Financial Crime Detection & Management Solution
Financial fraud is as old as the industry itself, and it continues to be a significant expense for many financial institutions. The threat is real, immediate and persistent. Fraud in financial institutions exposes them to both monetary loss and reputation risk.
One of the greatest challenges that financial institutions face in managing fraud is handling huge volumes of fragmented data from disparate sources. This, coupled with multiple products, channels, instruments and parties makes fraud detection sub-optimal without automated systems. A comprehensive solution must include the ability to scour vast amounts of data, provide an integrated view across data streams and must possess the tools to analyse, investigate, and enrich data, thereby transforming it into meaningful, valuable, and actionable intelligence on preventing and detecting potential fraud.
Financial Crime Detection & Management Solution (FCDMS) is a browser based web application developed on the J2EE framework with industry standard design patterns. The system runs on multiple operating systems, is scalable and interacts with multiple source systems.
Its unique technology platform is designed to handle security vulnerabilities and an active-passive clustered environment ensures minimal downtime to users.
Core benefits
Aggregate evidence across multiple fraud Indicators
- Leverage multiple techniques and differential filtering mechanisms using the complete information available to make intelligent decisions
- Early warning system includes checking, blocking, flagging or limiting transactions in case of suspicion
Incorporate proven adaptive profiling technology
- Adaptive profiles scale down false positives and provide a direct spin-off benefit of increased investigation efficiency
Configurable, risk based approach
- Risk scoring parameters and thresholds can be configured to a bank's specific fraud risk environment
- Real time checks and fraud propensity assessment help reduce the incidence of fraud