Category: Fraud Management

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Are banks using customers’ ‘Situational Intelligence’ for effective real-time fraud protection?

How can you make your bank’s customers control transactions on their accounts and use it as an effective fraud protection mechanism? Customer communication and preferences can be vital in detecting fraud early and costs far less. Consider the following scenarios: A customer is going on vacation to Switzerland for 2 weeks and he wants all the card transactions (debit card and credit card) originating from home country...

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Defending Against Financial Crime in MENA: Insights & Recommendations

Alarming revelations on money laundering and banking frauds have emerged in recent reports by Deloitte, Thomson Reuters and PwC, who comprehensively surveyed MENA (Middle East & North Africa) nations. While the findings have helped financial institutions in improving resourcing, benchmarking and streamlining regulatory compliance, it has also highlighted certain pertinent concerns. Here are the top five takeaways from these reports. 1.    From blame game to action Prominent...

What is a SWIFT Code

SWIFT Codes Under Attack: How Safe Are Banks?

Gone are the days when ski-masked felons would barge into banks with guns cocked and order everyone to get down. With the internet becoming ubiquitous and as banks and technology have evolved, so has financial crime. The modern scarfaces operate from the comfort of an undetectable pad half way across the world. They are high IQ, tech-savvy and their only weapons are their brains and their gadgets....