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December 17, 2006

Arvest Bank bolsters security with CheckFree FraudNet

US community bank Arvest Bank has deployed CheckFree Corporation's fraud detection and case management system FraudNet as part of its latest security and anti-fraud initiative.

By CBR Staff Writer

Arvest joins more than 40 financial institutions in selecting and implementing CheckFree FraudNet, a proactive fraud engine that scales and becomes smarter at detecting anomalies with increased transaction volumes. In addition, Arvest, which serves 86 communities in Arkansas, Missouri and Oklahoma, is the first community bank to adopt CheckFree FraudNet.

We have experienced growing enrollment in our free CheckFree-powered electronic billing and payment service, and we wanted to take steps to ensure the safety and trust of all our customers, commented said Teresa Cheek, senior vice president of operations at Arvest Bank. CheckFree FraudNet is an integral part of our commitment to security at Arvest Bank.

CheckFree FraudNet was introduced in November 2005 in a bid to ensure that receiving and paying bills online remains safer than offline, paper-based billing and payment methods. CheckFree claims that it can also help significantly reduce losses for participating banks, as well as provide data on attempted fraudulent transactions to help law enforcement officials apprehend and prosecute fraudsters.

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