Enterprise Fraud Management Solutions for Financial Services 2013

<p>Financial crime has become a growing threat and area of concern for financial institutions due to a confluence of&nbsp;factors:</p>

<p>• The economic climate has proved more conducive to fraudsters and less conducive to financial&nbsp;institutions writing fraud off as the cost of doing business</p>

<p>• Increases in mobile and internet banking have tipped the balance in favor of the fraudsters</p>

<p>• Regulators have begun to incorporate fraud into risk management measures, particularly operational&nbsp;risk, and require banks to protect their customers.</p>

<p>Together, these factors make enterprise fraud management a necessity for financial institutions. The cost of fraud&nbsp;to financial institutions is increasing, but it represents relatively low-hanging fruit in terms of cost savings for&nbsp;those firms willing to tackle it. With returns under greater pressure in the current marketplace, many firms will&nbsp;want to take the opportunity to cut costs.</p>

<p>Firms need to adapt to a changing world. Fraud management systems were not built to deal with the opportunity&nbsp;for anonymity and coordinated cross-channel attacks provided by the internet. Professional fraud rings are&nbsp;exploiting the technological naivety of customers, holes in financial institutions’ defenses, and firms’ inability to<br />
compare and match threats from different channels.</p>

<p>Despite this, advances in technology can also help financial institutions improve their anti-fraud strategy. Firms&nbsp;need to move to a more pro-active and cross-channel approach, focusing on prevention as well as detection,&nbsp;while balancing the need for robust anti-fraud measures with the customer experience. To do this, firms need to<br />
take advantage of innovative tools for fraud detection and prevention, including:</p>

<p>• Link analysis</p>

<p>• Predictive modeling</p>

<p>• Artificial intelligence (AI) capabilities</p>

<p>• Enterprise solutions that can leverage cross-channel data.</p>

<p>Firms need to make the best use of technology available to support improved anti-fraud strategies. They need to&nbsp;find vendors that can offer them real-time, advanced analytics systems that can integrate with other key risk and&nbsp;banking systems, such as other financial crime solutions, operational risk, and customer intelligence. This report&nbsp;covers the competitive landscape for enterprise fraud management solutions for financial services firms.</p>

<p>This report uses Chartis’s RiskTech Quadrant™ to explain the structure of the market. The RiskTech&nbsp;Quadrant™ uses a comprehensive methodology of in-depth independent research and a clear scoring system to&nbsp;explain which technology solutions meet an organization’s needs.</p>

<p>This report covers the leading vendors offering enterprise fraud management solutions for financial institutions,&nbsp;including ACI Worldwide, Detica NetReveal, EastNets, Experian, FICO, FIS, Fiserv, Jack Henry, NICE&nbsp;Actimize, Oracle, SAS, Thomson Reuters, Tonbeller, Verafin, Wynyard, and YarcData.</p>

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• Topics
• Quantitative Methods
• AI & Machine Learning
• Analytics
• Workflow/RPA
• Financial Crime