates of industry-related fraud – most notably the finding that major banks rigged the world's most important interest rate, the London Interbank Offered Rate (LIBOR) in the last two years, and more recently manipulated the multi-trillion dollar foreign exchange market.
Banking fraud is on the rise in spite of increased regulation and security systems within the industry. According to the FFA (Financial Fraud Action U.K.), £247.6M was lost in the U.K. due to banking fraud between January and June 2014, an increase of fifteen percent since last year. The larger issue remains that the scandals are associated with a financial market that accounts for $5.3 trillion in transactions every day – equal to more than 20 times the size of the global stock and bond markets. These failings by banks undermine confidence in the U.K. financial system and put its integrity at risk.
"Increased regulation and higher security are not the answer to defeating fraud; instead the industry needs to look to advanced anti-fraud systems, making use of statistical techniques and artificial intelligence to ensure the highest possible ethical business standards," said Aleksandar Vidovic, CEO and founder, Salviol. "Our FROPS solution detects patterns in big data and looks for issues based on why and how they occur – not only what and when they occur. To combat fraudulent activity, you must understand the main activities that occur prior to the event. Our analytics are specifically designed to detect and prevent fraud, and FROPS sets the standard for achieving zero tolerance in fraud detection."
Additional benefits of FROPS include:
- A rapidly configured and deployed SaaS solution that offers unlimited licensing within an organization;
- A comprehensive package that works with individual security modules as a cohesive and complete unit;
- Detects behavioural deviances that are not reliant on IT products;
- Flexible management of fraud indicators, which enable clients to adjust indicators based on their current needs and market trends; and
- Integrated case management system that delivers improved investigative outcomes in a highly regulated compliance-driven environment.
"The implementation of FROPS has increased our efficiency and simplified previously complicated procedures. Combined with employee education, FROPS has exposed 45 percent more fraudulent activities for investigation, and increased our company's overall value by 144 percent. What once took weeks or even months to detect, now takes minutes," said Dejan Jasnič, Director of Fraud Prevention at Zavarovalnica Triglav, a leading insurance company based in Slovenia.
To learn more Salviol Global Analytics and the FROPS fraud detection, prevention, and management solution, please visit [email protected].
Salviol is a leading SaaS provider of global analytics, offering big data solutions that optimize businesses through fraud detection, prevention, and management. Our pioneering technology combined with our network of globally recognized partners allows us to deliver solutions to industry leaders in financial services, government institutions, and privately owned companies - saving them billions in annual revenue each year.We offer fraud prevention and investigation, revenue assurance, and risk assessment modules that deliver top of the line resources to clients. Our open source intelligence module gives clients the ability to search vast amounts of data, and identify patterns that were previously unable to be detected. We offer a guaranteed ROI within the first six months of implementing Salviol solutions.
Founded in 2009, Salviol is a privately held company headquartered in London. Follow us on Twitter or learn more at http://www.salviol.com.
Mindy M. Hull
Mercury Global Partners for
Salviol Global Analytics
+1 415 889 9977 (USA) or +31 62 5047680 (EU)
For the UK
+44 7880 821987
Press release distributed by Pressat on behalf of Mark Casey, on Tuesday 3 February, 2015. For more information subscribe and follow http://www.pressat.co.uk/