Here are a few typical fraud schemes encountered in banking and some examples of the way datafusion Platform features can be applied to detect and prevent them:
- Find people who appear on certain black lists.
- Ensure Financial Action Taskforce on Money Laundering (FATF) compliance.
- Produce listing of transactions with organizations on the list of non-cooperative countries and territories.
- Identify cash transactions just below regulatory reporting thresholds.
- Identify a series of cash disbursements by customer number that together exceed regulatory reporting thresholds.
- Identify statistically unusual numbers of cash transfers by customer or by bank account.
- Identify unusually large number of waived fees by branch or by employee.
- Highlight very short time deposit and withdrawal on the same account.
- Find indicators of kiting checks.
- Highlight duplication of credit card transactions and skimming.
Financial Statement Fraud
- Monitor dormant and suspense General Ledger accounts.
- Identify Journal Entries at suspicious times.