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Author: Vivekananda J

Clari5 at Finance Thailand 2025

Posted on by Vivekananda J

Clari5 participated in Finance Thailand 2025, organized by The Asian Banker, where leading Thai banks, regulators, and fintech innovators came together to shape the future of digital banking and risk management in Southeast Asia.

The event took place against a fast-evolving landscape: Thailand’s banks are among the region’s most advanced in digital transformation, with some of the world’s highest mobile adoption rates and virtual banking licenses on the horizon. However, as digital growth accelerates, so has financial fraud. Over 60 billion baht was lost to digital fraud in two years, with more than 400,000 fraud cases reported in Q1 2024 alone.

Clari5 joined the discussions to share how real-time, AI-powered platforms are helping Thai banks modernize their financial crime defense and comply with new Bank of Thailand (BOT) mandates, including the central fraud registry and cross-bank data-sharing frameworks for faster detection and coordinated prevention.

Key themes from the event included:

• The need for real-time behavioral intelligence that enhances both fraud detection and customer experience
• Integration of AI-driven risk management to reduce false positives while improving detection accuracy
• The alignment of fraud prevention with digital transformation, ensuring innovation and compliance advance together
• The growing importance of enterprise-wide orchestration of fraud, AML, and cybersecurity functions

Finance Thailand 2025 reaffirmed Thailand’s position as a regional leader in digital banking innovation and highlighted how banks that embed intelligent fraud prevention within their digital ecosystems are best placed to deliver secure, seamless customer experiences and sustain growth in a connected, high-velocity market.

Philippines’ Real-Time Fraud Mandate: A Timely Response to a Fast-Evolving Digital Finance Landscape

Posted on by Vivekananda J

The Bangko Sentral ng Pilipinas (BSP) recently issued a circular requiring all banks and e-wallet providers in the Philippines to implement real-time, automated fraud management systems within a year. This marks a crucial moment for the country’s financial ecosystem, aligning regulation with the rapid growth in digital transactions and rising fraud risks.

Why Now?

The Philippines’ digital payments landscape has grown at an impressive pace in recent years:

  • Over 43% year-on-year growth in digital payment transactions as of 2024
  • Target of 50% of retail payments to be digital by 2026, already surpassed in 2023 at 52.8%
  • A mobile-first consumer base and an expanding e-wallet ecosystem

However, this success has brought significant challenges. Digital fraud has surged:

  • Online fraud incidents rose 85% year-on-year, based on recent reports
  • The digital fraud rate hit 13.4% in 2024, nearly 150% higher than the global average
  • E-wallet fraud is now the most common consumer complaint, with major providers frequently cited in reports
  • Online scam complaints tripled in 2024, with over 10,000 cases reported to the Cybercrime Investigation and Coordinating Center (CICC)

This BSP directive is about more than compliance. It’s about rebuilding and reinforcing public trust in digital financial services — which is essential for sustaining growth.

What the Mandate Requires

The circular sets clear expectations for banks and e-wallet providers to deliver:

  • Automated Fraud Monitoring: Continuous oversight to spot anomalies
  • Real-Time Detection: Immediate identification of suspicious patterns
  • Instant Blocking: The ability to stop fraudulent transactions before completion
  • Integration with AML Systems: A unified approach to financial crime risk
  • Continuous Customer Monitoring: For post-onboarding fraud detection and risk profiling
  • Robust Consumer Education: Helping customers understand and avoid scams

These capabilities are essential for tackling increasingly sophisticated fraud, from account takeovers and synthetic identities to organised scam rings and mule networks.

A Continuum of Regulatory Progress

This mandate builds on other BSP and regional efforts to strengthen digital trust, including:

  • Enhanced Transaction Authentication introduced in 2024
  • QR Ph Person-to-Biller Expansion to promote seamless, cashless bill payments
  • Upcoming AI-Specific Banking Regulations to ensure accountability in AI-driven fraud detection and AML analytics
  • FATF Grey List Review & On-Site Evaluation, encouraging stronger KYC/AML standards and ongoing monitoring
  • AFASA & IT Risk Amendments mandating real-time fraud monitoring and post-onboarding detection
  • BCCR regulations enhancing oversight of fraud-related consumer complaints
  • CASP Guidelines, relevant for those expanding into digital assets

Together, these measures reflect a maturing regulatory environment that balances innovation with accountability and consumer protection.

What Will It Take to Comply?

For banks and e-wallet providers, meeting the mandate will require a meaningful shift in capability:

  • Enterprise-grade real-time decision engines to handle high transaction volumes
  • Machine learning-powered behavioural analytics to detect fraud across diverse channels
  • Cross-channel integration linking mobile apps, online banking, ATMs, e-wallets, and merchant platforms
  • Tightly integrated AML and fraud risk systems for a unified view of financial crime risk
  • Scalable architectures that can adapt to evolving regulatory demands

Institutions that see this as a strategic transformation, rather than a compliance checkbox, will be best placed to scale safely as the Philippines deepens its digital finance ambitions.

Beyond Compliance and the Cost of Inaction

Real-time fraud management is not just about ticking boxes. It is a strategic investment that helps banks and e-wallet providers:

  • Build and maintain customer trust
  • Reduce fraud losses
  • Deliver better experiences with friction-right authentication
  • Show leadership in safeguarding the digital financial system

Those who aim higher than minimum compliance will gain a competitive edge as consumer trust becomes the critical differentiator.

At the same time, delaying or underinvesting carries real costs—direct financial losses, reputational damage, and potential regulatory penalties. In a highly competitive market, those costs can quickly exceed the investment needed to modernise.

It is worth noting the Philippines isn’t alone in this push. Regulators across ASEAN, from Malaysia’s BNM to Indonesia’s OJK, are also lifting expectations around real-time fraud monitoring and AML integration. Institutions that act early can avoid fragmented, reactive upgrades later, and also set themselves apart as leaders in a region that prioritises safe, inclusive digital finance.

A Moment for Market-Wide Collaboration

This mandate is both urgent and necessary. It calls on Philippine financial institutions to take a proactive stance: rethinking their frameworks, modernising technology, and collaborating with experienced partners in real-time financial crime risk management.

In the coming months, we can expect further clarifications, industry discussions, and technology evaluations. Institutions that move early won’t just ensure compliance, they will strengthen their fraud defences and position themselves for long-term growth in a market where digital trust is the new currency of success.

Read more about real-time fraud defence frameworks at Clari5 Banking Solutions.

 

Clari5 at IAFPC 2025

Posted on by Vivekananda J

Clari5 participated as an Innovation Partner at the Identity, Authentication & Fraud Prevention Conference (IAFPC) 2025, a flagship regional forum that brought together leading banks, regulators, and cybersecurity experts to discuss the next generation of digital identity, authentication, and fraud prevention strategies.

The conference, hosted at the Dusit Thani Hotel, Dubai, convened senior decision-makers from across the Middle East’s financial sector, including executives from First Abu Dhabi Bank, Emirates NBD, Mashreq, Dubai Islamic Bank, RAKBANK, ADIB, and the UAE Banks Federation. The event focused on redefining how financial institutions detect and prevent fraud in an era of AI, automation, and rapid digital adoption.

Clari5 CEO Rivi Varghese delivered a keynote titled “The Operating System for AI-Powered Fraud Prevention and Detection”, presenting a unified, enterprise-wide vision for managing financial crime. The session showcased how real-time, AI-driven intelligence can strengthen defense across channels while ensuring transparency and regulatory alignment.

During the live product demonstration, the team showcased Clari5 Genie, the company’s GenAI-powered investigative co-pilot, along with live use-cases from the Enterprise Fraud Management (EFRM) suite. Attendees experienced how Clari5’s enables:

• Day-zero risk scoring and document fraud detection during onboarding
• Real-time transaction monitoring across payments, cards, and digital channels
• Unified case management with compliance-ready reporting and explainable alerts
• AI-driven orchestration across AML and fraud risk functions

The event also featured panels on emerging fraud vectors, continuous authentication, and compliance in decentralized finance, with participation from the Dubai Financial Services Authority (DFSA), FAB, Zand, and Riyad Bank.

Clari5’s presence underscored its growing role as a trusted partner for Middle East financial institutions seeking to modernize fraud risk management through AI, behavioral analytics, and enterprise-wide intelligence. The conference reaffirmed that as authentication and fraud risks evolve, real-time, explainable AI systems are becoming central to secure, trusted, and compliant digital banking in the region.

Clari5 at Dubai FinTech Summit 2025

Posted on by Vivekananda J

Clari5 participated in the Dubai FinTech Summit 2025 alongside Perfios, marking a defining moment for the company’s vision of unified, AI-driven banking intelligence.

At the summit, Clari5 and Perfios introduced the Perfios OS, a next-generation financial operating system that unifies real-time credit decisioning, data exchange, and fraud defense under one platform. Designed to help banks move beyond fragmented tools, the solution enables institutions to act instantly and intelligently in the face of evolving financial crime threats.

A key highlight of the event was the launch of Clari5’s Generative AI-powered Fraud Intelligence Platform, developed in partnership with Mashreq Bank. The platform represents a major advance in real-time fraud detection and investigative automation, using GenAI to provide explainable insights, generate case narratives, and accelerate fraud response across the enterprise.

Through a series of live demonstrations and executive sessions, Clari5 showcased how its GenAI ecosystem, including Clari5GPT and Clari5 Genie, empowers banks to:

• Detect and prevent complex fraud patterns in real time
• Automate case investigation with transparent, regulator-ready reasoning
• Correlate risk signals across payments, lending, and onboarding journeys
• Achieve faster fraud resolution with AI-guided workflows and behavioral intelligence
• Operate with embedded compliance and explainable decisioning in every transaction

The participation also emphasized the company’s alignment with the UAE’s digital transformation agenda, Perfios OS with Clari5 was presented as NEBRAS-ready, Central Bank-compliant, and built for Open Finance.

Clari5’s presence at DFS 2025 underscored its role as a trusted partner for financial institutions across the Middle East, helping them transition from reactive detection to proactive, unified, and intelligent fraud defense.

Clari5 with Perfios OS: Embedded Intelligence & Built-In Trust To Safeguard UAE’s Digital Finance Future

Posted on by Vivekananda J

 

The financial services world is at a turning point. Today, incremental upgrades and isolated point solutions are no longer enough. Banks and lenders are looking for a step-change—a holistic transformation that reimagines how they operate. This is where our vision at Perfios comes in: to rearchitect modern finance with an intelligence-driven, unified operating system for the BFSI sector.

Imagine a platform that brings together real-time credit decisioning, seamless data exchange, and always-on fraud defense under one roof. That’s exactly what Perfios OS delivers. By integrating cutting-edge modules and AI capabilities like Clari5GPT for explainability, we’ve built an all-in-one financial OS that acts and learns in real time. No more siloed systems reacting too late—Perfios OS anticipates and acts in the moment.

The result? Embedded intelligence in every workflow and built-in trust at every touchpoint. For example, our generative AI layer can auto-generate case narratives and insights, turning complex analytics into simple, actionable stories. When a potential risk or opportunity arises, the platform not only flags it instantly, but also explains the why behind it. This level of transparency builds confidence with both customers and regulators—no decision is a black box.

Our approach is deeply aligned with the UAE’s ambitious digital transformation goals. The UAE is rapidly emerging as a global FinTech hotspot, championing innovation through initiatives like its Open Finance framework. Perfios OS was built for the UAE from the start—NEBRAS-ready and compliant with the Central Bank’s latest standards—so financial institutions here can leap ahead on day one. We’re proud to support the region’s vision by providing technology that accelerates secure innovation and growth.

As we gear up for the Dubai FinTech Summit 2025, our message is one of optimism and confidence. We believe the fusion of finance and technology in this region will set new global benchmarks. Perfios OS is not just another product; it’s a blueprint for the future of banking—a future that we’re co-creating with forward-thinking institutions in the Middle East and beyond. By embracing an innovation-first mindset and a unified platform approach, we’re empowering our partners to write the next chapter of financial services. And this is just the beginning.

IBM z17™ and Clari5: Fraud Strategy Isn’t Just About Innovation. It’s About Execution

Posted on by Vivekananda J

 

Fraud has evolved into an intelligent, industrialized operation. Mule networks, synthetic identities, deepfakes, and real-time attacks are now the norm. Institutions have responded with analytics, AI, and automation — yet losses continue to rise.

The issue isn’t a lack of innovation. It’s a lack of execution at scale.

Most fraud solutions are constrained by fragmented systems and infrastructure that weren’t built for today’s speed, complexity, or scale. To stay ahead, financial institutions need more than smarter ideas — they need the right foundation to bring them to life.

Fraud prevention is one of the most urgent and complex challenges in digital banking and payments. Banking, Cards, and Payments Card Losses reached US$533 billion in 2024. Celent estimates that a significant 70% of banking, cards, and payments transactions globally run on IBM Z mainframes. If advanced AI inferencing were applied to all banking and payments transactions running on IBM Z, it could result in as much as US$190 billion globally in additional captured fraud. (Celent Report 2025: Mitigating Fraud in The AI Age: Understanding the Challenge)

Where Strategy Meets Infrastructure

At Clari5, we believe effective fraud defense must move beyond isolated tools and toward orchestrated, real-time intelligence across the customer lifecycle.

Delivering on that requires infrastructure that can:

  • Score millions of transactions per second
  • Run inferencing in milliseconds, within the transaction
  • Securely integrate behavioral, device, and external signals
  • Remain compliant across jurisdictions — without latency

This is where the new IBM z17 becomes critical. Purpose-built for data-intensive, AI-driven workloads, IBM z17 enables Clari5 to deploy real-time fraud prevention at the scale and speed today’s threats demand.

The second generation on-chip AI accelerator on IBM z17, significantly boosts AI inferencing capabilities for fraud detection, risk assessment, and other critical applications.

IBM z17 and Clari5: The power of mitigating Fraud in the AI age

As financial crime becomes more reputational than operational, fraud management is no longer a backend process. It’s a strategic imperative. Together, IBM Z and Clari5 focus not just on detection, but on enabling our clients to execute their fraud strategy — intelligently, instantly, and at scale. With the right ideas and the right infrastructure that are purpose-built for mission-critical outcomes.

Clari5 Enterprise Fraud Risk Management (EFM) solution on IBM z17 enables banks and financial institutions with real-time inferencing during transactions, allowing businesses to detect fraud within milliseconds, and make AI decisions at the point of data generation. Clari5’s AI/ML models leverage IBM’s Telum II processor to process huge volumes of data to reduce false positives and help in customer onboarding. ML models grow better with growing data elements, and the specialized Telum processor will provide for the much-needed processing power for decisioning in real-time.

Looking Ahead

IBM z17 is built to redefine AI at scale, drive innovation, power new workloads and enhance productivity—all in a secure, reliable and resilient environment. Clari5 is committed to helping clients leverage IBM z17’s potential and work together to empower organizations to modernize systems, act in real-time, and maintain transaction integrity.

Let’s build a smarter defense together.
Reach out to learn how Clari5 and IBM Z can help your financial institution stay one step ahead of evolving threats.
Discover more about our solution or set up a workshop—reach out to us at connect@clari5.com

25 Tenets for the Future of Fraud Risk Management: Redefining the Rules for a Real-Time World

Posted on by Vivekananda J

 

In today’s hyper-connected financial ecosystem, fraudsters are faster, smarter, and more tech-enabled than ever—leveraging digital channels, social engineering, automation, and deepfakes to breach even the most fortified systems.

Every second, financial institutions lose millions to evolving fraud tactics. Traditional frameworks, designed for linear, siloed threats, are simply no match for today’s dynamic threatscape.

To stay ahead, financial institutions must embrace a next-generation fraud risk management approach—one that is real-time, intelligent, adaptive, and end-to-end.

Here are 25 key tenets that define the architecture of a future-ready fraud defense.

 

I. Comprehensive Coverage Across the Banking Landscape

1. Cover the Full Fraud Spectrum: Internal & External
Detect both internal threats (e.g., employee collusion) and external attacks (e.g., cybercriminals, fraud rings).

2. Secure All Channels: Physical & Digital
From branches and ATMs to mobile apps and call centers, fraud risk spans all touchpoints.

3. Watch Over Assets & Liabilities
Fraud impacts everything—credit, deposits, loans, and insurance. The monitoring net must cover the entire banking book.

4. Scale Across Segments: Retail & Corporate
Retail and corporate customers present different risks. Systems must adapt to both high-volume and high-value environments.

5. Monitor Beyond Transactions
Profile changes, device registrations, and login attempts often precede fraud. Monitor every interaction.

6. Understand the Nuance: Fraud vs Scam
Fraud is unauthorized; scams are deceptive. Systems must detect both scenarios distinctly.

7. Identify Victims & Villains
Distinguish between innocent victims and customers complicit in fraud (e.g., mule accounts).

8. Monitor Inbound & Outbound Flows
Unusual credits and debits—both directions matter. Inflows can signal mule activity or layering schemes.

 

II. Real-Time, Intelligence-Driven Defense

9. Combine Real-Time Monitoring with Prevention
Don’t just detect—prevent. Systems must intervene before fraud succeeds.

10. Blend Automation with Human Oversight
Automated holds and alerts must support—not replace—fraud analyst judgment.

11. Protect Onboarding & Transactions
Fraud starts at account creation. Secure onboarding is as critical as monitoring transactions.

12. Evaluate Entity & Transaction Risk Together
Who is acting and what they’re doing—context matters for better risk decisions.

13. Mix Known Patterns with ML Insights
Blend rule-based logic with machine learning to catch both familiar and novel fraud scenarios.

14. Use Gen AI for Investigations and Strategy
Accelerate decisions with Gen AI—summarize histories, suggest next steps, and design new detection paths.

15. Make Real-Time Decisions at Scale
Next-gen systems must handle 10,000+ TPS and deliver sub-second decisions—critical for real-time payments.

 

III. Infrastructure, Intelligence & Operational Agility

16. Ensure Compliance & Collaborate
Stay compliant and work with regulators, fintechs, and peer banks to share intelligence and reduce ecosystem risk.

17. Be Cloud-Ready (and Hybrid-Capable)
Deploy on-prem or in cloud—systems must be scalable, resilient, and flexible to support hybrid environments.

18. Leverage Internal & External Intelligence
Fuse in-house data with external watchlists and fraud consortiums for 360° risk views.

19. Analyze Both Data & Documents
Fraud hides in invoices, IDs, and contracts. Use OCR, NLP, and image analytics to surface threats.

20. Use Both Brains: Fast & Deep Thinking
Right brain: Act instantly using available real-time data.
Left brain: Apply historical analytics to uncover slow-building threats.

21. Empower Analysts with No-Code Interfaces
Let fraud teams write and test rules without coding—speed matters in evolving threat landscapes.

22. Enable Fast Integrations Across Systems
Support real-time and batch data ingestion from all banking systems for complete visibility.

23. Unify Fraud & AML Risk Views
Fraud and money laundering are often interconnected. A shared platform helps detect the full spectrum.

24. Continuously Optimize to Reduce False Positives
High false positives = customer frustration. Use feedback loops, tuning, and adaptive models to improve accuracy.

25. Adopt Identity-Centric Risk Assessment
Assess risk not just at transaction level—but at the identity level. Use behavioral biometrics, device fingerprinting, and digital identity linkage to flag fraud before it happens.

 

The Road Ahead

Fraud risk management is no longer a back-office function—it’s central to customer trust, regulatory standing, and business resilience.

Financial institutions that embed these 25 tenets will go beyond detection—they will build proactive, intelligent, and future-ready fraud defenses.

They’ll not only stop fraud but win trust, loyalty, and leadership in an increasingly high-risk world.

Perfios Announces Strategic Acquisition Clari5

Posted on by Vivekananda J

Perfios, India’s largest B2B SaaS TechFin, today announced the strategic acquisition of Clari5 (CustomerXPs), a category leader in banking financial crime management. Clari5’s real-time platform empowers banks to detect, investigate, and prevent fraud. Its product suite encompasses three critical areas, i.e. fraud mitigation, risk management, and anti-money laundering (AML).

The strategic acquisition further strengthens Perfios’ fraud and risk management (FRM) capabilities, driving product-led synergies that will fuel the company’s aggressive growth trajectory. This move solidifies Perfios’ leadership in the financial sector in its home market, India, while also strengthening its presence across its key global markets, including the Middle East, North Africa (MENA), and Southeast Asia (SEA).

Commenting on the development, Sabyasachi Goswami, CEO, Perfios said, “We are thrilled to welcome Clari5 into the Perfios family. The acquisition of Clari5, a leader in EFRM & AML, marks a significant milestone in our journey to build the most comprehensive fraud and risk management ecosystem.” He added, “Clari5’s real-time financial crime management platform, trusted by marquee financial institutions worldwide, perfectly complements Perfios’ mission to deliver secure, scalable, and tech-first solutions. Together, we are set to redefine fraud prevention, risk intelligence, and AML compliance, empowering financial institutions to stay ahead of evolving threats while powering financial security to billions across the globe.”

Rivi Varghese, Founder & Chairman, Clari5, said, “Joining forces with Perfios marks a new chapter of growth and innovation for Clari5. With Perfios’ deep expertise in the financial technology ecosystem and our advanced real-time financial crime management platform, we are creating a powerful synergy to redefine fraud prevention, risk intelligence, and AML compliance at scale. This partnership enables us to expand our reach, accelerate product innovation, and strengthen our ability to help financial institutions combat evolving financial crime with unmatched speed and precision. Perfios’ scale, global presence, and stability position us to serve the largest banks worldwide, enabling us to deliver impactful solutions to financial institutions of all sizes and complexities.

About Clari5:

Clari5 is a category-leading innovator in banking financial crime management, empowering mission-driven banks to combat the global $4 trillion fraud challenge. Trusted by marquee banks worldwide, Clari5 processes over 10 billion transactions monthly, manages more than 1 billion accounts, and serves customers across 15 countries. With 340 million+ accounts at a single site, Clari5 has powered some of the largest fraud management deployments globally.

About Perfios:

Founded in 2008, Perfios is a global B2B SaaS company serving the Banking, Financial Services and Insurance industry in 18 countries, empowering 1000+ financial institutions. Through their pioneering software platforms and products, Perfios helps financial institutions to take big leaps by shaping their origination, onboarding, decisioning, underwriting and monitoring processes at scale and speed. Perfios delivers 8.2 billion data points to banks and financial institutions every year to facilitate faster decisioning, and significantly accelerates access to credit and financial services for their clients’ customers. Headquartered in Bangalore, Perfios offers a comprehensive suite of 75+ products and platforms, providing clients with a robust, end-to-end technology backbone they can rely on.

To know more, visit Perfios.com and follow them on LinkedIn, Facebook, Instagram, YouTube.

Media Contact:
Head of Communications:
Garima Kaul
+91 93158 35850
garima.kaul@perfios.com

PNB Becomes the First Bank to Go Live with Clari5’s Cutting-Edge, Real-Time NCRP Integration Solution!

Posted on by Vivekananda J

In a landmark achievement, Punjab National Bank (PNB) has become the first bank in India to go live with Clari5’s NCRP Integration Solution, setting a new standard in fraud prevention and complaint management. This state-of-the-art solution, built in alignment with the I4C National Cybercrime Reporting Portal (NCRP), enables automated, real-time, and end-to-end processing of complaints across all retail banking channels, marking a transformative leap for the Indian banking sector.

Key Highlights

A Milestone in Fraud Prevention

Clari5’s innovative integration solution is not just a tool but a game-changer in fraud management, empowering banks to act quickly, efficiently, and securely. PNB’s implementation of this solution is a testament to its commitment to innovation and customer security.

Rivi Varghese, CEO of Clari5, commented:
“We are truly honored to partner with PNB in achieving this groundbreaking milestone. This first-of-its-kind integration sets a benchmark for the entire banking industry, and it wouldn’t have been possible without PNB’s visionary leadership and unwavering commitment to innovation and customer security. We also extend our heartfelt thanks to I4C for their guidance and collaboration in shaping a solution that aligns with their vision for secure, real-time complaint handling. Together, we are paving the way for a safer and more secure financial ecosystem in India.”

Transforming Fraud Management for the Future

As the first movers in this space, Clari5 is proud to lead the way in delivering advanced fraud management solutions that align with I4C’s vision of a secure financial ecosystem. The success of this implementation at PNB lays a strong foundation for expanding this transformative technology across other banks in India.

For more information about the Clari5 NCRP Integration Solution or to explore how it can be deployed at your bank, please contact us at connect@customerxps.com. Together, let’s set new standards in fraud prevention.

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