Organisations continue to face challenges and we have seen a rise in Fraud and Money Laundering costs incurred by financial institutions in 2020 which poses a huge socioeconomic risk to organisations. The number of customers logging complaints against their financial institutions has also increased by 36% in 2020 demonstrating frustration about how banks dealt with fraud and scams.
A further contributing factor is that organisations are, in many cases, still utilising legacy solutions and these solutions are slow and often lead to high false positives because they fail to harness internal and external data for accurate detection. This further impacts organisations’ ability to deal with money laundering and fraud effectively.
As the past two years have shown, unexpected events, changing business models and customer behaviour continue to disrupt business as usual and the customer experience. Today’s business climate necessitates that organisations proactively detect and act on fast-evolving fraud patterns and criminal activity, preventing future attacks before they happen. It is therefore important for organisations to introduce the right controls to protect customer accounts and transactions – but without introducing new hurdles that might compromise the customer experience.
Why is DataVisor a good fit for your organisation?
DataVisor’s Next Generation Fraud and Risk platform is built in the cloud and provides organisations with:
- Centralised intelligence: A holistic approach that combines data from disparate systems into account lifecycle view.
- Comprehensive detection: Real-time detection that combines rules and machine learning to protect against known and unknown attacks
- Powerful investigation tools: Effective workflow with a powerful graph view that provides insight into relationships between entities and transactions.
Needing less than 4 weeks for integration, DataVisor can deliver instant ROI with immediate results. To find out how, watch the webinar hosted by our local implementation partner, Ovations below.