RiskShield by INFORM’s Post

If your organization is currently executing your #fraudprevention and #AML strategies independently, your team is surely missing the opportunity to maximize your defense and corresponding response to these highly interconnected threats. RiskShield by INFORM is bringing a unified approach with the power of FRAML, learn more in the article below with our SVP of Risk & Fraud, Roy Prayikulam. #FRAML #FightingFinancialCrime #AML #WorldofRiskshield INFORM GmbH - Optimization Software

Reasons why financial crime detection teams should adopt AI: “There’s just so much data out there, that for a human being to sift through it becomes an insurmountable task.” So said Ramon Ramirez MA CAMS, CDCI, Director of AML/KYC Operations at Western Alliance Bank, on our webinar with PYMNTS last week. He was joined by Miguel Navarro, Head of Client Identity Verification and Authentication at KeyBank, and Chris Caruana (MBA, CAMS), VP of Strategy at HAWK:AI, to discuss uses of AI within the banking industry. In the session, they discussed: - When is it appropriate to use AI in anti-financial crime - The difference between an AI approach and a traditional approach - The change management checklist for banks Watch the live recap session at: https://lnkd.in/etYSBdZW #aml #fincrime #pymnts #banking #bankingtech #compliance #ai #machinelearning #webinar #paneldiscussion #toughquestions #changemanagement

The rise 📈 of deepfake media and generative AI tools is reshaping the fraud landscape, creating new challenges for financial institutions. According to a recent Financial Crimes Enforcement Network, US Treasury (FinCEN) Alert (see full document below👇), criminals are exploiting these technologies to create synthetic identities and open fraudulent accounts for illicit activities. In summary, there are 5️⃣ red flags associated with these schemes: 🔴 Inconsistent identity information: A customer’s photo that shows signs of being altered or does not match their other identifying information (e.g., date of birth). 🔴 Multiple conflicting identity documents presented by the same customer: Suspicious activity during live verification checks, such as the use of third-party webcam plugins or claims of repeated technical glitches. 🔴 Declining to use multifactor authentication to verify identity. 🔴 Rapid transactions and risky payment patterns: Newly opened accounts or accounts with minimal transaction history showing high volumes of payments to risky payees (e.g., gambling websites, digital asset exchanges) or experiencing frequent chargebacks. As the first 4️⃣ red flags are more in the responsibility of identity verification service providers (we can recommend you one of our partners!), the last one you can fully commit to AMLYZE tool, as our AML software is perfectly designed to detect these suspicious behaviors, enabling financial institutions to act quickly and maintain compliance with evolving AML/CFT requirements. Integrating advanced monitoring and KYC tools to identify red-flag indicators is essential to countering the threat of deepfake-enabled fraud. Let's work together to protect the financial system! #AML #KYC #DeepfakeFraud #FinTech #FinancialSecurity #AntiFraud

I'm thrilled to announce the launch of WatchEye, previously available only to our AML/CTF clients via API, now available as a SaaS solution. This latest addition to Global Data's suite of solutions is designed to combat financial crime across all industries. WatchEye permits businesses to monitor their customer files for specific needs, providing real-time or scheduled alerts and comprehensive surveillance of suspicious transactions and data changes. I was asked why we developed WatchEye alongside our other recent technological advancements and whether Global Data was shifting away from its traditional data supplier role and moving into the tech space. As CEO, I explained, "As a prominent RegTech and Data supplier, we've always had the dual capability to offer both data information services and automated tech solutions. Now, we're extending these offerings in combination with our traditional data supply services. The need for robust tools to fight identity and financial crime in Australia is growing across all sectors, and WatchEye is our latest answer to meet this demand. Not all businesses have APIs, so we build solutions to assist enterprises of all sizes." This product launch is a key part of our broader strategy to expand our offerings in IDV (Identity Verification), KYC (Know Your Customer), AML-CTF (Anti-Money Laundering and Counter-Terrorism Financing), and fraud management. It's a significant milestone as we prepare for the international growth journey we plan to embark upon. A big thank you to our exceptional Data and Development teams. As always, your dedication and hard work have been nothing short of amazing, and your commitment to innovation keeps us ahead in the fight against financial crime while demonstrating the regulatory benefits of partnering with Global Data. Stay tuned as we continue to roll out further exciting developments. We're just getting started, and I'm eager to see how WatchEye, together with our other recent innovations, will support all industries from both regulatory and business intelligence perspectives. #FinancialCrime #TransactionMonitoring #IDV #KYC #AML #CTF #FraudManagement #RegTech

𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗳𝗿𝗮𝘂𝗱 𝘀𝘂𝗿𝗽𝗮𝘀𝘀𝗲𝗱 $𝟰.𝟳 𝘁𝗿𝗶𝗹𝗹𝗶𝗼𝗻 𝗴𝗹𝗼𝗯𝗮𝗹𝗹𝘆 𝗶𝗻 𝟮𝟬𝟮𝟰.  Sophisticated threats can surpass traditional systems. Identity theft, cross-channel fraud and account takeovers have left institutions exposed. Financial institutions should adopt technology which enables: - 𝘾𝙧𝙤𝙨𝙨-𝙘𝙝𝙖𝙣𝙣𝙚𝙡 𝙛𝙧𝙖𝙪𝙙 𝙙𝙚𝙩𝙚𝙘𝙩𝙞𝙤𝙣 for identity theft, ATO, and credit card fraud. - 𝙍𝙚𝙖𝙡-𝙩𝙞𝙢𝙚 𝙞𝙣𝙩𝙚𝙡𝙡𝙞𝙜𝙚𝙣𝙘𝙚 for actionable insights across transactions. - 𝙎𝙞𝙡𝙤-𝙗𝙧𝙚𝙖𝙠𝙞𝙣𝙜 𝙩𝙚𝙘𝙝𝙣𝙤𝙡𝙤𝙜𝙮 that integrates with core systems for a centralized fraud risk view. - 𝙁𝙡𝙚𝙭𝙞𝙗𝙡𝙚 𝙙𝙚𝙥𝙡𝙤𝙮𝙢𝙚𝙣𝙩 𝙤𝙥𝙩𝙞𝙤𝙣𝙨 like on-premise or SaaS for rapid setup. These solutions mitigate the risk of financial losses, fraud, false positives and ensure compliance.    #RiskManagement #FinTech #AI #TBML #DataDriven #FraudPrevention #GenerativeAI #DLT #Compliance Sahil Anand | Ramkumar Venkataraman | Chetan Parekh | Ramakrishnan Viswanathan | Divya Shah | Pankul Verma | Aditya Agarwal | Robin Amlôt | Amit Jain | Nikhil Gokhale | Angleen Malik | Nitin P. | Subit Saurav | Ojas Kulkarni | Clari5 (CustomerXPs)

In today's rapidly evolving financial landscape, Anti-Money Laundering (AML) and fraud prevention are more critical than ever. With the rise of digital transactions and sophisticated financial crime tactics, it's crucial that organizations stay ahead of the curve. Here are some key trends shaping the future of fraud detection and AML compliance: Advanced Analytics & AI : Machine learning algorithms are transforming how we identify suspicious patterns in transactions, helping to flag fraudulent activity before it causes damage. Regulatory Pressure : Governments and regulatory bodies are continuously updating compliance requirements, making it essential for organizations to stay agile and proactive in their approach. Collaboration Across Sectors : Financial institutions, regulators, and law enforcement must work together to share information and best practices, creating a united front against financial crime. Customer Awareness : Educating customers on recognizing scams and suspicious activities is a crucial layer of defense in fraud prevention. It's an exciting time to be in the field of fraud detection and AML, as technology, regulations, and global cooperation create new opportunities to combat financial crime. What trends or challenges are you seeing in the AML or fraud prevention space? Let’s discuss! 💬 #AML #FraudPrevention #FinancialCrime #Compliance #RiskManagement #FinTech

AI transforms AML/KYC in #Finance, boosting efficiency against complex threats like identity fraud. Treasury notes gaps in current AML frameworks. #AI processes vast data, reducing false positives. Human oversight is crucial. AI aids risk prioritisation, streamlining #Compliance. Explore AI's role in financial security: https://lnkd.in/e_VUMY3e via FinTech Global  #RegTech #FinTech #BigData #RiskManagement

With FACT360, iGaming operators can prove compliance and ensure player safety. Our AI-driven platform oversees AML, fraud, player safety, KYC, and more 🎲 ➡️ https://bit.ly/4bxn8Ol #iGaming #Compliance #Data #Technology #ArtificialIntelligence

DataVisor Revolutionizes AML Compliance with Launch of AI-Powered End-to-End Solution “At DataVisor, we are committed to empowering our customers with award-winning solutions and future proof technology to combat financial crimes more effectively and efficiently,” said Fang Yu, DataVisor co-founder and chief product officer. “The substantial interest we’ve seen from financial institutions highlights the imperative need to address the challenges posed by outdated, legacy AML technology. FIs partnering with DataVisor are already witnessing the benefits of our industry-leading FRAML solution. Our focus on continued innovation ensures that we not only meet the current compliance demand, but also remain agile to anticipate and counteract future financial crimes.” https://lnkd.in/gFFMVY7q Charles Subrt, JD #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

🌐 Technology Transformation in Fighting Financial Crime: KYC, AML & Fraud 🛡️ 🔍 Current Challenges: financial institutions face a dual challenge: meeting regulatory compliance standards while safeguarding against evolving threats like fraud and money laundering. The recent surge in digital banking solutions has further accelerated this challenge, requiring robust KYC (Know Your Customer), AML (Anti-Money Laundering) and fraud detection processes. These processes, traditionally slow and resource-intensive, pose operational risks and suffer in customer experience. 🚀 The Role of Technology: Embracing advanced technologies is key to overcoming these challenges. Solutions leveraging AI and machine learning not only streamline the processes, but also enhance detection capabilities, reduce false positives and improve efficiency. 💡 Integrated Financial Crime Solution: We're driving a transformative shift towards agile, cost-effective KYC, AML & Fraud monitoring processes. By integrating Financial Crime solution in one platform, we aim not only to address current challenges but also to future-proof against emerging financial crime threats. id/x partners continues to innovate and adapt in our mission to protect customers and uphold the integrity of financial systems with our AI-powered system. 💼✨ #FinancialCrime #KYC #AML #FraudDetection #DigitalTransformation #iDecision #AI