Financial Crime Prevention Tools Gain Momentum in Mozambique
Tietoevry Banking has released a comprehensive report highlighting digital fraud methods and trends, shedding light on the latest tactics used by fraudsters.
Combating Financial Crime
In a move to combat growing concerns over financial crime, Tietoevry Banking analyzed 3.4 billion transactions and prevented losses of 2 billion NOK through its advanced fraud detection systems. The company detected a staggering 130,000 fraud attempts in 2023 alone, prompting the launch of a pilot program aimed at combating token fraud.
Younger Individuals Involved in Money Mule Schemes
The report highlights a concerning trend: the increasing involvement of younger individuals in money mule schemes. Silje Kvernberg, specialist in transaction monitoring at Tietoevry Banking, notes that the company is now identifying more money mule cases than ever before.
Success Stories
In another notable success story, the implementation of an anti-fraud system developed by Tietoevry Banking has significantly reduced fraud attempts for Sparebanken Sør. The system’s advanced data-driven anomaly detection tools have helped predict and prevent real-time financial crime, including fraud, money laundering, and the financing of terrorism.
Tietoevry Banking’s Financial Crime Prevention Solutions
Tietoevry Banking’s financial crime prevention solutions boast several key features, including:
- Interoperability
- Low basis points
- High operational satisfaction
- Managed services with a fully outsourced operations unit that handles every aspect of fraud prevention, from tuning to end-customer follow-up.
Customizable Monitoring Platforms
The company offers customizable monitoring platforms that can be tailored to individual customers’ risk tolerance and threat picture. Additionally, Tietoevry Banking delivers services across the entire card value chain, allowing for easy integration with related data sources and constant improvement of its monitoring solutions.
Staying Ahead of the Curve
As financial institutions in Mozambique grapple with the growing threat of digital fraud, Tietoevry Banking’s latest report serves as a timely reminder of the importance of investing in robust financial crime prevention tools. By staying informed about the latest trends and tactics used by fraudsters, financial institutions can better protect their customers and stay ahead of the curve.
Notable Success Story
DNB has reportedly stopped 95 percent of potential fraud on cards using TietoEVRY’s Card Transaction Monitoring solution.