Financial institutions round the world are mandated to fight financial crime by their respective governments. Complying with ever evolving and changing regulations places a huge burden on the various institutions both due to the volumes and variety of products.
Every year an estimated USD 2.4 trillion of proceeds from crime are laundered through the world’s financial systems. Estimated USD 6 trillion of frauds are taking place every year around the world.
The internet and mobile have made financial transactions convenient by facilitating a variety of products and services on the go. This, however, has opened a host of vulnerabilities enabling fraudsters to commit financial frauds.
The money laundering and financial crime space has undergone a significant transformation and taken up a new shape with the rapidly evolving technology. Threats have grown in both scale as well as impact and are becoming increasingly complex. Criminals are becoming smarter and trying every bit to find loopholes in the Anti-Money Laundering (AML) system. To tackle these evolving threats, it is utmost important to keep abreast with the latest technologies and developments. Just putting the rules and AML framework in place is not enough. One must think like a financial criminal and then take every possible measure to counter the money laundering practices and financial crime plots that these criminals may think of. One should be cognizant of the various techniques adopted by the financial criminals to commit such incidents. That is where experience plays a vital role. We, Manipal Technologies, have been fighting this battle against financial crimes for more than a decade providing financial institutions with our suite of solutions, CrossFraud®, helping them with regulatory compliance to check money laundering and protect themselves and their customers against fraud.
The news is replete today with accounts being hacked, identities being stolen, cards being skimmed, and the eye-popping amounts being stolen.
This has put financial institutions in a spot, where they must strike a delicate balance between ease of enabling transactions and at the same time securing them against financial crime.
MTL ensures that with increasing volume and ease of transactions being enabled, we prevent more and more sophisticated ways of money laundering and fraud and, protect the financial institutions from a host of technically savvy crooks.
This calls for solutions that can collate data from internal and multiple external sources like social media, news and so on. The data collected must be converted to usable insights to prevent crime. Using AI (Artificial Intelligence), ML (Machine Learning) and Analytics we deploy flexible models that prevent these crimes in real time while scaling-up to meet high volumes of transactions.
We are committed to be at the forefront of solutions using the latest technologies to combat financial crime.
CrossFraud® – an Enterprise-wide Fraud & Risk Management Solution is a product owned by Manipal Technologies Limited. CrossFraud® is self-adaptive system powered by AI which helps organizations with their regulatory compliance requirements to check money laundering and protect themselves and their customers against fraud. CrossFraud® smartly blends the base technologies of business rules, data mining, statistical analysis and additional techniques like Complex event processing and Integrated Scoring. We at Manipal Technologies and CrossFraud® are committed to be at the forefront of solutions using the latest technologies to combat financial crime.
Begin your transformational journey from vulnerable to secure, let CrossFraud® shield you from shell to core.