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Financial Crime Prevention Tools and Resources in Nigeria: What You Need to Know

A recent report by Tietoevry Banking has shed light on digital fraud methods, revealing that 3.4 billion transactions were analyzed to identify common fraud tactics. The report highlights trends and figures related to payment fraud, and is now available for download.

Preventing Losses with Fraud Detection Systems

Tietoevry Banking has revealed how it prevented losses of N2 billion using its fraud detection system. Additionally, the company has launched a pilot program to combat token fraud, which saw 130,000 attempts in 2023 alone.

The Growing Threat of Money Mule Cases

Experts at Tietoevry Banking are also sounding the alarm about the increasing trend of money mule cases among younger individuals. According to Silje Kvernberg, specialist in transaction monitoring, the company is identifying more and more money mule cases, highlighting the need for robust financial crime prevention tools.

Success Stories: Anti-Fraud Systems

In another success story, the implementation of an anti-fraud system developed by Tietoevry Banking has significantly reduced fraud attempts at Sparebanken Sør, saving millions.

Key Features and Managed Services

Tietoevry Banking’s financial crime prevention solutions offer a range of key features, including:

Interoperability
Low basis points
High operational satisfaction

The company also provides managed services, allowing customers to outsource their fraud prevention needs.

Continuous Investment in New Solutions

At the forefront of financial crime prevention, Tietoevry Banking continually invests in developing new and improved solutions. For instance, DNB has reported a 95% success rate in stopping potential fraud using TietoEVRY’s Card Transaction Monitoring solution.

Customizable Monitoring Platform

Tietoevry Banking’s monitoring platform is designed to be adaptable to individual customers’ risk tolerance, allowing for the application of additional rules and tuning of existing ones. The company also offers card fraud prevention services across the entire card value chain.

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