Many financial institutions (FIs) struggle to mitigate fraud thanks to multiple systems that score it, various account monitoring processes, and how they must integrate data to sweep for issues. The fix is having a single tool that enables leveraging all data. Having this toolset helps FIs join the outputs of various systems employed in fraud mitigation into a single data source and use that data to mitigate issues in real time. Unique to NICE Actimize’s solution, you can manage all issues in one system, record all fraud findings in one place, and use every bit of the intelligence gathered on a go-forward basis.
Attempts to counter money laundering activities have been going on for decades with initial regulations established over half a century ago. However, as criminal activity continues to evolve, new measures need to be put in place. One of the focal areas for financial institutions (FIs) is Know Your Customer (KYC) and Customer Due Diligence (CDD). This process of collecting critical data elements on a customer needed to confirm the identity of a customer and assess their potential risk of money laundering activities has deep financial impact: Many industry surveys indicate CDD processes and tools consume over 40% of the total Anti-Money Laundering (AML) budget.
Senior Glenda Seim looks like the quintessential cookie-baking grandmother. She’s a convicted money mule.
Cloud is reaching ubiquitous adoption throughout every industry, and financial services is no exception. Fueled by the business challenges that arose during the pandemic, the shift to cloud is a strategic move to expedite IT transformation and business growth.
In May 2019, the Contingent Reimbursement Model (CRM) was introduced in the UK as a voluntary code to reimburse victims of Authorised Push Payment (APP) fraud. Since then, ten banks have signed up to the code. Between them, these banks account for 85% of Faster Payments and as of 2022, they reimburse victims around two thirds of APP fraud by value. However, this leaves a significant number of other banks and payment service providers (PSPs), who account for the remaining 15% of faster payments, where the customer cannot expect reimbursement if they’re a victim of APP fraud.
There’s a paradigm shift in the cloud adoption conversation, from “when it will happen” to “it’s happening right now”. Many financial institutions (FI) today deploy cloud as part of their core computing infrastructures.
During the 2009 recession, the Association of Certified Fraud Examiners (ACFE) published a survey (Occupational Fraud: A Study of the Impact of an Economic Recession) and found that 55.4% of respondents said the level of fraud has slightly or significantly increased in the previous 12 months during the recession. The same survey also found that 49.1% of respondents stated the increased fraud was due to financial pressure on individuals.
Case management in fraud prevention is the overall process in managing and handling individual fraud cases that are detected or flagged by a detection system. While fraud must be detected and interdicted in real-time, post-alert triage and claims management is essential to uncovering additional fraud risk within your institution and effectively managing the claims. The majority of fraud detection solutions come with their own case manager; however, it is in this fragmentation or proliferation of point solutions that FIs lose the ability to effectively manage the entire lifecycle of an alert or see the entire risk of the customer.