Clari5 Resource CenterBrowse through our repository of best practices to learn how Clari5 can help your bank stay ahead of the fight against financial crime.
Cross-border payments form an enormous chunk of transnational cash flow. However, the boon has not been without a bane – the risk of fraud.
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.
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.
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.
Robotic Process Automation is driving smarter, cost-effective financial crime risk management. Clari5 explores RPA-integration in bank fraud investigations.
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.
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.
Concluding part on improving customer lifecycle management in financial institutions. In the previous blog, we saw how FIs can initiate a streamlined CDD-led customer onboarding experience. Let’s see what does it take to manage what lies ahead.
The first in the two-part series on improving customer lifecycle management in banks, explains how banks while focusing on delivering a great on-boarding experience, can simultaneously ensure stringent customer due diligence.
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.