Three Benefits of Converging Fraud and AML
The human mind is wonderful yet rather mysterious. What the mind looks for determines what it is able to see. Researchers who were looking into this phenomenon, known in the field as “inattentional blindness,” presented oncologists with radiology scans. The doctors, all of them highly experienced, successfully spotted cancerous masses in most of the images—but they failed to see the rather prominent image of a gorilla that the researchers had placed in each scan. The doctors were so focused on what they were looking for that they simply did not see what else, or rather who else, was present in the image.
Lessons learned from this experiment can be applied to the fight against financial crime. For many of the world’s leading banks, fraud and anti-money laundering (AML) teams remain separate. The risk of this traditional “two teams” approach is that both teams may be missing the metaphorical gorilla in their data.
Featurespace Head of Financial Crime, Araliya Sammé, discusses three benefits financial institutions can see from converging their fraud and AML teams.
Read more at ACAMS Today.
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The ARIC platform combines adaptive behavioural analytics and anomaly detection to automatically identify risk and catch new attacks as they happen.
About Featurespace – www.featurespace.com
Headquartered in the U.S. and U.K. and with offices in Atlanta, Cambridge and London, Featurespace™ is the world-leader in fraud prevention and creator of the ARIC™ platform, a real-time AI machine learning software that risk scores events in more than 180 countries.
The ARIC platform combines adaptive behavioural analytics and anomaly detection to automatically identify risk and catch new attacks as they happen. The increased accuracy of understanding behavior strikes the balance between improving fraud and risk detection and operational efficiencies, while also reducing the number of genuine transactions that would be incorrectly declined by as much as 70 percent.
Michael Touchton, Featurespace
U.S. Marketing Manager
+1 (423) 364-5491