Financial Crime World

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Banks that Flag Suspicious Transactions Before They Happen are Winning the Fraud Prevention Game

In today’s digital landscape, financial institutions face an uphill battle in preventing fraud and anti-money laundering (AML) breaches. The stakes are high: monetary losses, eroding customer trust, and severe penalties for non-compliance can be devastating. However, a growing number of banks are turning the tide by proactively identifying suspicious transactions before they occur.

The Power of ISO 20022

According to a recent survey, 75% of financial institutions believe that implementing ISO 20022 will significantly improve fraud mitigation. By harnessing the power of standardized payment data and advanced analytics, banks can stay ahead of shifting market trends and new risks.

Creating a Fully Integrated Data Ecosystem

  • Siloed information from various sources can be seamlessly accessed and analyzed
  • Allows financial institutions to identify unusual patterns indicative of criminal behavior
  • Reduces workloads and operating costs associated with fraud mitigation

SEEBURGER’s Joint Solution with SAS

SEEBURGER’s joint solution with SAS enables banks to unlock the full potential of their data by combining cutting-edge fraud and money-laundering detection technologies with an agile, secure, and scalable integration platform. By leveraging machine learning, robotic process automation, and artificial intelligence, financial institutions can establish holistic risk profiles of customers, accounts, and transactions.

Flagging Suspicious Transactions: A Critical Business Differentiator

In a rapidly evolving payments landscape, banks that flag suspicious transactions before they happen are gaining a competitive edge over their peers. By reducing false positives and automating the investigation process, financial institutions can free up resources to focus on high-priority cases.

Benefits of Proactive Fraud Prevention

  • Improved risk mitigation
  • Enhanced customer trust
  • Reduced operating costs
  • Compliance with evolving regulatory requirements

Join the Conversation

Join SEEBURGER and SAS for a live webinar, “Trending Anti-Fraud and Financial Crime Compliance,” to learn more about how banks are leveraging ISO 20022 and advanced analytics to prevent fraud and AML breaches. Register now to stay ahead of the curve in financial crime prevention.

Sources

¹ ACFE Public File: 2022 Report to the Nations ² United Nations Office on Drugs and Crime: Overview of Money Laundering