Fraud Detection and Prevention features explained
for Compliance
Solutions for identifying and preventing various types of fraud across banking channels and products.
Every feature we track for Fraud Detection and Prevention products, with a description of what each one means.
Alert and Case Management
Features supporting the triage, workflow, investigation, and documentation of potential fraud and compliance cases.
- Alert Deduplication
- Automatically removes duplicate alerts to improve investigator efficiency.
- Automated Alert Generation
- Automatically creates alerts for potentially suspicious activities based on detection rules.
- Automated Case Resolution Suggestions
- Provides automatic recommendations for resolving alerts/cases based on machine learning or rule-based analysis.
- Bulk Case Actions
- Enables management of multiple cases at once (e.g., close, escalate, assign).
- Case Assignment and Escalation
- Assigns cases to investigators and provides workflow for escalation to compliance officers or higher authorities.
- Case Notes and Attachment Support
- Allows investigators to add notes and attach supporting documentation to cases.
- Case Status Tracking
- Tracks the status (open, in progress, closed, etc.) for all alerts and cases.
- Case Tracking and Audit Trail
- Maintains a complete history of all case actions and changes for compliance and audit needs.
- Case Volume Capacity
- The maximum number of active cases that can be managed simultaneously.
- Link Analysis between Cases
- Visualizes links and relationships between alerts and cases (e.g., network analysis).
- Multi-user Collaboration
- Supports multiple users working on a case simultaneously with tracked changes.
- SLA Management
- Monitors compliance with service level agreements (e.g., investigation deadlines).
Compliance and Regulation Support
Capabilities ensuring the system meets required regulatory standards and can adjust to new requirements efficiently.
- Automated Regulatory Updates
- System automatically receives and applies updates for new laws, sanctions, and best practices.
- Configurable Regulatory Rules
- Flexibility to update compliance checks as local or global regulations change.
- Cross-border Compliance Support
- Handles international regulations and cross-jurisdiction risk scenarios.
- Customer Due Diligence (CDD) Support
- Verifies customer identity and risk at onboarding and ongoing intervals.
- KYC/AML Compliance Tools
- Supports comprehensive Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.
- Ongoing Monitoring of PEPs
- Continuous checks on Politically Exposed Persons and related entities.
- Regulatory Audit Trail
- Complete, immutable logs for every action, decision, and change to meet regulator requirements.
- Retention Policy Management
- Configurable policies for data and case retention according to jurisdiction.
- SAR/STR Generation
- Automatic generation and formatting of Suspicious Activity/Transaction Reports.
Customer and Transaction Monitoring
Capabilities for continuous surveillance of customer behaviors, transactions, channels, and relationships.
- Biometric/Behavioral Biometrics Monitoring
- Supports detection of fraud via typing patterns, voice, facial recognition, etc.
- Channel Monitoring
- Monitors transactions across branches, ATMs, online, mobile, call centers, etc.
- Continuous Transaction Monitoring
- Ongoing real-time monitoring of all banking and payment transactions.
- Customer Risk Scoring
- Assigns and updates risk scores for individual and business customers.
- Device Fingerprinting
- Detects usage of new, risky, or known suspicious devices.
- Entity Relationship Mapping
- Identifies connections between accounts, customers, vendors, and third parties.
- Geolocation Analysis
- Identifies transactions occurring from unusual or high-risk locations.
- Real-time Alerts to Customers
- Notifies customers immediately when potentially suspicious activity is detected.
- Transaction Velocity Checks
- Detects rapid succession of transactions that may indicate structuring or layering.
Data Integration and Sources
Capabilities for ingesting, managing, and mapping data from various internal and external systems to facilitate comprehensive fraud and compliance analysis.
- API Integration Support
- Supports integration via REST, SOAP, or other standard APIs for seamless data exchange.
- Batch Data Processing
- Supports processing large batches of data for end-of-day or scheduled checks.
- Data Cleansing and Normalization
- Automatic normalization, deduplication, and cleansing of ingested data.
- Data Encryption at Rest
- Ensures data is encrypted while stored in the system.
- Data Encryption in Transit
- Ensures all ingested data is encrypted while moving between systems.
- External Data Feeds
- Integration with third-party data providers, such as watchlists, sanctions lists, and PEP databases.
- Historical Data Import
- Ability to import and analyze historical transaction data for establishing baselines and trend analysis.
- Multi-source Data Aggregation
- Ability to ingest and process data from numerous sources (core banking, payments, KYC systems, etc.)
- Real-time Data Processing
- Capability to process data and trigger analysis instantly as transactions occur.
- Scalable Ingestion Volume
- The maximum volume of records or transactions that can be ingested per second.
Detection Engine
Core analytical and decision-making capabilities for identifying suspicious or non-compliant activity.
- Adaptive Thresholds
- Adjusts detection thresholds dynamically based on risk and trends.
- Behavioral Profiling
- Builds profiles for customers and accounts to detect deviations from normal activity.
- Case Prioritization & Risk Ranking
- Automatically scores and ranks alerts/cases by risk level.
- Custom Rule Builder
- Allows users to create and modify their own rules without programming.
- Detection Latency
- Average time taken to identify and flag a suspicious event.
- False Positive Rate
- Percentage of alerts identified as non-fraudulent during investigation.
- Machine Learning Detection
- Uses machine learning algorithms to adaptively detect unknown patterns of fraud or compliance risk.
- Outlier/Anomaly Detection
- Identifies rare events that deviate from established patterns.
- Peer Group Analysis
- Compares customer activity to peer groups to spot anomalies.
- Real-time Scoring
- Assigns risk/fraud scores to transactions or accounts instantly as activity is processed.
- Regulatory Rule Updates
- Automated updates of detection rules and patterns according to latest regulatory requirements.
- Rule-based Detection
- Configurable static rules (e.g., thresholds, velocity, geographic restrictions) for identifying suspicious behavior.
- Sanctions and Watchlist Screening
- Real-time checks against OFAC, FATF, UN, and custom lists.
- Self-learning Feedback Loop
- System learns from investigator outcomes to reduce future false positives.
- Threat Intelligence Integration
- Access to global fraud, cyber, and compliance threat intelligence feeds.
Integration and Extensibility
Options to extend, automate, or tailor the product capabilities to unique bank processes or preferences.
- Custom Workflow Integration
- Allows incorporation of custom business logic or process automations.
- Data Output Formats
- Range of supported export formats for data exchange (CSV, JSON, XML).
- Event-driven Architecture
- Supports trigger-based actions and responses to key platform events.
- Legacy System Integration
- Specialized adapters for older or proprietary systems.
- RESTful API Availability
- Comprehensive APIs for fetching or pushing data to/from other systems.
- Scripting & Plugin Support
- Extend platform with custom scripts or plug-ins as needed.
- Third-party Connector Marketplace
- Prebuilt connectors for leading systems (CRM, core banking, data enrichment, etc.).
- Webhook Support
- Send push notifications to external systems as events occur.
Platform Scalability and Performance
Ensures the product can operate efficiently under increasing loads and changing requirements.
- Average Transaction Processing Speed
- Time taken to process and analyze a transaction/event.
- Cloud Deployment Support
- Functions in cloud environments (AWS, Azure, GCP) for flexibility and resilience.
- Disaster Recovery Capability
- Automated backup, replication, and rapid recovery in case of hardware or software failure.
- Horizontal Scalability
- The system can add resources across servers or clusters for greater throughput.
- Maximum Supported Data Volume
- Total amount of historical data the platform can store and analyze efficiently.
- Maximum Supported Users
- Peak concurrent users the system can handle without performance degradation.
- On-premise Deployment Support
- Can be installed in a privately managed infrastructure for data residency requirements.
- Vertical Scalability
- Supports increased performance by adding hardware to a single node.
Reporting and Analytics
Advanced visualization, reporting, and analytics tools for insight into fraud trends, compliance status, and operational performance.
- Case Closure Time Analysis
- Reporting on average time to resolution for cases.
- Custom Report Builder
- Allows users to design and schedule bespoke reports.
- Dashboard Visualization
- Interactive dashboards to visualize key metrics and trends.
- Drill-down Analytics
- Ability to explore data in more detail from high-level summaries.
- Exportable Data Formats
- Reports can be exported as PDF, CSV, XLS, etc.
- Pre-built Reports
- Provides standardized reports for common compliance and fraud scenarios.
- Real-time Monitoring Widgets
- Live visualization of current alerts, cases, and operational KPIs.
- Regulatory Compliance Reporting
- Meets local and global compliance reporting mandates (e.g., SAR, STR, CTR, AMLD).
- Scheduled Report Distribution
- Automated emailing or distribution of regular reports.
Support, Maintenance, and Vendor Reliability
Features relating to ongoing platform maintenance, vendor responsiveness, and SLAs.
- 24/7 Technical Support
- Access to round-the-clock technical support team.
- Comprehensive Documentation
- Well-maintained reference docs, including API and configuration guides.
- Customer Success Management
- Dedicated resources for onboarding, training, and continual improvement.
- Issue and Ticket Tracking System
- Central system for raising, tracking, and managing support incidents.
- Online Community/Knowledge Base
- Access to user forums, known issues, and best practices resources.
- Regular Product Updates
- Product enhancements and security patches delivered regularly.
- Service Level Agreement (SLA) Uptime
- Guaranteed minimum percentage of system availability.
User Access and Security
Capabilities to ensure secure and compliant access to the fraud detection and compliance platform.
- Access Attempt Logging
- Logs all successful or failed login attempts.
- Granular Permission Management
- Enables detailed control over user rights at feature, data, or function level.
- Password Policy Enforcement
- Supports enforcing strong password requirements and expiration policies.
- Role-based Access Control (RBAC)
- Allows creation of user roles with defined permissions.
- Session Timeout
- Automatically logs out users after inactivity to prevent unauthorized access.
- Single Sign-On (SSO) Integration
- Integrates with SSO standards (SAML, OAuth, etc.) for centralized authentication.
- Two-factor Authentication
- Supports multi-factor login for enhanced user security.
- User Activity Monitoring
- Tracks and logs all user actions for audit and security.
User Interface and Experience
Features that drive usability, accessibility, and efficiency for investigators, compliance officers, and managers.
- Accessibility Compliance (WCAG)
- Meets accessibility standards for vision, hearing, and mobility-impaired users.
- Bulk Data Editing
- Ability to process and update multiple records at once.
- Contextual Help and Tooltips
- Built-in guidance and documentation available throughout the platform.
- Customizable Dashboards
- Users can personalize dashboards to focus on relevant alerts, KPIs, and tasks.
- Intuitive Navigation
- Modern, user-friendly design for easy access to key functions and data.
- Multilingual Support
- Supports operation and visualization in multiple languages.
- Quick Search and Filtering
- Fast lookup and advanced filtering for cases, alerts, and transactions.
- Responsiveness
- Interface functions well on desktop, tablet, and mobile devices.