Fraud Risk Management 101: 5 Steps to Bettering Anomaly Detection
The business value of anomaly detection use cases in banks is obvious. From credit card fraud to check fraud to money laundering to cybersecurity, precise and quick anomaly detection is necessary to conduct business, protect customers and protect the bank from potential losses.
Threat Beyond Boundaries: Curbing Cross-Border Payments Fraud
Cross-border payments form an enormous chunk of transnational cash flow. However, the boon has not been without a bane – the risk of fraud.
Breaking an Unholy Nexus. Combatting Related Party Transaction Fraud in Banks
Increasing instances of related party transactions (RPT) fraud in banks seem to be making the old ‘blood is thicker than water’ saying truer by the day.
The Threat Within. Spotting and Arresting Insider Fraud
By watching out for internal fraud schemes as they happen, real-time technology helps banks respond to threats faster, prevent financial losses and reputational damage.
Beating Scams with Smarts: Aiming for a Zero-Fraud Financial Ecosystem
Even as banks further tighten controls and processes for fraud risk management, they also need to consider some of the key technologies now available to combat fraud.
Banking on RPA to Combat Financial Fraud
Robotic Process Automation is driving smarter, cost-effective financial crime risk management. Clari5 explores RPA-integration in bank fraud investigations.
Insulating IVR Systems from Fraud
One in every 2500 calls to an IVR is fraudulent. With advancements in AI and ML, IVR systems can be made to deliver a richer and more secure customer-centric experience.
Smarter Decisioning with Machine Learning
One can leverage Machine Learning as the situation warrants in a smart way, it shouldn’t be force-fit into every situation which could otherwise be handled successfully. With the advent of newer technologies, we can expect fraudsters to invent more novel attempts. So, it is imperative that the Fraud Management System is continuously enriched to discover emerging fraud patterns and arrest them from occurring.
Intelligence to Wisdom using AI: The Final Frontier
It may be premature and, as some critics claim, presumptuous, to readily imagine a world where ‘cognitive consonance’ of non-organic, silicon-based entities blurs the lines of reality as we currently (and organically) understand it. That said, it is not difficult to objectively view and perhaps embrace the reality of AI changing the fundamental building blocks of modern economy, as we know it.
Anti-Money Laundering in an Era of Crypto-currencies
Anti-Money Laundering laws and mechanisms prevent money obtained illegitimately from entering the formal economy thereby legitimizing its source. However, it is a constant battle between the launderer and the regulator.
