Verafin Inc., an industry-leading, cloud based cross-institutional Fraud Detection and AML (FRAMLx) collaboration software provider kicked off their FRAMLxpo in Huntington Beach, California this week. The conference focused on key industry trends such as human trafficking, elder financial abuse and terrorist financing and Verafin’s newest innovation in cross-institutional detection and collaboration with FRAMLx.
The FRAMLxpo speakers range from those impacted on the very human side of financial crime to law enforcement working diligently to stop the crimes. This impressive speaker line-up included a survivor of Human Trafficking; an advocate combatting elder financial abuse from the National Adult Protective Services Association (NAPSA); industry subject matter experts including the former assistant director of Federal Bureau of Investigation (FBI); the foremost legal expert on Section 314(b) of the USA PATRIOT Act; a trusted cybersecurity consultant; and special agents from Homeland Security Investigations (HSI) and the FBI.
The three-day event was a combination of industry information, trends related to fraud detection and anti-money laundering that are currently impacting the financial community, as well as comprehensive training on the growing complexity of financial crime.
“We’re very excited about our FRAMLxpo,” says Erin O’Brien, Director of Marketing. “We’ve been to 23 US cities so far in 2015 on our FRAMLx tours educating and learning from our customers about the crimes that impact their daily work and their institution’s customers. This conference takes that education and thought leadership to the next level. We need to work together to fight financial crime — no matter if you are on the front-line at the financial institution, in the Fraud or BSA departments, a member of law enforcement, or a software provider like us at Verafin.”
Earlier this year Verafin launched FRAMLx, an innovative enhancement that enables cross-institutional detection and collaboration. FRAMLx helps financial institutions gain a holistic view of their customer’s behavior and increases awareness of suspicious activity that spans multiple institutions.
Verafin’s software helps financial institutions stay a step ahead of criminals. The FRAMLx software includes fraud detection, anti-money laundering and BSA compliance, cross-institutional detection combined with support for collaborative investigations and Section 314(b) information sharing. These features help uncover more suspicious activity and reduce financial crime.