COCC headquarters, Avon
Avon-based COCC, a leading provider of next-generation technology services for financial institutions, recently released its Sentry Services fraud protection suite. Sentry Services will assemble COCC’s new and well-established anti-fraud solutions into a comprehensive group to maximize the overall effectiveness of each, as well as direct the company’s ongoing fraud solution developments.
“With fraud solutions proliferating throughout the industry, we believe that financial institutions will benefit most from a holistic anti-fraud solution suite that optimizes efficiency and effectiveness,” said Wendy DeMore, first vice president of product management.
Increasing incidents of fraud are driving a broad spectrum of fraud and security solutions, from anti-money laundering systems to Internet intrusion detection. DeMore said the rapid deployment of separate fraud solutions threatens to create new information silos within financial institutions that prevent critical security information from receiving appropriate attention.
“As an industry, we are employing every tool available to detect and prevent fraud,” said DeMore. “At COCC, we are saying it’s time to assemble a complete anti-fraud suite so the industry can protect consumers intelligently.”
Stessa Cohen, research director for the Gartner Group’s banking practice, recently indicated that financial institutions need a common view of the customers. “Driven by marketing and compliance considerations, the creation of a single view of the customer (demographic, psychographic, fund sources, expenditure patterns), combined with a centralized assessment of the risk/opportunity that the customer poses, will remain a technological priority,” said Cohen.
COCC’s Sentry Services is focusing on three areas – assessment, education and prevention – to help financial institutions meet the growing fraud threat. DeMore said assessment solutions will help institutions automate their risk detection activities, education solutions will bring the latest information to institution staff and prevention solutions will reduce the incidence of fraud throughout financial institutions.
COCC is relying on resources inside and outside of the company to monitor current threats and emerging system solutions, as well as to shape development and integration efforts going forward. Approximately 18 percent of COCC’s research-and-development budget have been allocated to ongoing Sentry Services efforts.
“Efficiency is a dominant theme throughout the Sentry Services,” said DeMore. “The pervasive nature of fraud demands that financial institutions find a way to protect themselves without exhausting their resources and employing counterproductive processes. COCC’s Sentry Services will ensure that the most effective technologies provide the best protection at the best price.”
Webster Sponsors Event
Waterbury-based Webster Bank is one of the major sponsors of the 12th annual Connecticut Small & Minority Business Showcase, which will be held at the Connecticut Grand Hotel & Conference Center on Aug. 9.
The conference is also sponsored by the Office of the Secretary of State, in association with the Greater Waterbury Black Business Association and the Waterbury Regional Chamber. The event is expected to draw small and minority businesses from across the state. The Pre-Expo Reception, to be held on the evening of Aug. 8, will be sponsored by Middlebury-based Chemtura Co.
Robert Wood, chairman of Chemtura Co., will be the keynote speaker on Aug. 9 at the luncheon. This summer’s event also will see the advent of the co-sponsorship of Black Enterprise Magazine, bringing a national audience to the Business Showcase.
The event will be held from 9 a.m. to 4:30 p.m. and admission is free to the public. Business booths are $99. There will be workshops on wealth building, power networking, marketing strategies, technology, health care, matchmaking with major buyers and the building of credibility, respect and confidence in the marketplace.
