Fraud is on the increase. PwC’s latest Global Economic Crime and Fraud Survey reveals that 51% of surveyed organisations experienced fraud in the past two years, the highest level in 20 years of research. The report identified that 44% of fraud experienced by the Financial Services sector was customer fraud, 38% Cybercime and 29% know your customer failure.
The cost of living crisis is likely to be a further catalyst for increases in both internal and external fraud. With risk landscapes changing so rapidly it is imperative that your solution is quickly and easily configurable to identify changing risks or specific patterns of transactions that could signal fraudulent behaviour. For organisations already stretched by budgets and resource, it is worth considering if your AML compliance solution can be easily configured to look for instances of internal and external fraud.
Having a solution flexible enough to address multiple requirements offers the benefits of dealing with a single, known vendor without the need for retraining or the use of multiple interfaces, all while getting more value from your solution.
The Jade ThirdEye team work with each financial organisation to create rules to look for patterns of activity based on an organisation’s individual risk profile. Instead of being restricted to a predefined set of rules and facing expensive developers costs to customise the rules, the configurable nature of Jade ThirdEye means that the ability to review, adapt and configure new rules are all at an organisation’s fingertips. This flexibility allows organisations to develop and refine a number of rules that look for activity of concern on the accounts of customers to help protect customers from internal and external fraud.
Examples of the types of external fraud that Jade ThirdEye rules can be used to detect include:
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Elderly Customers making unusual withdrawals
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Prepaid sources/destinations
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Account resets
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Suspicious nominated account activity
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Sleeper accounts
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Test payments
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Unusual withdrawals
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APP fraud
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Mortgage/Scheme abuse
Examples of Jade ThirdEye rules that can be created to alert for potential internal fraud include:
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Colleagues transacting on their own account
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Unexpected colleague activity
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Unexpected account activity
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Unexpected relationships
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Activity at unusual times
These rules examples are not exhaustive and an organisation may have other rules it will wish to add to better suit its risk profile. In addition to rules that can be created and run regularly to detect fraud, the flexibility to create new rules rapidly in Jade ThirdEye means it can also be used to support ad hoc fraud investigations as new intelligence comes to light.
Contact the Jade ThirdEye Team to explore how your organisation could monitor AML/CFT and fraud efficiently all in one place.
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