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Insulate your bank from the €600 m EU-wide fraud threat

Prevent transactional fraud and money laundering with the acclaimed real-time, cross-channel enterprise wide fraud management system

With losses from card fraud expected to cross $14 billion and from internal fraud expected to touch $1 billion by 2020, Europe today is grappling with financial crime, particularly employee fraud, internal fraud and card fraud. Over 50% of Europe’s populace is concerned about malpractices in financial institutions. In fact financial crime is ranked among the top concerns in France, Austria, Denmark and Sweden.

Weak controls and technology enablement are showing up as the biggest factors in perpetuation of frauds. While enforcement agencies diligently investigate frauds, corruption and other illegal activities, it is costing taxpayers millions of dollars and investigations are mostly post-incident.

While European regulators have been ensuring financial institutions in their respective nations and in the EU are doing what it takes to shield themselves and their customers from fraud, for banks and financial institutions, the situation has prompted a rethink. Fighting fraud with conventional siloed, channel-centric solutions doesn’t make sense anymore because sophisticated frauds are perpetrated by exploiting the fact that these solutions are channel-specific and disjoint.

A human brain like intelligent system instead, summons collective contextual wisdom from across all of the bank’s delivery channels in real-time to deliver decisive, ‘segment of 1’ interventions in milliseconds. Moreover, the same real-time intelligence for detecting/preventing fraud can also be used for positive scenarios such as real-time cross-selling and up selling to customers.

From a regulatory compliance perspective, given frequent anti-fraud and AML mandates, banks have no choice but to stay ahead of the curve even as newer regulations come in to effect. This demands a super agile and scalable system that can be quickly upgraded.

Enter Clari5 - the fraud detection product voted best by Risk.net 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.

Discover how Clari5 can help your bank.

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