Real-Time Payments & Fraud Prevention: Transaction Monitoring – Part I

Transaction monitoring is a crucial process that financial institutions (FIs) use to detect and prevent financial crimes, which can include such things as money laundering, fraud, and terrorist financing. Transaction monitoring can be described as a process by which an FI reviews and analyzes financial transactions to identify unusual patterns or suspicious activities that could indicate criminal activity.

Identity Proofing – Document-Centric vs. Data-Centric

Given the accelerated pace of digitalization fed by increasing demand for speed and 24/7 online convenience, financial institutions (FIs) are faced with the need to move a greater number of activities online. Some FIs may do so at the expense of increasing risk of fraud, while others may do so with greater inconvenience to account holders, but fortunately, technology is making it easier to get the balance just right.

Effective Case Management for Reduced Friction and Improved Protection

Generally, when you talk to a team who handles fraud at financial institutions, fintechs, or other similar organizations, one of their biggest goals is to reduce the overall number of suspicious events that require a human in the loop to manually review an application, transaction, or newly onboarded account. 

Champion Challenger

When it comes to fighting financial crime, larger financial institutions can have a competitive edge with slick and expensive enterprise fraud solutions. When increased end-user friction leads to abandoned applications, reputational damage, and operational inefficiency, smaller competitors can feel left behind in their fraud strategies.