SuperChoice has announced that they will use Alacer Group’s Velocity FinCrime Solutions Suite to enhance transaction monitoring and defence against fraudulent digital transaction activities. 

With the use of technology and digital transactions within the superannuation ecosystem increasing, the risk of superannuation fraud also increases.  As such, financial institutions are required to monitor, investigate, and report transactions of any suspicious nature to regulatory authorities. 

This growing risk makes it crucial for every stakeholder to play their part to ensure systems are shielded against fraudulent threats.  

“The evolution of digital transactions, and the sheer volume being made in near real-time, has meant the detection and prevention of fraud as close to the transaction time as possible is crucial,” SuperChoice’s Chief Product Officer Andrew Callus said. 

“We partnered with proven experts in this space to give a greater level of fraud detection for our clients.”  

SuperChoice, which has provided a safe platform for handling superannuation contributions and STP reporting for many of Australia’s largest Super funds, sees this decision as a proactive move to handle the changing environment. 

The adoption of the Alacer Group’s Velocity FinCrime Solution Suite strengthens SuperChoice’s digital transaction monitoring efforts against digital fraud and AML compliance. 

The Alacer Group, a client-centric technology firm focused on providing clients with a best-in-class FinCrime solution suite, addresses all aspects of BSA/AML compliance and can be scaled to meet current and future operations. 

The Velocity Financial Crimes (FinCrime) Solution Suite (FSS) helps financial institutions comply with Fraud and Anti-Money Laundering (AML) regulations by using multiple detection methods and an advanced analytics engine to help institutions, large and small, achieve compliance while reducing risk. 

Velocity utilises the latest advances in the fields of Artificial Intelligence and Machine Learning to equip SuperChoice with a highly accurate and optimised solution against fraudulent transactions. 

Alacer-Velocity’s Transaction and Behaviour Monitoring System (TBMS) is designed to meet strict regulatory standards with ease. The system is highly flexible with a plethora of out-of-box rules and is convenient to use for detection, alerting, scoring and reporting to regulatory authorities.  

Velocity fraud detection platform will support SuperChoice with highly targeted multi-channel AML and Fraud Alerts. With its advanced analytics engine, Velocity will help SuperChoice achieve enhanced protection and compliance accurately and consistently. 

As one of Australia’s original FinTech companies and leaders in reg tech, SuperChoice’s solutions are market-leading designed to make things simpler, easier, and streamlined for everyone within the ecosystem. 

Eliza Sayon

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Eliza is a content producer and editor at Public Spectrum. She is an experienced writer on topics related to the government and to the public, as well as stories that uplift and improve the community.

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