In this episode, Chris Foye, Senior Director of Platforms at LexisNexis® Risk Solutions, defines the increasing role of ‘orchestration’ when it comes to improving the speed, agility and efficiency of customer onboarding and ongoing lifecycle management processes.
Your financial institution (FI) is vulnerable to unnecessary risks with legacy approaches to KYC/CDD. And it can also prevent you from delivering exceptional customer experiences.
When it comes to understanding customers and their associated risks, every stage matters. Optimize each stage by following this playbook...
This whitepaper explores how adopting a modern entity-centric Know Your Customer (KYC) model powered by innovative technologies and techniques can transform customer data into actionable risk intelligence. Enriched and integrated KYC intelligence can enhance anti-money laundering (AML) regulatory compliance and...
KYC is the front line in identifying customer risk. The longer you use manual, siloed, and error-prone processes to gather and verify information about each customer and their risk, the more likely you are to miss suspicious entities or activity due to inaccurate and ineffective monitoring and detection.
To gain a...
Financial institutions need to adopt a risk-based approach to every aspect of financial crime and compliance to keep up with evolving regulations. Whether it’s verifying identities, completing due diligence processes, conducting periodic reviews or assessing monetary transactions—all of them require up-to-date,...
Identity resolution identifies individuals and their relationships to others in data. With identity resolution, financial institutions (FIs) can create and maintain a consolidated and unique 360-degree view of each party.
FIs significantly increase operational effectiveness when using identity resolution, as it...
Until now there has been an ongoing struggle regarding who owns the money mules and scams problem – Credit Risk, AML (KYC), or Fraud Management? With liabilities shifting, ownership is clearly landing on the shoulders of Fraud Management teams. Fraud leaders must act quickly or risk losing revenue, their reputation,...
Financial institutions (FIs) are increasing their efforts to combat the alarming rise in fraud cases. A prominent example is the U.K. PSR’s upcoming shift in liability to FIs, especially relating to Authorized Push Payment fraud. With the PSR’s new policy, both the sending and receiving FIs will be responsible for...
Banking institutions have more data and analytics than ever before. But how are they using them to drive better risk and fraud decisions? Diana Rothfuss and Terisa Roberts of SAS open up on enterprise decisioning - linking people, data and processes faster and more efficiently.
Email is a major entry point for threat actors, who have evolved their tactics to bypass traditional security solutions and now leverage AI to make attacks more scalable and harder to detect. In response, organizations are buying AI-enabled solutions to bolster their security posture. This survey shows...
Achieving sustainable performance and profitable results relies on responsively managing risk across the customer and third-party relationship lifecycle. Starting from the foundation of a solid anti-money laundering (AML) program enables an organization to quickly respond to dynamic risks and successfully manage...
Established provider LexisNexis Risk Solutions remains atop Forrester's digital fraud management rankings, while upstart Sift broke into the leaders category for the first time. Many providers in the space have expanded from payment transactions to account takeover fraud as well as handling scams.
In the aftermath of the pandemic and global political unrest, the risks of identity and credential theft have surged, and a deluge of scams are exploiting the crisis. Consumers facing disrupted incomes seek credit solutions, and fraudsters seek to exploit them by using application fraud tactics.
While the problems of money laundering and mule accounts continue to haunt the financial industry, fintechs are using AI to a large extent to mitigate the problem, said Kawin Boonyapredee, a member of the Cyber Risk Subcommittee for the Singapore FinTech Association.
With the rampant surge of fraudulent schemes hitting the world at the moment - including the creation of fake cryptocurrencies, bank websites and investment scams - a more dynamic and holistic approach to detection and prevention is mission-critical for banks and regulators.
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