Prevent losses to financial crime with a ‘central nervous system’

Detect, monitor and prevent banking fraud in absolute real-time with cross-channel contextual intelligence

In the $3 trillion world of fraud, African nations are some of the most impacted. While South Africa has lost almost $350 million to card fraud alone since 2010, Kenya is among the top countries to be hit by banking fraud ranking and ranks #7 globally among nations with highest levels of economic crime.

Kenyan banks were victims of more than half the $48 million fraud that hit East African banks in 2016. In Kenya, 52% experienced economic crime in one form or another. While Tanzania has lost about $6 million to banking fraud in the last 3 years, Uganda’s financial institutions are defrauded anywhere between $1 million and $10 million annually.

Core systems and payments channels debit/credit cards, ATMs, POS, mobile banking and internet banking have all been rendered highly vulnerable avenues for fraud. Most contributors to the alarming growth rate of fraud stem from a lack of technology, as inadequate technology enables faster perpetration. There is also a need for tighter internal checks and balances.

While bodies such as Kenya’s Ethics & Anti-Corruption Commission and Tanzania’s and Uganda’s Eastern & Southern Africa AML Group work tirelessly to curb fraud in the region, efforts are hampered by the rapid evolution of newer modus operandi - something which both governments and regulators are trying hard to outpace and outsmart.

On the face of it, the solution sounds quite simple - implement an advanced anti-fraud solution. But any African bank that has experienced fraud understands that the problem demands much more. They also know that siloed, channel centric anti-fraud solutions simply won’t work in the face of sophisticated cross-channel threats.

The need of the hour undoubtedly is an unconventional approach - by which a bank is able to synthesize intelligence from across all the channels in real-time and deliver precise, decisive, contextual ‘segment of 1’ interventions in the blink of an eye.

If an anti-fraud solution has this exponentially superior quality it can not only detect and prevent transactional fraud by virtue of its exhaustive repository of pre-built fraud scenarios, but can also help the bank use the same risk compute for generating positive scenarios for cross sell and upsell. An intelligent system also helps keep the bank stay compliant with current and newer regulatory AML/CFT mandates.

Enter Clari5 - the fraud detection product voted best by that is built to address fraud, money laundering and customer experience on a single unified platform. Clari5’s unique ‘central nervous system’ approach ensures banks are not just insulated in real-time from financial crime and regulatory changes, but also simultaneously provides a real-time platform for superior customer experience.

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