August 23 at 12:30 PM - 01:30 PM EST

FRAML Approach: Fraud + Money Laundering

A Consolidated Solution to Fight Financial Crime

While trying to get ahead of fraud losses and uncover illicit activity, have you ever asked yourself what you might be missing? Whether you have a single solution or a variety of systems in place, quality alerts are critical first step to your overall effectiveness. The right solution should reduce false positives, consolidate your efforts, and improve decision-making so your valuable time can be better spent on cases of what is truly suspicious or fraudulent.

So, why choose Verafin?

Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher quality alerts, expedited investigations, and richer, more detailed reporting.

Join us for an overview of Verafin’s suite of crime-fighting solutions and a discussion on the benefits of FRAMLx to detect, investigate and report fraudulent and suspicious activity including:

  • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.
  • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customers Due Diligence Questionnaire, stratified risk-models for high-risk customers and automated risk-reviews.
  • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
  • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
  • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.

Verafin is proud to be the endorsed provider of fraud detection and BSA/AML software for the Western Bankers Association, Texas Bankers Association, Florida Bankers Association, Illinois Bankers Association, Massachusetts Bankers Association, CUNA Strategic Services, a preferred service provider of the Independent Community Bankers of America, and has industry endorsements in 47 states across the U.S.

Verafin is the leader in cloud-based, cross-institutional Fraud Detection and Anti-Money Laundering (FRAMLx) collaboration software with a customer base of 1700 financial institutions across North America. Using advanced cross-institutional, behavior-based analytics it helps financial institutions stay a step ahead of numerous types of fraud as well as the BSA, USA PATRIOT Act, and FACTA compliance landscape, while allowing them to collaborate cross-institutionally. Our innovative crime-fighting solution includes FRAMLxchange, the industry’s largest secure 314(b) information sharing network, that facilitates collaboration between investigators at 1500 financial institutions, and is available to any 314(b)-registered institution.

Tagged as...

  •   BSA/AML Compliance
  •   FRAML
  •   FRAMLx
  •   Fraud

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