Still writing rules to detect Fraud and Money Laundering
The sheer scope of money laundering, fraud, and other financial crimes continues to grow at an alarming rate. As 2020 ushered in a global pandemic, organised crime networks exploited the opportunities inherent in the changing financial landscape to boost their money laundering and fraud activities, and their profits as well. The result has been an increase in mule activity, identity theft, and application fraud.
Rules-based detection was an outdated mode of surveillance before 2020, but the opportunism of organised crime networks following the outbreak of the pandemic have further underscored the need to rethink how institutions detect financial crime. Â
Drowning in a sea of false positives?
According to financial institutions surveyed worldwide[1], only 5% of alerts generated by rule-based detection solutions are deemed suspicious enough to warrant further investigation. This is a result of detection solutions that cannot accurately review and assess Financial Crime risks in real-time.
This inability to harness internal data effectively cripples AML compliance, frustrates Fraud detection and undermines organisational confidence in the results of the detection solution and the data it monitors. Â Â
Isn’t it time your detection systems adapted to the 21st Century? |
Datavisor’s Financial Crime Solutions are purpose-built to combat the many intricacies of fraud and money laundering and do so with a high level of accuracy and confidence. In addition to a library of pre-defined rules and easy-to-configure custom rules, the platform uses unsupervised machine learning to proactively detect previously unknown money laundering and fraud patterns. |
The platform also enables organisations to harness their data to enhance detection and reduce the number of false positive alerts. Using linkage analysis, the solution boosts operational efficiency by triaging and prioritising cases appropriately, resulting in dramatic reductions in alert processing time.Â
Needing less than 4 weeks for integration, Datavisor can deliver instant ROI. To find out how, click below to join the webinar hosted by our local implementation partner, Ovations. Â
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