Discover industry-leading fraud detection and AML collaboration software that helps you fight crime.
Fraud Detection & Anti-Money Laundering
What is FRAML?
FRAML is a consolidated approach to fraud detection and anti-money laundering (AML) that helps reduce your costs while improving your efficiency. There is inherent overlap between fraudulent and money laundering activity — so why analyze and investigate it separately?
Benefits of FRAML approach
Reduce operational costs
Reduce the costs associated with hardware, maintenance, software, support, training and administration.
Increase risk transparency
Get a holistic view of financial crime and compliance risk exposure across the organization.
Improve loss reduction
Reduce losses and improve recovery through better detection and discrimination of suspicious activity.
Increase overall effectiveness
Improve your workflow, through prioritization, standardization and automation of alerts.
Want to learn more about FRAML?
Check out these resources:
Improve the effectiveness of your institution’s response to financial crime.
FRAML is the combination of fraud detection and anti-money laundering (AML) efforts (FRaud detection + AML = FRAML). As this friendly guide explains, bringing them together results in recognizable efficiencies and improved financial crime-fighting effectiveness for your financial institution. Look inside to see why FRAML is the ideal financial crime-fighting solution.
Siloed thinking can harm your ability to prevent crime. By exploring the combination of fraud and AML, you can improve your detection abilities and ultimately prevent financial crime.
In this white paper:
Chris Swecker, retired Assistant Director, FBI and former Global Security Director, Bank of America, presents real-life financial crime cases to support his argument that separating fraud detection from anti-money laundering negatively impact efforts to prevent financial crime.
How can Verafin's behavior-based approach help you fight financial crime?
Verafin's behavior-based approach helps financial institutions build a complete picture of of customer activity. Rather than creating a rule and only pointing out any transactions that break that rule — Verafin analyzes customer behavior and determines if the transaction is truly suspicious or if it’s normal for that particular customer.
Cross-institutional analysis & 314(b) collaboration
What is FRAMLx?
FRAMLx is the next innovation in fraud and money laundering detection through collaboration and cross-institutional analysis.
Enabled by the Verafin Cloud, FRAMLx expands an institution’s limited view of customer behavior and activity using advanced cross-institutional detection and the power of 314(b) collaboration.
Benefits of FRAMLx
Share information to confirm or alleviate suspicions
Collaboration can help confirm current suspicions around customer activity and help you evaluate the information you currently have/know.
A holistic view of your customers
See a customer’s true behavior and put the pieces of the puzzle together to complete the picture of a customer’s activity.
Learn if your customers are banking elsewhere. Does their customer profile align with the information you have on them? Detect connections between customers and see larger footprint of suspicious activity.
Create 314(b) collaboration efficiencies
Easily and quickly connect with another FI with one-click, in-application collaboration tool. Built-in audit trail of communication and information exchanged.
FRAMLx analysis detects patterns of activity across two or more financial institutions and helps identify potential suspicious activity, which might otherwise be missed by a single institution.
Analyze data from multiple financial institutions in the secure Verafin Cloud to detect suspicious transactions and activity.
Detect connections and anomalies in billions of transaction using advanced analytics.
Uncover suspicious activity that can go undetected by a single FI.
Get a holistic view of customer activity.
Detecting the undetectable.
Today’s sophisticated criminals are avoiding detection by taking advantage of the limited view of any single institution. Fraudsters and money launderers are breaking up their activity across many institutions, repeating patterns of illicit behavior and masking the source of their illicit funds.
FRAMLx helps financial institutions detect suspicious activity that spans multiple institutions, and stay a step ahead of evolving financial crime.
The power of FRAMLx identifies Risky Entities within your organization. Wouldn’t you want to know if a criminal or fraudster is/was operating within your institutions prior to experiencing a loss? With Verafin’s Risky Entity analysis, criminals no longer have a place to hide.
314(b) Information Sharing
When suspicious activity is detected across institutions, FRAMLx alerts generate to trigger your investigation and facilitate collaboration and information sharing with safe harbor protection under Section 314(b) of the USA PATRIOT Act.
Connect with a larger network of peers to collaborate and strengthen your investigations.
Gain confidence in your decision making and reporting by getting the full picture of customer activity.
Improve your audit trail with a log of all your incoming and outgoing 314(b) requests and responses.
Want to learn more about FRAMLx?
Check out these resources:
Verafin’s collaboration feature enables institutions, who are signed up for FinCEN 314(b) and members of the FRAMLxchange, to share information within the secure Verafin application environment. Verafin provides secure, in-app communication between valid 314(b) contacts who have been verified against the 314(b) list by the Verafin application. You can easily send, receive, and respond to requests for information with other financial institutions. Every collaboration is logged and reportable for auditing purposes.
This educational eBook, FRAMLx for Dummies®, explains how FRAMLx can expand the view of a single institution and detect suspicious activity that spans multiple financial institutions.
Learn about Verafin’s ground-breaking innovation in the fight against financial crime. FRAMLx combines cross-institutional analysis and detection with 314(b) collaboration to help FIs detect more fraud and money laundering.
Financial Crimes Research Specialist
FRAMLx is the next innovation in fraud and money laundering detection. FRAMLx uses advanced cross-institutional analysis to expand the limited view of a single institution and detects patterns of activity across two or more financial institutions.
Money laundering is fundamental to the survival of these criminal organizations
and, in turn, the illicit activities they perpetrate — such as human trafficking and drug trafficking. These organized criminals are making increasingly complex attempts to avoid detection.BSA compliance departments have to be fast moving and utilize next generation technology to detect these criminals' increasingly complex schemes.
How Verafin can help improve your AML program:
Analyzes flow of funds of all transaction types
Automatic analysis of the flow of funds of all transaction types in and out of accounts: including ACH, wire, cash, ATM, check, and monetary instruments.
Generates risk-rated alerts
A risk-rated money laundering alert is generated customer activity goes outside their normal behavior range, allowing you to prioritize your review workload.
Summarizes evidence & statistics
Each alert includes related evidence, statistics and transactions to optimize your review and focus your investigation.
Creates & pre-populates SARs
Quickly create and electronically submit a pre-populated Suspicious Activity Report (SAR) in one click.
Anti-money laundering must be viewed as more than a compliance requirement by government regulations. It should be viewed as both a measure in self-preservation and, at a societal level, a responsibility. An effective AML program can help uncover the illicit activities funding drug trafficking, human trafficking and terrorism.
Money laundering involves disguising or concealing the proceeds of unlawful activity. While, anti-money laundering is about detecting and preventing this illegal and suspicious activity. Money launderers typically move their dirty money around in multiple ways to avoid detection; however, Verafin helps detect this activity.
Verafin incorporates a variety of fraud detection features.
Debit Card Fraud
Debit cards are not only popular with consumers — criminals are also developing new and often sophisticated ways to use the cards and their information to steal from your customers. Ensuring it is detected and stopped requires a progressive and sophisticated solution.
Online Banking Fraud
Online banking fraud continues to wreak havoc on banks and credit unions across the country. With recent cases of high dollar value losses, and reports of banks suing customers and customers suing banks, there is a clear need for a solution to address this growing problem.
Criminals use any means necessary to steal from your customers. Verafin’s account fraud functionality analyzes your customers’ accounts, looking for signs of fraudulent activity. From suspicious behavior for new accounts to risky check transactions, Verafin alerts you to the out-of-the-ordinary.
Even with the rise in online banking and debit card fraud, criminals are still using check fraud and kiting schemes to cause financial institutions extensive losses.
Want to learn more about Fraud Detection?
Check out these Feature Sheets:
Criminals use any means necessary to steal from your customers. Verafin’s Account Fraud functionality analyzes your customers’ accounts, looking for signs of fraudulent activity. From suspicious behavior for new accounts to risky check transactions, Verafin alerts you to the out of the ordinary.
Verafin analyzes a customer’s online activity and ACH/Wire transactions that originate in your online banking channel to uncover anomalous behavior. Suspicious activity generates risk-rated alerts with evidence that helps you prevent fraud before losses occur.
More Verafin Features
Watch List Scanning
Federal law requires financial institutions to scan customers, vendors, and the entities within transactions against watch lists to identify entities that may be involved in possible money laundering or terrorist financing activities.
Regulatory Reporting (SARs & CTRs)
Verafin brings increased efficiency and confidence to the regulatory reporting process by automating the tedious but necessary tasks associated with initiating, completing and filing Currency Transaction Reports (CTRs) and Suspicious Activty Reports (SARs).
Verafin includes centralized vendor management and risk management tools including customizable reporting functionality, to help financial institutions that face increasing pressure from regulators and examiners.
Verafin’s integrated case management component is a central storage location, like an electronic file folder, for all the information you gather about a suspicious activity. It includes a workflow to help you manage investigations and case-related activity.