Media Release: Tackling Fraud and Enhanced Transaction Monitoring



SuperChoice set to implement Velocity’s FinCrime solutions suite to tackle fraud and enhance transaction monitoring

The appointment will help SuperChoice enhance its transaction monitoring and fraud detection mechanisms SuperChoice announced they will use Alacer Group’s Velocity FinCrime Solutions Suite, the powerful Fraud detection and Anti-Money Laundering software, to enhance transaction monitoring and defence against fraudulent digital transaction activities. An increased use of technology and digital transactions within the superannuation ecosystem brings with it the risk of superannuation fraud. Financial institutions are required to monitor, investigate, and report transactions of any suspicious nature to regulatory authorities. As such, it’s crucial for every stakeholder to play their part to ensure systems are shielded against fraudulent threats. SuperChoice has provided a safe platform for handling superannuation contributions and STP reporting for many of Australia’s largest Super funds since 1996 and see this as a proactive move to handle the changing environment.


‘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. We partnered with proven experts in this space to give a greater level of fraud detection for our clients.” Andrew Callus Chief Product Officer

Accurate and predictable transaction monitoring and behavioural pattern detection is key to combating fraud, money laundering and terrorist financing activities, and is a key regulatory requirement. Through the adoption of the Alacer Group’s Velocity FinCrime Solution Suite, SuperChoice will strengthen its digital transaction monitoring efforts against digital fraud and AML compliance. 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 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.

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About SuperChoice Pty Ltd. Founded in 1996, SuperChoice provides Superannuation clearinghouse and digital transaction solution services, including Single Touch Payroll, to Super Funds, Payroll Software Providers and Employers. As one of Australia’s original FinTech companies and leaders in reg tech, their solutions are market-leading designed to make things simpler, easier, and streamlined for everyone within the superannuation ecosystem. SuperChoice is privately owned by Potentia Capital and the CPS group. For comments on this release please contact Andrew.Callus@Superchoice.com.au www.superchoice.com.au About Velocity The Velocity Financial Crimes (FinCrime) Solution Suite (FSS) helps financial institutions comply with Fraud and Anti-Money Laundering (AML) regulations with ease and simplicity. The solution uses multiple detection methods and an advanced analytics engine powered by Hybrid Machine Learning and Artificial Intelligence (AI) to help institutions, large and small, achieve compliance while reducing risk. The Velocity Software Suite includes a number of data disambiguation tools, such as in-built Entity Resolution, designed to help financial institution get their data right. Core features of Velocity include real-time sanctions screening, fraud monitoring, customer due diligence and risk rating, AML transaction monitoring, cannabis screening, and centralised alert-case-SAR management with real-time dashboards, and automated regulatory reporting and analytics.

About Alacer Founded in 2009 and headquartered in Seattle, Washington, The Alacer Group is an elite team of problem solvers with the experience and agility to help clients realize game-changing results fast. We don’t just identify gaps, we close them. Our client-centric technology team is focused on providing best-in-class products including Alacer’s FinCrime solution suite – Velocity, which helps clients detect suspicious activity sooner and more accurately. Our modular solution addresses all aspects of BSA/AML compliance and can be scaled to support future demand and growth.

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