Fraud and money laundering aren’t separate issues. They’re intertwined and subsequently share data that if properly analyzed, can help solve financial crime. The problem is that limited functionality and disconnected applications hinder effective case management. Investigations stagnate, workflows bottleneck, data gets lost and customers are left scrambling to pick up the pieces.
“Increases in the volume and sophistication of financial crime attacks drive elevated investments in machine learning platforms and ecosystems. FIs seek to improve their abilities to optimize the balance between loss reduction, operational efficiency, regulatory compliance, and seamless client experiences.” – Aite-Novarica Group
The need for stronger case management is growing and legacy, rules-based systems aren’t dynamic enough to anticipate and adapt to criminal activity, in addition to satisfying the growing regulatory expectations around consumer protections and compliance effectiveness. Further, the proliferation of real-time transactions and instant payments in new markets underscores the need for more sophisticated risk management and use of intelligence to identify anomalous behavior and “follow the money”.
94% of financial crime professionals are actively looking to increase financial crime convergence and global spending on FRAML technologies is estimated to exceed $7 billion by 2024, up from $941 million in 2019.*
With world-class platform architecture, ARIC V3.19 brings fraud detection and anti-money laundering (AML) together to streamline case management and deliver the most advanced real-time fraud detection capabilities for analysts and investigators, who cite false positives and effective data harnessing as their top pain points.*
ARIC V3.19 enables AML analysts and investigators to create cases, assign alerts and events to cases, and take action to escalate or discount cases. This allows suspicious activity to be investigated end-to-end from multiple entities or users can integrate with a third-party solutions so that actions taken within the ARIC Risk Hub, such as raising a case, are communicated to a separate case management system.
To improve functionality and the user experience even further, ARIC V3.19 provides a customizable, out-of-the-box workflow with three configurable operational levels for risk-based escalation. In addition, with ARIC V3.19, AML investigation teams can create and manage cases, while fraud analysts work at the incident level and decision individual alerts as risk or no risk.
“The enhancements in ARIC V3.19 are in direct response to specific industry needs that we recognized and input from our customers,” said Dave Excell, founder and president of Featurespace. “As the financial services landscape becomes increasingly connected, we will continue innovating our technology to deliver real-time protection against global fraud and money laundering threats.”
*Aite-Novarica Group, Fraud & AML Machine Learning Platforms: Financial Crime Detection’s Next Frontier