We support banks, insurance companies and financial service providers in detecting fraud. Our business rules technology analyzes and processes large volumes of data and makess decisions that help financial institutions comply with government regulations and protect themselves and their customers.
Financial fraud occurs in various forms: abuse of powers of attorney, unauthorized dispositions resulting from skimming, phishing or identity theft. Monitoring these scenarios is the task of risk-based software – even in a heterogeneous IT environment.
Financial fraud is causing serious damage in the financial industry – with increasing tendency. Embezzlement, corruption, falsification of a document and cybercrime are common practices. Fraudsters are often "innovative". This is why fraud scenarios require the analysis of large data volumes. Therefore the requirements for anti-fraud measures and systems are demanding. Fraud can stem from insiders at the bank or external persons, and from different roles or functions, such as the board of directors, HR, the legal department, auditing, compliance, IT security.
From a legal point of view, fraud detection is a necessity. In Germany, the legislator specifies in Section 25c of the German Banking Act (KWG) that institutions must take account of "other punishable offenses" in their risk analysis, IT-based monitoring and controlling mechanisms, as well as in customer and employee-related security measures. This means it is not sufficient enough to be aware of the risks and calculate the potential economic loss. Effective anti-fraud measures must be derived and implemented.
The IT infrastructure of financial institutions is often heterogeneous; data that is required as the basis for automated analyses is distributed across many systems. Our business rules technology, ACTICO Rules supports the detection and prevention of fraud risks across IT systems. Our technology offers benefits in defining the control and monitoring logic. Rules for analyzing fraud scenarios can be graphically modeled and modified at any time. Changes can be rolled out immediately to the productive environment. Implement your anti-fraud concept with ACTICO software.
Automating and monitoring financial transactions enhances fraud detection capabilities. Machine learning enables banks and financial services to focus on true positives, minimize false positives, and enhance the analysis of fraud patterns through self-learning models.