FircoSoft Stripping detector
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The Firco Continuity Stripping Detector protects financial institutions from the risks of processing stripped transactions by detecting and blocking them in real-time before processing. Stripping, which involves removing vital wire transfer information to bypass financial safeguards, exposes institutions to fines and vulnerabilities. This solution is easily implementable as an add-on, customizable, and can work with various watch list filtering environments.
FircoSoft Stripping detector
- 1. Firco Continuity- Stripping Detector STRIPPING DETECTOR Protect Against Risk and Fines Stripping Detector Module Key Benefits Detect stripping before a transaction is processed Reduce manual effort currently necessary to stop stripped transactions Stripping is intentional misconduct, internal or external, that involves the practice of removing wire transfer information such as customer names, bank names, vessels and addresses. A resubmitted payment will not be stopped by the filtering engine if the information removed was the information matching the sanctions lists. Financial institutions that have been found to “strip transactions” or removing payment information from resubmitted payments may be subject to significant fines and risks. Stripping also leaves the global financial system vulnerable to terrorists, drug lords and weapons dealers, and deprives law enforcement investigators of vital information used to track illegal activities. www.fircosoft.com | info@fircosoft.com Protect your financial institution against risk and fines With the risk of fines, penalties and a bank’s reputation at stake, it is crucial that financial institutions have in place a solution that can detect and block stripped transactions before they can be processed. Stripping Detector from FircoSoft FircoSoft’s Stripping Detector is designed to protect financial institutions against processing payments that have been purposefully altered. The solution is an add-on to Firco Continuity, making it very simple to implement. Designed to identify and block stripped messages in real time, it has minimal impact on the filtering process or the performance of the system. Firco Continuity - Stripping Detector | 1
- 2. The solution can also be deployed with any watch list filtering environment regardless of vendor or source files. How Does it Work? When a message is blocked or rejected by the sanctions team, the transaction is stored in the database of blocked transactions with a unique identifier code or fingerprint assigned to each message. The fingerprint is calculated on part of the message that cannot be changed such as currency, amount, ordering customer, beneficiary bank or other beneficiary information. Rules to calculate the fingerprint are flexible and easily customizable. When a message enters Firco Continuity to be filtered, its fingerprint is calculated. If that fingerprint matches with one of the blocked transactions, the solution will detect a “match” and the transaction will then enter the Firco Continuity workflow for operator review and decision. What is Stripping? Stripping is intentional misconduct, internal or external, that involves the practice of removing wire transfer information such as customer names, bank names, vessels and addresses to prevent the filtering engine from stopping the transactions. Because of the information removed from the wire, financial institutions are at risk of processing transactions that are not allowed by economic sanctions programs. Contact Us Contact us today and learn how you can benefit from reduced risk and increased protection against illegallystripped transactions being processed with our easily deployable Stripping Detector. Stripping Detector Schematic Banking Application No : transaction is sent back Manual Review for Decision Does the fingerprint match an alerted message Yes : creation of Stripping Alert for review Incoming Transaction Look-up Database of Alerted Messages www.fircosoft.com | info@fircosoft.com Dedicated alert review screen for stripping alerts. Allows to easily spot differences between initial and altered transaction. Firco Continuity - Stripping Detector | 2