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Thwart fraud attempts with a ‘human brain’ like anti-fraud platform

Prevent losses to financial crime with a ‘central nervous system’ that can also grow your bank’s revenue

The Middle East has emerged an economic powerhouse in the financial world. However, with the rise of the banking sector and multi-channel availability for customers to transact, suspicious transactions and fraud have become an increasingly disturbing problem.

A survey by the Department of Economic Development, Dubai revealed that 1 in 10 UAE residents has been a victim of card fraud and GCC countries alone lost over $50 million to various banking related frauds in a single year. More alarmingly, several countries have been accused of being conduits for Money Laundering & Terrorism Financing.
Only a third of Middle East banks have a fraud incident response plan and archaic legacy systems have plagued compliance efforts due to which most Middle East banks are yet to conduct AML/CFT risk assessments. As a result, several financial institutions have experienced regulatory enforcement actions.

Current fraud detection mechanisms are limited by being too reactive, too irregular and are not in sync with either the change or the growing sophistication in fraud. Also a large number of fraud related crimes reported in the last few years were committed by insiders in collusion with other insiders or outsiders.

The upside - Banks are beginning to realize that closing down opportunities to commit the crime is one of the stepping stones to compliant fraud free banking. Part of it is staying up-to-date about emerging threats and newer methods of detecting, preventing and responding effectively to threats.

The need of the hour – a comprehensive, real-time, cross-channel fraud management system that doesn’t function in silos so that the new threats across all channels can be detected and prevented in real-time. Clari5, the real-time, cross-channel fraud detection product voted best by Risk.net ensures your bank is insulated from financial crime and regulatory changes. Not just that - Clari5 also ensures that your bank’s investment in a fraud management system pays for itself because the same system intelligently uses the collective wisdom to simultaneously deliver customer cross-sell and upsell opportunities in real-time.

Discover how Clari5 can help your bank monetAIze its data.

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