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.
The datafusion Platform is designed to combine information from virtually any data source or format, reaching from communication data, such as telecomunications and Internet, to other organization databases and financial data systems and assemble it on one platform for analysis.
The data are analysed using sophisticated data mining techniques, metadata extraction and a number of analytics measures.