At ISS Global, we are driven by a shared purpose: Unleashing human energy through technology for an inclusive and sustainable future.
Banks and Financial Institutions are facing unprecedented disruption. While reducing costs is critical, they must invest to meet customers’ digital expectations, manage risks, and attain sustainable business practices.
Financial institutions need to properly manage their cyber-risk exposure by establishing the necessary risk frameworks, governance structures, policies and procedures.
In a digital marketplace where every second counts, a single delay can cost your business dearly. You not only have to effectively improve the customer conversion rate, but also deal with an increasingly complex network environment and face the threat of cybercrime.
FRAML is an umbrella term for fraud and anti-money laundering. It reflects the growing focus on how the two are converging and the benefits of an integrated approach to detecting money laundering and fraud for fighting financial crime.
Money laundering and fraud exist in a shared ecosystem where criminals leverage financial institutions to steal identities, access data, and launder illicit funds.
From embezzlement and insider trading to credit card fraud and identity theft, the success of these financial crimes often hinges on being able to launder the proceeds through the legal financial system.
Our State of Financial Crime 2022 survey showed that fraud is one of the top three predicate offenses of concern for firms globally. A recent survey by KPMG also found that 67% of senior risk executives experienced fraud in the past 12 months and that 38% expect the risk of fraud to increase in the next year.
As concern about fraud accelerates, firms are also placing a greater emphasis on the nexus between money laundering and fraud. Specifically, focusing not just on how the illicit money was acquired, but also on how criminals are seeking to hide its origins in the financial system. This shift requires many teams to restructure away from siloed fraud and anti-money laundering teams and towards an integrated approach. That’s why, in a recent session on FRAML, the Association of Certified Anti-Money Laundering Specialists (ACAMS) referred to the combined functions as “today’s compliance power couple,” citing their ability to increase operational efficiency and optimize risk management as reasons behind its growth in popularity.
We choose to carry Feedzai FRAML solution because it is an enterprise solution for digital identity intelligence and digital identity authentication. Trusted by leading financial institutions and digital banks globally and 900 million Consumers are being protected Worldwide.
$ 2 Trillion has been protected in 2022 for the world’s biggest banks and merchants and more than 19 Billion Transactions aremonitored yearly
Speak to our expert team today and see our technology and solutions in action.
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