FRAML = Fraud + AML
There's never been a better time to think about bringing together your fraud and AML processes. IT budgets continue to get slashed and financial institutions are asked to do more with less. Consolidation may be the key to longevity in today’s hostile financial climate.
FRAML is a consolidated approach to fraud detection and anti-money laundering (AML) that helps reduce your costs while improving your efficiency. After all, with the overlap that naturally occurs between fraudulent and money laundering activity it is inefficient and counter-productive to treat them as separate, isolated entities.
Verafin provides financial institutions with a single platform that combines fraud and AML analysis and immerses it in the context of your customer’s behavior, both past and present. Abnormal behavior is presented in alerts that are supported by easily understandable risk-rated evidence.
Some of the specific benefits associated with Verafin’s FRAML approach include:
- Reduced costs associated with hardware, maintenance, software, support, training and administration
- Increased risk transparency across the organization to provide a holistic view of financial crime and compliance risk exposure
- Improved loss reduction and recovery through better detection and discrimination of suspicious activity
- Increased effectiveness through work process standardization and automation, better prioritization of alerts and resource usage, and a reduction in false positives and duplicate alerts/cases.
