DECEMBER 17, 2020
BNY Mellon has been named a 2020 Nicsa NOVA award winner in the Innovation in Technology category for its pioneering Fraud Hub capabilities.
Fraud Hub uses the latest technology and data analytics to turn typical reactionary fraud measures into preventative, real-time actions that help our clients prevent account identify theft, account takeovers, account information phishing, and fraudulent use of funds to buy and sell positions.
Fraud Hub employs an open architecture and digital, AI-based technologies to offer clients a set of capabilities, including real-time digital notifications regarding investor account activity; enhanced, real-time personal identification/validation for fraud-sensitive transactions; multi-factor authentication; and voice biometrics with AI-based risk engine scoring of select fraud-sensitive activities and transactions.
“Fraud Hub is the latest example of how BNY Mellon is using advanced technologies to address the most significant pain points for our clients. Asset managers and asset owners have been experiencing increasing financial risks as criminals employ increasingly sophisticated methods. Our clients benefit from the latest digital fraud prevention tools designed to combat the account takeovers and identity theft attempted by these individuals,” said Alan Flanagan, Head of Fund Services at BNY Mellon.
The Nicsa NOVA Awards recognize outstanding organizations and industry professionals that excel in the field of asset management by demonstrating exemplary leadership and innovation. Nicsa is a not-for-profit trade association striving to connect all facets of the global asset management industry in order to develop, share, implement and advance leading practices.
Learn more about BNY Mellon’s perspectives on current strategies to help prevent fraud and our Fraud Hub solution.