BEING VIGILANT AGAINST FRAUDS ON DIGITAL GLOBE – INFRASOFTTECH ANTI FRAUD SOLUTION
Seldom notorious folks have created history in the world of scams and frauds by removing billions of dollars from the pockets of investors and destroying entire economies. By far the biggest fraud of all time, the Great Wall street Rip-off spearheaded by Alan Greenspan consisted of selling fraudulent mortgage-backed securities, thereby creating financial bubble. When the bubble burst, it resulted in destroying trillions of dollars of real investment, throwing most of the world into crippling recession, and creation of massive unemployment. It stemmed complete deregulation of the financial industry. Talking about few more kin include the Enron Bankruptcy in 2001, the Madoff Pyramid in 2008 and very famous Satyam Computers scam by Raju Ramalinga in 2009 followed by many till date.
Seizing opportunity from these historically tragic incidents, InfrasofttechÃÆ‘¢â‚¬â„¢s newly designed OMNIEnterpriseÃÆ‘¢â€žÂ¢ Compliance and Financial Crime Solution helps organization identify and monitor suspicious financial activity and enables managing risk at customer and enterprise level. It is an enterprise risk management solution with significant presence in Compliance space across Europe, America, Middle East, Asia & Africa, assisting over 125 + clients globally.
Celent evaluated the Enterprise-Wide Compliance Solutions Vendors for Anti-Money Laundering and Anti-Fraud in 2012. The report mentioned InfrasoftTech as easy to use, configurable, scalable and logical in defining the risk rating parameters.
How does the Enterprise wide Fraud Risk Program work? Following steps should be taken to prevent fraudulent activities within organization:
1. Prevention
ÃÆ‘¢â‚¬Â¢ Identify business units, locations and internal Processes for fraud risks/ risk of misconducts
ÃÆ‘¢â‚¬Â¢ Well defined code of conduct and company policies to help achieve management compliance goals
ÃÆ‘¢â‚¬Â¢ Regular training programs for fraud risk culture in the organization
ÃÆ‘¢â‚¬Â¢ Define boundaries and line of control for each process and system
2. Detection
ÃÆ‘¢â‚¬Â¢ To detect potential fraud / misconduct, include questionable accounting or auditing
ÃÆ‘¢â‚¬Â¢ Provide Real-time Assistance, especially for employees when course of action is unclear during the decision making process
ÃÆ‘¢â‚¬Â¢ Perform ordinary course of business, include regular management and supervisory activities
ÃÆ‘¢â‚¬Â¢ Identify hidden relationships between people, organizations and events to analyze suspicious transactions
3. Response
ÃÆ‘¢â‚¬Â¢ Conduct formal internal investigation upon identification of any fraud event
ÃÆ‘¢â‚¬Â¢ Appoint special committee without any link or connection to the event for unbiased, independent and qualified investigation
ÃÆ‘¢â‚¬Â¢ A well-defined disciplinary process to be communicated to all employees and parties connected to the organization
ÃÆ‘¢â‚¬Â¢ Corrective measures to be taken with results to be communicated to the employees and connected parties involved
4. Prediction
ÃÆ‘¢â‚¬Â¢ Fraud prediction through characteristic behavior of each account and costumer
ÃÆ‘¢â‚¬Â¢ Anomaly detection where signature deviation through predictive analysis
ÃÆ‘¢â‚¬Â¢ Alerts and red flag generation mechanism
Diving deep into the functional areas of the solution, let us review on how banking institutes will implement and integrate the process of preventing fraud risk:
1. KYC and Customer Profiling
ÃÆ‘¢â‚¬Â¢ The solution integrates with the Core banking solution for customer KYC and profiling
ÃÆ‘¢â‚¬Â¢ Capability to search customer KYC according to various criteria
ÃÆ‘¢â‚¬Â¢ Able to assess customerÃÆ‘¢â‚¬â„¢s risk for different banking services like lending and investments
ÃÆ‘¢â‚¬Â¢ Create KYC profile reports and audit trials for change in KYC
2. List Management
ÃÆ‘¢â‚¬Â¢ Identification and automated upload of black listed customers
ÃÆ‘¢â‚¬Â¢ Periodic scan of black list and other watch lists
ÃÆ‘¢â‚¬Â¢ False positive management for name exclusions
ÃÆ‘¢â‚¬Â¢ Account exemptions and false positive listing report capabilities
3. Transaction Monitoring
ÃÆ‘¢â‚¬Â¢ Real time as well as Non real time transaction monitoring
ÃÆ‘¢â‚¬Â¢ Integration with third party systems to identify suspicious financial transactions
ÃÆ‘¢â‚¬Â¢ Pre defined regulatory suspicious financial scenarios
ÃÆ‘¢â‚¬Â¢ In depth analysis of transaction in a format compliant with FIU/BNM
4. Alert & Case Management
ÃÆ‘¢â‚¬Â¢ In built workflow for automated generation of suspicious alerts
ÃÆ‘¢â‚¬Â¢ Segregation of alerts according to different scenarios and customers
ÃÆ‘¢â‚¬Â¢ Documents related to various cases can be attached
ÃÆ‘¢â‚¬Â¢ Auto escalation of cases with email and SMS notification enabled feature
5. Reporting & Graphical Analysis
ÃÆ‘¢â‚¬Â¢ It acts as a support for all regulatory reporting requirements mandated by regulatory body and authority In built workflow for automated generation of suspicious alerts
ÃÆ‘¢â‚¬Â¢ Generates various information management and adhoc reports
ÃÆ‘¢â‚¬Â¢ Archives reports for future references
ÃÆ‘¢â‚¬Â¢ Graphical representation of key risk indicators and customer transactional attributes
Other than the functional features, solution will also enable assessment of various channels and elements:
1. Remote Banking ÃÆ‘¢â‚¬â€œ Assessment of Internet & mobile banking sessions and transactions on regular basis
2. Employee Fraud ÃÆ‘¢â‚¬â€œ EmployeeÃÆ‘¢â‚¬â„¢s access and log details assessment through CBS
3. Banking Operations ÃÆ‘¢â‚¬â€œ Assessment of banking operations such as account opening, funds transfer and transactions in salaried accounts
4. Card Analysis ÃÆ‘¢â‚¬â€œ Analysis of sessions and transaction details from the debit, credit as well as pre paid cards
Interested in knowing more about our offerings, you may Contact Us at +912267764000 or Email Us at marketing@infrasofttech.com.