This booklet aims to equip bankers and fraud management professionals around the globe with pragmatic insights and knowledge to effectively institute a fraud free organization
Regulations, compliance and overall risk management place a significant operational burden on financial services.
Online lenders are no different. You have to comply with multiple regulatory requirements, and you are- like any other financial service- very susceptible to fraud.
If you want to prevent and reduce loan application fraud, your strategy and fraud detection system should include a combination of identity verification, account onboarding protection, and account monitoring.
In this post, we’ll explain how identity verification and Know Your Customer processes are related, and how you can expand them for better fraud coverage.
We’ve also provided specific recommendations for identity verification security tests, and account origination protection strategies that can help you prevent fraud during the loan application process.
AlgoCharge offers a web-based fraud management system that assists in credit card fraud detection & prevention with Geo-based filters. The system provides various levels of fraud protection to enhance acceptance rate & reduce the risk of charge-backs.
FraudDECK includes pre-packaged business workflows for transaction surveillance across ATM & POS channels. It can be extended to facilitate surveillance of fraudulent transactions on other channels like mobile banking or payment transactions like Wire fraud or AML. For more information please visit: http://www.esq.com/transaction-surveillance/
Balancing Security and Customer ExperienceTransUnion
Using Device Insight to Balance Fraud Prevention and Customer Experience
Today, your customer’s device has become their proxy for a large percentage of their online retail and banking activity. By using insight from those devices, you can reduce risk and ensure a smooth experience along the entire customer journey.
In this webinar, you’ll learn from Max Anhoury, our VP of Global partnerships, about:
* Today’s fraud and security trends
* What a fraud ring looks like
* The evolving online experience with EMV
* How to create frictionless security across the consumer journey
Fraud is omnipresent & as the technology is rising the fraudsters turn to new ways and newer channels to target banks and customers.
Most common type of banking fraud across the globe are:-
Skimming : Card fraud is one of the most fascinating aspects of the payment industry, not least because it is relentless and mutating.It means that attaching a device to the mouth of the ATM that in.......
Prevent banking frauds through identity managementGARL
What is the difference between private and retail banking in fraud management? Significant use of mobile devices (tablet, smartphone,...) and the growing number of fraud due to human factor are changing private banking management.
GARL presentation at Forum Banca 2013 describes fraud risks for private banking and how to manage them in a prevention plan.
The presentation was made as a collaboration with Banca Esperia (Mediobanca group).
Doubling Down Winning over your VIP Customers Webinar with iovation TransUnion
Knowing who to trust online is as critical as identifying the high-risk fraudsters—this is especially true for many gambling operators. Recent studies have shown that it costs six to seven times more to acquire a new customer than retain an existing one. Quickly identify, reward and retain your VIP customers with enticing promotions and an excellent playing experience. This will engage them more, keep them on your site longer, and increase your bottom line.
In this webinar, you will learn:
*How to help Marketing target the right audience for VIP promotions
*Ways to safely accelerate more players to VIP status
*Techniques for streamlining login to reduce friction for good players
*How to capture more devices and strengthen your fraud protection through a hybrid device recognition approach
Mobile Banking Security Risks and Consequences iovation2015TransUnion
This document discusses mobile banking security risks and consequences. It begins with an overview of how identity can be viewed from the perspectives of the user, attributes, devices, and mobile devices. It then covers evolving guidance from FFIEC on layered security, challenges in assessing risk from transactions, and maturity of mobile banking features. The document argues that updated guidance is needed to address capabilities of mobile banking, big data analytics, and fraud management since the last update in 2011.
Regulations, compliance and overall risk management place a significant operational burden on financial services.
Online lenders are no different. You have to comply with multiple regulatory requirements, and you are- like any other financial service- very susceptible to fraud.
If you want to prevent and reduce loan application fraud, your strategy and fraud detection system should include a combination of identity verification, account onboarding protection, and account monitoring.
In this post, we’ll explain how identity verification and Know Your Customer processes are related, and how you can expand them for better fraud coverage.
We’ve also provided specific recommendations for identity verification security tests, and account origination protection strategies that can help you prevent fraud during the loan application process.
AlgoCharge offers a web-based fraud management system that assists in credit card fraud detection & prevention with Geo-based filters. The system provides various levels of fraud protection to enhance acceptance rate & reduce the risk of charge-backs.
FraudDECK includes pre-packaged business workflows for transaction surveillance across ATM & POS channels. It can be extended to facilitate surveillance of fraudulent transactions on other channels like mobile banking or payment transactions like Wire fraud or AML. For more information please visit: http://www.esq.com/transaction-surveillance/
Balancing Security and Customer ExperienceTransUnion
Using Device Insight to Balance Fraud Prevention and Customer Experience
Today, your customer’s device has become their proxy for a large percentage of their online retail and banking activity. By using insight from those devices, you can reduce risk and ensure a smooth experience along the entire customer journey.
In this webinar, you’ll learn from Max Anhoury, our VP of Global partnerships, about:
* Today’s fraud and security trends
* What a fraud ring looks like
* The evolving online experience with EMV
* How to create frictionless security across the consumer journey
Fraud is omnipresent & as the technology is rising the fraudsters turn to new ways and newer channels to target banks and customers.
Most common type of banking fraud across the globe are:-
Skimming : Card fraud is one of the most fascinating aspects of the payment industry, not least because it is relentless and mutating.It means that attaching a device to the mouth of the ATM that in.......
Prevent banking frauds through identity managementGARL
What is the difference between private and retail banking in fraud management? Significant use of mobile devices (tablet, smartphone,...) and the growing number of fraud due to human factor are changing private banking management.
GARL presentation at Forum Banca 2013 describes fraud risks for private banking and how to manage them in a prevention plan.
The presentation was made as a collaboration with Banca Esperia (Mediobanca group).
Doubling Down Winning over your VIP Customers Webinar with iovation TransUnion
Knowing who to trust online is as critical as identifying the high-risk fraudsters—this is especially true for many gambling operators. Recent studies have shown that it costs six to seven times more to acquire a new customer than retain an existing one. Quickly identify, reward and retain your VIP customers with enticing promotions and an excellent playing experience. This will engage them more, keep them on your site longer, and increase your bottom line.
In this webinar, you will learn:
*How to help Marketing target the right audience for VIP promotions
*Ways to safely accelerate more players to VIP status
*Techniques for streamlining login to reduce friction for good players
*How to capture more devices and strengthen your fraud protection through a hybrid device recognition approach
Mobile Banking Security Risks and Consequences iovation2015TransUnion
This document discusses mobile banking security risks and consequences. It begins with an overview of how identity can be viewed from the perspectives of the user, attributes, devices, and mobile devices. It then covers evolving guidance from FFIEC on layered security, challenges in assessing risk from transactions, and maturity of mobile banking features. The document argues that updated guidance is needed to address capabilities of mobile banking, big data analytics, and fraud management since the last update in 2011.
The document discusses Guardian Analytics, a company that provides a real-time digital banking fraud detection solution using behavioral machine learning. The solution detects fraud early by analyzing non-transactional user activities and assigning risk scores. This enables friction-right authentication that adds appropriate security based on risk without compromising user experience. The solution also allows fraud analysts to efficiently investigate cases and gain insights from an open fraud and anti-money laundering platform.
This white paper discusses best practices for implementing an enterprisewide fraud management system. It notes that traditional fraud management is fragmented across business units and channels. An integrated approach is needed to detect cross-channel fraud patterns and relationships. The paper recommends a three-step approach: 1) Create an enterprisewide view of customer patterns and perpetrators using data analysis and visualization tools. 2) Prevent and detect fraud across the enterprise in real-time using predictive analytics. 3) Investigate and resolve fraud cases in an integrated environment using case management systems. Adopting these analytics-driven best practices can help financial institutions better manage fraud.
Money laundering has subjected financial institutions to losses and subjected them to punishments and fines from law/regulation bodies. Sometimes banks may fail to notice that fraudulent practices are happening in their facilities. So how can banks detect and prevent money laundering and fraud?
The document discusses an annual event organized by European Merchant Services called the EMS RISK EVENT for retailers active in e-commerce and multichannel sales. The event provides an excellent opportunity to increase knowledge about online fraud, risk management, and advanced fraud prevention and detection tools. Attendees can learn from EMS experts, customers, and partners to help protect their online businesses from fraudsters. Interested readers are invited to contact the EMS Marketing Department or visit the company website for more information.
This document discusses ThreatMetrix's fraud network solution which uses device profiling and behavioral analytics to detect fraudulent transactions, new accounts, and logins across various industries. It highlights challenges with legacy solutions such as insecure credit card data, inconvenient authentication methods, and siloed fraud intelligence. ThreatMetrix's fraud network aims to offer a collective solution through real-time fraud detection, global device identification, and shared intelligence across organizations to help prevent fraud and reduce costs.
Preventing Nonprofit Banking Fraud and the Tools You Can Use!tomciolkosz
This document discusses preventing nonprofit banking fraud and tools organizations can use. It begins by highlighting recent headlines of fraud cases at nonprofits. It then discusses the fraud triangle and importance of internal controls. It provides tips for protecting the online environment such as using two-factor authentication and educating employees. The document also covers different types of banking fraud like check fraud, ACH fraud, and credit card fraud. It emphasizes the importance of controls like positive pay, bank reconciliation, and understanding responsibilities under Regulation E. Finally, it provides resources for further learning.
Be prepared to deal with fraud for webKatie Farrow
The median fraud loss according to the document was $145,000, with 24% of fraud cases involving losses of at least $1 million. The median duration to uncover a fraud scheme was 11 months. Tips were the most common detection method, accounting for 42% of detections. Targeted fraud awareness training and procedures like reviewing bank statements and mandating vacations can help prevent and detect fraud.
This document discusses fraud in the Indian banking sector. It begins with an introduction that defines fraud and its rising occurrence in banking. It then reviews literature on previous studies of fraud's nature, causes, effects and management. Several sections provide statistics on banking fraud cases in India from 2009-2013, classify different types of fraud, and identify institutional and environmental factors that cause fraud. The effects of fraud on banks are erosion of confidence, reduced profits and depletion of capital. Fraud management techniques discussed include the classical fraud motivation model, a proactive right sourcing model, and other techniques like ethics training and data mining. Current approaches to fraud management are also categorized.
Fraud continues to proliferate across financial institutions, through multiple lines of business and banking channels. Increasingly sophisticated criminal tactics and the proliferation of organized crime rings make detecting fraud difficult and preventing it nearly impossible. Adding to the complexity is increased globalization and growth through mergers and acquisition, which make it harder to effectively monitor multiple portfolios and business lines. The presentation discussus best practices and ideas around the prevention, investigation, and detection of possible fraudulent activities across multiple industries.
ThreatMetrix ARRC 2016 presentation by Ted EganKen Lam
ThreatMetrix® is the market-leading cloud solution for authenticating digital personas and transactions on the Internet.
ThreatMetrix analyzes more than 15 billion transactions annually, from 30,000 websites across 4,000 companies globally through the Digital Identity Network. ThreatMetrix secures businesses and end users against account takeover, payment fraud and fraudulent account registrations resulting from malware and data breaches. Key benefits include an improved customer experience, reduced friction, revenue gain, and lower fraud and operational costs.
FraudNet is a fraud detection system that identifies potentially fraudulent bill pay activity in real time using algorithms. It alerts credit unions to suspicious transactions so they can be investigated. When an alert is received, the credit union must prioritize it based on the type of fraud suspected and respond by the deadline whether to process or deny the transaction. The document provides information on how FraudNet works, common types of fraud detected, what constitutes an alert, priorities for different alert types, tips for researching alerts, and response requirements.
Digital Identities within the ThreatMetrix Digital Identity Network show a pattern of trusted behavior by incorporating anonymized non-regulated personal information such as user name, password and email address with device identifiers, connection and location characteristics. At the same time ThreatMetrix profiles all devices accessing a website (desktops, laptops, smartphones, or tablets), to identify the presence of malware or other anomalies that might indicate a high-risk transaction. High risk anomalies can be easily identified and flagged for review or automatic rejection. Businesses can confidently detect transactions, including:
Payments From Legitimate Users – Confidently approve transactions from legitimate, trusted users; streamlining their online experience and reducing unnecessary friction.
Transactions From Cybercriminals – Reject transactions from known fraudsters, or bots carrying out credit card testing. Detect multiple identities using a single device, mismatches between identity and location, devices disguising their true locations, and other indicators of identity theft.
MITM or MITB Malware – Avoid accepting transactions from devices compromised by malware. Use page fingerprinting to detect compromised sessions that may be redirecting or altering transaction information in flight.
1. The document discusses cheque fraud and prevention methods used by banks. It notes that cheque fraud incidents have increased since automated cheque clearing was implemented, costing the banking industry hundreds of crores.
2. Proper know-your-customer processes like accurate customer identification and address verification are emphasized to avoid fraudulent accounts. Branches must carefully examine cheques for alterations or suspicious features before clearing.
3. CCTV recordings are highlighted as a vital tool for investigating past fraud incidents. Staff are reminded of the importance of following prescribed security processes like keeping desk drawers locked to prevent theft or fraud.
The Red Flags Rule requires businesses to implement an Identity Theft Prevention Program to detect warning signs ("red flags") of identity theft. The program involves identifying red flags, detecting them, preventing identity theft if detected, and updating the program. Non-compliance can result in fines and civil claims. The company ID Sure provides an Identity Theft Prevention Program template and identity verification services to help businesses comply with the Red Flags Rule deadline of August 1st, 2009.
Alternative Finance & Payments stream - Stuart Sykes slidesCallcredit123
The document discusses how an online company uses information from its front line IP provider to better understand potential clients and detect fraud. It provides statistics on the types of rules the company uses, the evidence those rules find, and how fraud is broken down. Crime gangs are said to prefer using stolen identities and cloned cards from the dark web while applying for loans with dynamic IPs or public networks on Windows PCs.
Fair Isaac is a leader in fraud detection and decision management solutions. Their Falcon Fraud Manager uses advanced analytics like neural networks and profiling to detect fraud across multiple channels. It has helped reduce credit card fraud losses significantly. The document discusses how debit fraud is evolving and Falcon Fraud Manager's capabilities for protecting debit transactions through profiling of cardholders, devices, and merchants.
Programme Management for Financial CrimePwC Polska
The document discusses a program for managing financial crime projects through effective collaboration between onshore and offshore teams. The key aspects of the program are:
1. An operating model that divides project management activities between offshore assignments for cost efficiency and onshore assignments for collaboration.
2. A high performing team consisting of a financial crime consulting team, a Center of Excellence in Gdansk, and an offshore project management team.
3. The use of relevant technology solutions like a digital project management office to increase efficiency and support IT delivery processes.
Financial Crime Compliance at Standard CharteredTEDxMongKok
The document provides information about Standard Chartered Bank's efforts to combat financial crime through its Financial Crime Compliance (FCC) division. Some key points:
- Financial crime is a highly profitable global industry that funds terrorism, drug trafficking, and human rights abuses. Standard Chartered has more than doubled the size of its FCC team to help fight financial crime.
- The FCC division works to monitor transactions, screen clients, conduct investigations, and ensure the bank does not enable financial criminals. It aims to set new industry standards and lead the way in combating financial crime globally.
- FCC employees discuss the importance and challenges of their work, and how Standard Chartered provides opportunities to grow careers and have impact
The document discusses key issues in locating a software factory destination. It addresses location trends and provides examples of emerging, hotspot and proven locations. The main criteria for selecting a location include costs, availability of skills and infrastructure, business regulations, and political/macroeconomic stability. An example compares location options in India, Philippines and Romania based on these factors.
Countering Financial Crime - The Importance of Effective TrainingAperio Intelligence
We are a corporate intelligence and financial crime advisory firm based in the City of London. We specialise in: conducting enhanced due diligence on high risk customers and third parties; integrity due diligence on critical acquisitions and investments; market entry and political risk analysis; and investigations. We provide tailored training and advisory services relating to financial crime, in particular anti-money laundering and sanctions compliance. Our clients include some of the world’s leading regulated financial institutions and corporations. Our team has decades of collective experience in advising clients on financial crime and intelligence gathering, helping them to manage risk and maximise potential.
Contact us today for further information on how we can help you.
Presentation on Financial Crimes. Money is one of the most important reasons behind all forms of crime whether Cyber or Internet crimes, Physical or Theft crimes. With the advancement of technology the crime has not decelerated but only esteemed and many more new techniques were by people and they were popularly called as Blackhat hackers. In this presentations we give an over view of the whole scenario.
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February briefing on anti-money laundering. For more information visit http://www.bovill.com/FinancialCrime.aspx.
Information on the event is below:
Taking a company-wide approach to money laundering
“The FCA has made it very clear that responsibility for the overall culture of firms sits at the top. We need leaders and senior managers within the industry to set the tone for how their staff behave.”
Tracey McDermott, Director of Enforcement and Financial Crime, FCA
The regulator has recently reiterated their intention to carry out further thematic and enforcement work in financial crime. However, many firms still have a fragmented approach to managing the risks of money laundering.
The responsibility for preventing financial crime is shared across the firm from the back office to the boardroom. Firms need to take a company-wide approach to tackling money laundering to ensure they are complying with regulation and managing risks effectively.
Bovill’s briefing looked at Anti-Money Laundering (AML), covering:
• Governance arrangements: as the foundation for effective communication and issue resolution
• Risk management: the difficulties of negotiating the right level of due diligence for higher risk customers and what tools can be used to help with this process
• Systems and controls: ensuring that these are fit for regulatory purpose and are appropriately maintained within your firm.
The document discusses Guardian Analytics, a company that provides a real-time digital banking fraud detection solution using behavioral machine learning. The solution detects fraud early by analyzing non-transactional user activities and assigning risk scores. This enables friction-right authentication that adds appropriate security based on risk without compromising user experience. The solution also allows fraud analysts to efficiently investigate cases and gain insights from an open fraud and anti-money laundering platform.
This white paper discusses best practices for implementing an enterprisewide fraud management system. It notes that traditional fraud management is fragmented across business units and channels. An integrated approach is needed to detect cross-channel fraud patterns and relationships. The paper recommends a three-step approach: 1) Create an enterprisewide view of customer patterns and perpetrators using data analysis and visualization tools. 2) Prevent and detect fraud across the enterprise in real-time using predictive analytics. 3) Investigate and resolve fraud cases in an integrated environment using case management systems. Adopting these analytics-driven best practices can help financial institutions better manage fraud.
Money laundering has subjected financial institutions to losses and subjected them to punishments and fines from law/regulation bodies. Sometimes banks may fail to notice that fraudulent practices are happening in their facilities. So how can banks detect and prevent money laundering and fraud?
The document discusses an annual event organized by European Merchant Services called the EMS RISK EVENT for retailers active in e-commerce and multichannel sales. The event provides an excellent opportunity to increase knowledge about online fraud, risk management, and advanced fraud prevention and detection tools. Attendees can learn from EMS experts, customers, and partners to help protect their online businesses from fraudsters. Interested readers are invited to contact the EMS Marketing Department or visit the company website for more information.
This document discusses ThreatMetrix's fraud network solution which uses device profiling and behavioral analytics to detect fraudulent transactions, new accounts, and logins across various industries. It highlights challenges with legacy solutions such as insecure credit card data, inconvenient authentication methods, and siloed fraud intelligence. ThreatMetrix's fraud network aims to offer a collective solution through real-time fraud detection, global device identification, and shared intelligence across organizations to help prevent fraud and reduce costs.
Preventing Nonprofit Banking Fraud and the Tools You Can Use!tomciolkosz
This document discusses preventing nonprofit banking fraud and tools organizations can use. It begins by highlighting recent headlines of fraud cases at nonprofits. It then discusses the fraud triangle and importance of internal controls. It provides tips for protecting the online environment such as using two-factor authentication and educating employees. The document also covers different types of banking fraud like check fraud, ACH fraud, and credit card fraud. It emphasizes the importance of controls like positive pay, bank reconciliation, and understanding responsibilities under Regulation E. Finally, it provides resources for further learning.
Be prepared to deal with fraud for webKatie Farrow
The median fraud loss according to the document was $145,000, with 24% of fraud cases involving losses of at least $1 million. The median duration to uncover a fraud scheme was 11 months. Tips were the most common detection method, accounting for 42% of detections. Targeted fraud awareness training and procedures like reviewing bank statements and mandating vacations can help prevent and detect fraud.
This document discusses fraud in the Indian banking sector. It begins with an introduction that defines fraud and its rising occurrence in banking. It then reviews literature on previous studies of fraud's nature, causes, effects and management. Several sections provide statistics on banking fraud cases in India from 2009-2013, classify different types of fraud, and identify institutional and environmental factors that cause fraud. The effects of fraud on banks are erosion of confidence, reduced profits and depletion of capital. Fraud management techniques discussed include the classical fraud motivation model, a proactive right sourcing model, and other techniques like ethics training and data mining. Current approaches to fraud management are also categorized.
Fraud continues to proliferate across financial institutions, through multiple lines of business and banking channels. Increasingly sophisticated criminal tactics and the proliferation of organized crime rings make detecting fraud difficult and preventing it nearly impossible. Adding to the complexity is increased globalization and growth through mergers and acquisition, which make it harder to effectively monitor multiple portfolios and business lines. The presentation discussus best practices and ideas around the prevention, investigation, and detection of possible fraudulent activities across multiple industries.
ThreatMetrix ARRC 2016 presentation by Ted EganKen Lam
ThreatMetrix® is the market-leading cloud solution for authenticating digital personas and transactions on the Internet.
ThreatMetrix analyzes more than 15 billion transactions annually, from 30,000 websites across 4,000 companies globally through the Digital Identity Network. ThreatMetrix secures businesses and end users against account takeover, payment fraud and fraudulent account registrations resulting from malware and data breaches. Key benefits include an improved customer experience, reduced friction, revenue gain, and lower fraud and operational costs.
FraudNet is a fraud detection system that identifies potentially fraudulent bill pay activity in real time using algorithms. It alerts credit unions to suspicious transactions so they can be investigated. When an alert is received, the credit union must prioritize it based on the type of fraud suspected and respond by the deadline whether to process or deny the transaction. The document provides information on how FraudNet works, common types of fraud detected, what constitutes an alert, priorities for different alert types, tips for researching alerts, and response requirements.
Digital Identities within the ThreatMetrix Digital Identity Network show a pattern of trusted behavior by incorporating anonymized non-regulated personal information such as user name, password and email address with device identifiers, connection and location characteristics. At the same time ThreatMetrix profiles all devices accessing a website (desktops, laptops, smartphones, or tablets), to identify the presence of malware or other anomalies that might indicate a high-risk transaction. High risk anomalies can be easily identified and flagged for review or automatic rejection. Businesses can confidently detect transactions, including:
Payments From Legitimate Users – Confidently approve transactions from legitimate, trusted users; streamlining their online experience and reducing unnecessary friction.
Transactions From Cybercriminals – Reject transactions from known fraudsters, or bots carrying out credit card testing. Detect multiple identities using a single device, mismatches between identity and location, devices disguising their true locations, and other indicators of identity theft.
MITM or MITB Malware – Avoid accepting transactions from devices compromised by malware. Use page fingerprinting to detect compromised sessions that may be redirecting or altering transaction information in flight.
1. The document discusses cheque fraud and prevention methods used by banks. It notes that cheque fraud incidents have increased since automated cheque clearing was implemented, costing the banking industry hundreds of crores.
2. Proper know-your-customer processes like accurate customer identification and address verification are emphasized to avoid fraudulent accounts. Branches must carefully examine cheques for alterations or suspicious features before clearing.
3. CCTV recordings are highlighted as a vital tool for investigating past fraud incidents. Staff are reminded of the importance of following prescribed security processes like keeping desk drawers locked to prevent theft or fraud.
The Red Flags Rule requires businesses to implement an Identity Theft Prevention Program to detect warning signs ("red flags") of identity theft. The program involves identifying red flags, detecting them, preventing identity theft if detected, and updating the program. Non-compliance can result in fines and civil claims. The company ID Sure provides an Identity Theft Prevention Program template and identity verification services to help businesses comply with the Red Flags Rule deadline of August 1st, 2009.
Alternative Finance & Payments stream - Stuart Sykes slidesCallcredit123
The document discusses how an online company uses information from its front line IP provider to better understand potential clients and detect fraud. It provides statistics on the types of rules the company uses, the evidence those rules find, and how fraud is broken down. Crime gangs are said to prefer using stolen identities and cloned cards from the dark web while applying for loans with dynamic IPs or public networks on Windows PCs.
Fair Isaac is a leader in fraud detection and decision management solutions. Their Falcon Fraud Manager uses advanced analytics like neural networks and profiling to detect fraud across multiple channels. It has helped reduce credit card fraud losses significantly. The document discusses how debit fraud is evolving and Falcon Fraud Manager's capabilities for protecting debit transactions through profiling of cardholders, devices, and merchants.
Programme Management for Financial CrimePwC Polska
The document discusses a program for managing financial crime projects through effective collaboration between onshore and offshore teams. The key aspects of the program are:
1. An operating model that divides project management activities between offshore assignments for cost efficiency and onshore assignments for collaboration.
2. A high performing team consisting of a financial crime consulting team, a Center of Excellence in Gdansk, and an offshore project management team.
3. The use of relevant technology solutions like a digital project management office to increase efficiency and support IT delivery processes.
Financial Crime Compliance at Standard CharteredTEDxMongKok
The document provides information about Standard Chartered Bank's efforts to combat financial crime through its Financial Crime Compliance (FCC) division. Some key points:
- Financial crime is a highly profitable global industry that funds terrorism, drug trafficking, and human rights abuses. Standard Chartered has more than doubled the size of its FCC team to help fight financial crime.
- The FCC division works to monitor transactions, screen clients, conduct investigations, and ensure the bank does not enable financial criminals. It aims to set new industry standards and lead the way in combating financial crime globally.
- FCC employees discuss the importance and challenges of their work, and how Standard Chartered provides opportunities to grow careers and have impact
The document discusses key issues in locating a software factory destination. It addresses location trends and provides examples of emerging, hotspot and proven locations. The main criteria for selecting a location include costs, availability of skills and infrastructure, business regulations, and political/macroeconomic stability. An example compares location options in India, Philippines and Romania based on these factors.
Countering Financial Crime - The Importance of Effective TrainingAperio Intelligence
We are a corporate intelligence and financial crime advisory firm based in the City of London. We specialise in: conducting enhanced due diligence on high risk customers and third parties; integrity due diligence on critical acquisitions and investments; market entry and political risk analysis; and investigations. We provide tailored training and advisory services relating to financial crime, in particular anti-money laundering and sanctions compliance. Our clients include some of the world’s leading regulated financial institutions and corporations. Our team has decades of collective experience in advising clients on financial crime and intelligence gathering, helping them to manage risk and maximise potential.
Contact us today for further information on how we can help you.
Presentation on Financial Crimes. Money is one of the most important reasons behind all forms of crime whether Cyber or Internet crimes, Physical or Theft crimes. With the advancement of technology the crime has not decelerated but only esteemed and many more new techniques were by people and they were popularly called as Blackhat hackers. In this presentations we give an over view of the whole scenario.
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February briefing on anti-money laundering. For more information visit http://www.bovill.com/FinancialCrime.aspx.
Information on the event is below:
Taking a company-wide approach to money laundering
“The FCA has made it very clear that responsibility for the overall culture of firms sits at the top. We need leaders and senior managers within the industry to set the tone for how their staff behave.”
Tracey McDermott, Director of Enforcement and Financial Crime, FCA
The regulator has recently reiterated their intention to carry out further thematic and enforcement work in financial crime. However, many firms still have a fragmented approach to managing the risks of money laundering.
The responsibility for preventing financial crime is shared across the firm from the back office to the boardroom. Firms need to take a company-wide approach to tackling money laundering to ensure they are complying with regulation and managing risks effectively.
Bovill’s briefing looked at Anti-Money Laundering (AML), covering:
• Governance arrangements: as the foundation for effective communication and issue resolution
• Risk management: the difficulties of negotiating the right level of due diligence for higher risk customers and what tools can be used to help with this process
• Systems and controls: ensuring that these are fit for regulatory purpose and are appropriately maintained within your firm.
Banks can face significant losses from money laundering through fines and loss of revenue. Money laundering involves disguising illegally obtained money to make it appear legitimate. It can undermine the integrity of banks and lead to liquidity problems. Fines against banks for non-compliance with anti-money laundering laws have increased substantially in recent years, totaling billions of dollars. Real-time anti-money laundering software solutions can help banks automate monitoring and improve regulatory compliance.
Enterprise Fraud Management: How Banks Need to AdaptCapgemini
Fraud prevention is becoming one of the biggest areas of concern for the financial services industry. But first generation Fraud Management systems are falling short. By moving towards more enterprise approach to fraud management, financial institutions can combat the increasingly treacherous fraud and cyber crime landscape while reaping numerous benefits for the organization.
Winning the war on cybercrime keys to holistic fraud prevention CMR WORLD TECH
The document discusses keys to developing a holistic fraud prevention platform for financial institutions. It describes how cybercriminals are evolving attacks to target customer, employee, and criminal devices. A successful platform needs extensive coverage across attack vectors, near real-time intelligence to track emerging threats, adaptable controls that can respond quickly to changing tactics, and transparent protection that does not disrupt customers. The IBM Security platform addresses these keys through technologies that can detect malware, correlate device and account data to identify fraudulent access attempts, and rapidly update protections without involving bank resources.
GRC and Anti-Money Laundering Services.pdfbasilmph
Anti-money laundering services have been a part of compliance activities and processes in financial institutions for a long time. With the complexity and sophistication of the global financial system, anti-money laundering regulations are becoming more important.
Ten Commandments for Tackling Fraud: The Role of Big Data and Predictive Anal...CA Technologies
Accurate enterprise-wide data combined with data-driven fraud analytics can have a transformational effect on banking and related industries. This presentation provides tips and insights on using technologies like neural network predictive modeling, user behavior-based pattern recognition and statistical big data analytics to reduce the risk of fraudulent activities in the enterprise.
For more information on CA Security solutions, please visit: http://bit.ly/10WHYDm
Payments Fraud Prevention: Legit Strategies For CFOs By CXO 2.0 Conference Ex...CXO 2.0 Conference
In this presentation, you'll discover effective payment fraud prevention strategies for CFOs at the CXO 2.0 Conference. Experts will share legitimate approaches to safeguard financial transactions, mitigate risks, and ensure the security of your organization's funds. Learn how to stay ahead of evolving fraud tactics and secure your company's financial integrity.
Digital Transformation Fighting Banking Fraud: Money 2.0 Conference’s Experts...Money 2Conf
This presentation by the Money 2.0 Conference (Money2Conf) delves into the importance of digitization of banking to fight rampant fraud in the sector. This presentation assists banks in using high-tech, high-touch approaches to deal with scams using digitally enriched technologies.
The document discusses how AI and machine learning can help detect, predict, and prevent fraud by analyzing large amounts of transaction data using predictive models, which can identify patterns and behaviors across different business lines to more accurately detect fraudulent activities in real time. It also highlights the challenges of fraud detection including data silos, data overload from multiple channels and fraud types, and the need for a platform to provide collaboration and a single view of insights.
EMEA_UK_Why Invest in Fraud Management_BrochureRYAN ORTON
This document discusses why investing in fraud management is essential for success in the digital economy. The key points are:
- The digital economy is changing how consumers shop and interact with businesses, expecting fast, convenient, and highly secure digital experiences. Fraud management is now critical for competitive advantage and customer experience.
- Mobile devices and cloud technologies are driving growth but also new security challenges. Fraud is increasingly sophisticated and global.
- To succeed, businesses must focus on the customer experience, trust/security, and operational agility to adapt quickly to opportunities and threats. Merchants now view fraud management as more than a cost but as directly linked to revenue and customer satisfaction.
#IBMInsight session presentation "Mitigate Risk, Combat Fraud and Financial Crimes"
The Issue of fraud, challenges, fighting fraud as an enterprise endeavor, IBM Smarter counter fraud framework and IBM Counter Fraud business services
More at ibm.biz/BdEPRH
Real-time payments expose organizations to risks like fraud, compliance issues, and third-party risks. Fraud is a major risk as faster payments make fraud detection more difficult. Compliance with regulations is also critical. Organizations must also monitor risks from third-party integrations. Additionally, liquidity risks must be managed as real-time transactions require constant settlement. Risk management strategies include fraud detection tools, compliance checks, third-party oversight, and liquidity monitoring.
With this presentation by CXO 2.0 Conference, explore the cutting-edge strategies for enterprise fraud prevention and scam detection. Learn about the latest techniques, technologies, and best practices to safeguard your business against evolving fraudulent activities. Gain valuable insights into staying ahead of scammers and protecting your organization's assets.
Deloitte's Sustainability Perspectives for valuable insights on monitoring and enhancing sustainability practices. Download the PDF for expert perspectives on sustainable business strategies.
India Banking Fraud Survey Edition IV - Deloitteaakash malhotra
Deloitte's India Banking Fraud Survey Edition IV for insights into the latest trends and challenges in the financial industry. Explore strategies to combat fraud risks. #BankingFraud #DeloitteSurvey
Survival Guide for Million- Dollar CyberattacksPanda Security
Cybercrime is a very profitable and attractive business. This is a new phase of cyber theft that involves stealing money directly from banks, rather than from their customers, using phishing attacks to infect the computers of bank employees.
More info: http://bit.ly/2rjD6Gr
5 Applications of Data Science in FinTech: The Tech Behind the Booming FinTec...Kavika Roy
https://www.datatobiz.com/blog/data-science-in-fintech/
Data Science has played a significant role in transforming thefinance and banking industry by completely changing the ways in which they previously operated. Life has been made easier for the banking officials as well as the customers. FinTech: a new term coined for the innovation and technology methods aiming to transform traditional methods of finance with data science forming one of its integral components.
Whenever you use your credit card, Amazon Pay, PayPal, or PayTm to make an online payment, the commerce company/seller and your bank, both utilize FinTech to make a successful transaction. With time FinTech has changed almost and every aspect of financial services, which includes investments, insurance, payments, cryptocurrencies, and much more. Fintech companies are heavily dependent on the insights offered by machine learning, artificial intelligence, and predictive analytics to function properly.
This document provides an overview and summary of key findings from CyberSource's 14th annual online fraud report. It discusses trends in online payment fraud rates and losses. Some of the key points covered include:
- Estimated $3.5 billion was lost to online fraud in 2012, with the average fraud rate by revenue being 0.9% and by orders being 0.8%. Fraudulent orders on average had a ticket value of $200, about 1/3 higher than valid orders.
- While fraud screening tools and budgets are staying the same, online sales and orders are increasing, posing challenges for companies to screen more orders with the same resources.
- Mobile commerce fraud is increasingly being tracked,
Preventing Tax Evasion & Benefits Fraud Through Predictive AnalyticsCapgemini
Today's tax and welfare agencies are increasingly facing new and sophisticated methods of tax evasion and welfare fraud. Increasing digitization means that fraudsters are becoming faster and new types of fraud, such as ID theft, are growing.
However, with more and better data available, agencies now have the ability to sharpen their insights at higher speeds.
Capgemini’s TROUVE solution, powered by SAS, helps Tax & Welfare agencies harness digital to achieve better, faster and cheaper compliance results.
Presented by Capgemini's Ian Pretty at SAS Analytics 2014.
Automated anti money laundering using artificial intelligence and machine lea...Santhosh L
1) The document discusses how machine learning and artificial intelligence can be used to automate and improve anti-money laundering processes at financial institutions.
2) Key applications discussed include using machine learning for alert routing to reduce false positives, anomaly detection to identify unusual transaction patterns, and data aggregation to create a unified customer view.
3) The document also discusses how robotic process automation can be used to automate know-your-customer checks and other compliance processes but has limitations that machine learning may be better suited for.
Similar to A guide to Financial Crime Management (20)
#StarfishBanks. The Banking Fraud is evolving and disrupting the proper functioning of banks, costing the banks in billions across the globe. This presentation showers light on the phenomenon called banking fraud and how it has diversified across major economies of the globe. This presentation also lets the reader know about the future avenues of fraud and how it is going to evolve.
Clari5- An intelligent product that empowers organizations with real-time insights in the space of Enterprise Fraud Management & Customer Experience Management
An infographic on Mobility adoption that highlights facts on how enterprise mobility affects the productivity of the employees and why is it is imperative for banks to be aggressive and adopt innovative mobile apps that not only appeal to the customers but also make employees’ lives easier.
An honest look at how digital and social media can be used to create tangible value for companies, customers and consumers.
Authors:
Magan Arthur & Rob Mallens
With inputs from:
Sumathi Venkitaraman,
Head, Marketing at CustomerXPs Software
www.customerxps.com
More from CustomerXPs Software Private Limited (12)
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.