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BANKiQ’s Fraud Risk Compliance Solution: A Shield Against Looming Frauds
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Financial institutions are increasingly vulnerable to fraudulent activities, with the rise of digital payments and transactions creating new opportunities for criminals to exploit. To combat this growing threat, BANKiQ has developed a comprehensive Fraud Risk Compliance Management solution that provides end-to-end risk coverage, ensuring robust protection against emerging fraud schemes.
Streamlined Regulatory Adherence
The solution’s Compliance and Fraud Management essentials simplify regulatory adherence, providing streamlined processes and tools for seamless compliance. With BANKiQ’s expertise in fraud detection and prevention, financial institutions can focus on core operations while minimizing the risk of non-compliance.
Key Features
Merchant Onboarding Risk Scoring
- Comprehensive scoring solutions evaluate merchants before onboarding, screening them against sanction lists and monitoring transaction activities to determine their alignment with category.
Suspicious Transaction Reporting (STR)
- Real-time alerts are filed against FIU-defined rules and scenarios, simplifying the process of identifying and reporting suspicious transactions to regulatory authorities.
True Real-Time Transaction Monitoring
- Proactive protection is provided through true real-time transaction monitoring and interjection, ensuring minimum friction for good transactions and maximum protection against bad ones.
Curated Acquirer Fraud Management
- Best-in-class alert handling, queue management, workflow, and investigative case management capabilities facilitate efficient fraud mitigation.
Industry-Leading Innovation
BANKiQ’s Fraud Risk Compliance solution is built on cutting-edge technology, leveraging cognitive AI and ML to deliver comprehensive risk coverage. This innovative approach safeguards operations against modern-day fraud risks, empowering financial services with complete fraud and risk management.
Get Started Today
Schedule a demo and discuss your fraud prevention strategy with BANKiQ’s solutions team to learn how you can safeguard your financial operations against the growing threat of fraud.
FAQs
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1. As a PSP, what strategies can I adopt to mitigate fraud risk?
Implement robust fraud detection mechanisms like BANKiQ’s IFRM, which employs transaction monitoring capabilities, AI, and ML-powered fraud prevention capabilities, as well as comprehensive case management features.
2. What’s the difference between fraud prevention and fraud detection?
Fraud prevention aims to stop fraudulent activities from manifesting, while fraud detection focuses on identifying and flagging fraudulent activities that are already happening for further investigation and action.
3. How can AI and ML strengthen fraud management and prevention?
AI and ML-powered solutions can analyze data for patterns, provide real-time monitoring capabilities, build adaptive models, deploy predictive analytics, and automate processes, significantly enhancing the security posture.
By choosing BANKiQ’s Fraud Risk Compliance solution, financial institutions can ensure robust protection against emerging fraud schemes and maintain a strong defense against new-generation financial crimes.