Originally Presented: May 31, 2018
Fraud scams, such as Business Email Compromise, Work-from-home, and Romance scams are rarely isolated events. As fraud has become more sophisticated, large criminal organizations use layers of schemes to hide their illicit activity and move money from victim to mule — often through wire transfers.
Cloud technology and advanced analytics can provide unprecedented detection capabilities to reduce losses, protect customers, and uncover suspicious activity that can span multiple institutions.
Discover how FRAMLx uncovers money mules with targeted scenarios for Incoming Wire Fraud, featuring an overview of how cloud confidence analytics can enhance detection and investigation of complex criminal activity. With Verafin’s Fraud Management platform you will also benefit from adaptive fraud alerts, case management, reporting and dashboards, and SAR functionality to help you meet compliance requirements for filing on suspicious incoming wires.
Highlights of this 20-minute presentation:
- Overview of common fraud scams and how wires are used to move illicit funds from victim to money mule.
- Demonstration of Incoming Wire Fraud scenario to uncover suspicious incoming wires.
- Review of smart evidence for suspicious wires including wire history, relationship details, and wire detail charts.
- Review of Fraud Management solutions for Wire Fraud including adaptive fraud alerts, case management, fraud reporting, management dashboards and SAR reporting.