A step ahead of technology
"Aren't all AML and fraud software programs doing the same thing?"
That's one of our favorite questions, and not because the easy answer is "No, they sure aren't." It's a question we love to answer because it gives us the chance to talk about technology.
We could talk on and on about scientific concepts like fuzzy logic, probabilistic networks, bayesian belief networks and behavior profiling but chances are you’d just tune out and go to a different page on this website. So let’s just sum all that tech-babble into one idea: next generation technology.
Because really, that's the Verafin difference.
You see, most anti-money laundering software out there is run on a very simple idea of rules. It's kind of a "if..., then..." logic. Take this very simple, and common money laundering rule. If three transactions of nine thousand dollars are made, then send an alert. A rules-based system functions on this level of rule breaking logic. Does it work? Sure, as long as criminals stay within that finely tuned level of rules. What happens in many cases is that financial institutions have to keep creating more and more rules just to catch up. Some financial institutions using a rules-based system have hundreds of rules running, and quite often they are firing false alerts.
Our next generation solution takes a behavior based approach.
Our next generation fraud detection and anti-money laundering software takes a behavior based approach. We look at transactions and analyze them against other bits of information, like age, occupation, customer history, expected banking activity and produce an alert that tells you when something suspicious is going on. We'll tell you, "Hey, there's an 85 percent chance that this customer is committing debit fraud." And then we'll show you how we reached that conclusion.
You don't get pages and pages of alerts that tell you simply that a rule was broken. You get a reason. A logical explanation of suspicious behavior that you can work with to build a case.
Of course, if you want to learn more about our technology, and about how the idea behind Verafin came from building robots, you can always get in touch. (Contact Verafin Now)