A step ahead of financial crime
Financial crime is a timeless and universal problem, evolving with each new scheme or scam. It might sometimes feel impossible to keep up with it, let alone ahead, but our specialists are intent on helping you.
Our experts have made it a personal quest to pick apart these scams to better understand how they work. That way they can devise analytics that will alert you of potential suspicious behavior.
One of the reasons we believe in FRAML (fraud and AML detection in one system) lies in the connection between money laundering and fraud crimes. After all, the financial gains of fraudulent activity need to make their way into the financial system. Money laundering is often a product of fraud.
Keeping ahead of fraud
Fraudsters are always upgrading their toolkit with new variations of traditional crimes and clever and crafty innovations. The list seems endless.
Take check fraud. This age-old classic has evolved enough in recent years to maintain its lead as one of the fastest growing problems facing the international financial system. With sophisticated desktop publishing software and professional caliber printing devices standard fare in our world, counterfeit and forged checks have never been more accurate, or more difficult to detect.
Then there's the ever blossoming area of card fraud with schemes like: advance payments; shave and paste; de-emboss/re-emboss; white plastic; credit “doctors” who sell stolen account numbers; true name fraud; non-receipt fraud; skimming; account takeover; and spoofing sites.
That's not to mention: dormant account fraud; closed accounts; loan fraud; new account fraud, or
advanced fee fraud.
Safeguarding your financial institution and protecting your customers' accounts from looting is a more challenging and daunting task than ever.
But don't despair - we can help. Our solution excels as best-in-class because of the commitment of our team to remain a step ahead of financial crime.