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, Infrasofttech’s newly designed OMNIEnterprise™ 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

• Identify business units, locations and internal Processes for fraud risks/ risk of misconducts

• Well defined code of conduct and company policies to help achieve management compliance goals

• Regular training programs for fraud risk culture in the organization

• Define boundaries and line of control for each process and system

2. Detection

• To detect potential fraud / misconduct, include questionable accounting or auditing

• Provide Real-time Assistance, especially for employees when course of action is unclear during the decision making process

• Perform ordinary course of business, include regular management and supervisory activities

• Identify hidden relationships between people, organizations and events to analyze suspicious transactions

3. Response

• Conduct formal internal investigation upon identification of any fraud event

• Appoint special committee without any link or connection to the event for unbiased, independent and qualified investigation

• A well-defined disciplinary process to be communicated to all employees and parties connected to the organization

• Corrective measures to be taken with results to be communicated to the employees and connected parties involved

4. Prediction

• Fraud prediction through characteristic behavior of each account and costumer

• Anomaly detection where signature deviation through predictive analysis

• 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

• The solution integrates with the Core banking solution for customer KYC and profiling

• Capability to search customer KYC according to various criteria

• Able to assess customer’s risk for different banking services like lending and investments

• Create KYC profile reports and audit trials for change in KYC

2. List Management

• Identification and automated upload of black listed customers

• Periodic scan of black list and other watch lists

• False positive management for name exclusions

• Account exemptions and false positive listing report capabilities

3. Transaction Monitoring

• Real time as well as Non real time transaction monitoring

• Integration with third party systems to identify suspicious financial transactions

• Pre defined regulatory suspicious financial scenarios

• In depth analysis of transaction in a format compliant with FIU/BNM

4. Alert & Case Management

• In built workflow for automated generation of suspicious alerts

• Segregation of alerts according to different scenarios and customers

• Documents related to various cases can be attached

• Auto escalation of cases with email and SMS notification enabled feature

5. Reporting & Graphical Analysis

• 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

• Generates various information management and adhoc reports

• Archives reports for future references

• 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 – Assessment of Internet & mobile banking sessions and transactions on regular basis

2. Employee Fraud – Employee’s access and log details assessment through CBS

3. Banking Operations – Assessment of banking operations such as account opening, funds transfer and transactions in salaried accounts

4. Card Analysis – 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