How DCI and DataVisor Elevate Your Bank’s Cybersecurity and Cost Savings

DCI and DataVisor have partnered to bring your community bank the innovative fraud mitigation service it deserves.

Here’s what you should know:

Introduction: The Cost of Fraud and How to Reduce It

For banks and consumers alike, the importance of cybersecurity is indisputable. A study by LexisNexis Risk Solutions finds the cost of fraud incidents for banks stemming from business disruptions, penalties and fines, and legal expenses means every dollar a consumer loses in a fraud incident costs their bank four times that amount.

Successful fraud mitigation is invaluable, a fact that makes DCI’s partnership with DataVisor nothing short of a game changer.

Guided by a drive to make the digitally connected world safer, DataVisor uses Generative AI to ensure that no matter how fast fraud evolves, its fraud and risk platform evolves faster. Yet another benefit to our one contract promise, DataVisor’s AI-powered fraud and risk solution brings peace of mind that an extra layer of protection is constantly working to keep your data secure. What’s more, that peace of mind is accessible for fractions of a penny per transaction.

“Our mission at DataVisor is to empower businesses with cutting-edge technology that not only detects fraud but stays ahead of it,” said Yinglian Xie, CEO and Co-Founder of DataVisor. “We’re thrilled to be making our fraud technology available to DCI’s network of community banks and their customers to build a greater line of defense against ever-evolving threats in today’s digital landscape.”

Curious as to just how this solution can bring your bank unparalleled confidence in fraud prevention? Let’s talk about it.

Big Benefits for Small Banks

Forbes points to community banks as struggling the most with identity fraud. While not the only ones at risk, smaller financial institutions often have fewer resources to allocate toward comprehensive fraud defense–but that doesn’t have to be the case.

With this partnership, our community banking customers now have access to real-time analysis of data across multiple products, the DCI Fraud and Compliance team as an extra set of eyes and ears, customizable rule and velocity settings, and more.

Consider this breakdown of our fraud solution’s features:

Access to the DCI Fraud and Compliance team
- Additional support for your bank
  - Think of us as a support function of your back-office fraud review
  - If unusual activity is suspected, our team will notify the proper employees at your bank for consult
Real-time analysis of data
- A pre-defined rule set based on traditional theft and AML red flags already set to score your bank’s transactions
- If the system detects red flag activity, the transaction is sent in real-time for review and decision
- Once decided in the user interface, a report is generated for the bank to view by the following business day
Assessment across multiple products
- Holistic approach not limited to specific products, full coverage
  - As your bank brings on new and exciting products, DataVisor builds a holistic view of your customer and begins normalizing customer behavior across your suite of offerings
Review transactions beyond the product level
- Big-picture transaction review (including ACH, Card, RTP, FedNOW, GoOpen, GoBanking, GoDeposits, GoLoans, and check fraud) all under one roof
Benefit of other banks’ intelligence
- Where suspicious activity is found and stopped at one bank, there is potential for all DCI banks to benefit
Customizable rule and velocity settings
- Flexibility to adjust dollar limits, counts, payors, payees, etc. so that your unique concerns can be custom-monitored
Changes occurring in real-time
- As fast as your DCI Fraud Team can type and publish rules, they take effect with the very next transaction

Professionally trained and certified fraud staff provide all this support for no outside fees or additional costs–just one transparent, straightforward contract with DCI.

“At DCI it is all about the customer and account holder experience,” notes Cynthia Wallace, CAMS, CFE, Manager of Fraud Investigations at DCI. “While no financial product is without friction, DCI focuses on appreciated friction to your account holder rather than intrusive, positive verification or automatic decline. It’s just one more way we support your growth while helping you protect your investment.”

So, you found fraud, now what? DCI will assist in documenting the specifics of the activity and deliver this information to your bank, also at no additional cost.

Conclusion: An Ace Up Community Bankers’ Fraud Mitigation Sleeve

As the costly risk of fraud rises, so does the need for dependable fraud mitigation services–and that’s where DCI and DataVisor shine. Through this stand out partnership, your bank can rest easier knowing its data is in good hands, and your customers can, too.

DCI and DataVisor are here to help you spend less time in the back office fighting fraudsters and more time focusing on what really matters–the community it’s all for.

References

Jacoby, A. (2023). A Big Concern for Small Banks: Fraud Risk Rising. Retrieved from Forbes

The True Cost of FraudTM Study. (2023). Retrieved from LexisNexis Risk Solutions