TOPIC: Best Practices

Guardian Analytics

Manager at a bank ($488MUSA)
Do any of you also use Guardian Analytics for Business Online & ACH anomaly detection? We're in the early stages of implementation and data gathering, but I was hoping some more seasoned users would be willing to share their daily process and what you look for/review. Thanks in advance!

    Collaborative Investigations: Connecting the Dots to Stop Crime - Join us on March 20

    March 20 at 12:30 PM - 01:30 PM EST
    Collaborative Investigations: Connecting the Dots to Stop Crime
    How sharing information can help provide actionable intelligence to law enforcement

    Register now: https://verafin.com/event/collaborative-investigations-connecting-the-dots-to-stop-crime/?src=cbanc

    Fraudsters and money launderers do not limit their illicit activities to a single institution. As crime rings evolve, they find new and innovative ways to avoid detection, creating challenges for financial institutions to uncover connected criminal activity.

    Collaboration is a critical tool that helps you see the complete picture of activity across multiple institutions, ultimately mitigating risk and reducing losses. Verafin combines the power of cross-institutional analysis in the cloud with collaboration tools, enabling institutions to work together to strengthen investigations into crime ring activity.

    Join us to learn how Verafin helps you connects the dots on crime with cross-institutional alerts and information sharing. Learn how our approach will warn you of potential risks or connected criminal activity that spans multiple institutions, allowing you to collaborate with investigators for stronger cases and improved reporting to law enforcement.

    Highlights of this presentation on Collaborative Investigations will include:

    • Best practices for 314(b) information sharing including collaborating on potential money laundering activity and Specified Unlawful Activities (SUAs).
    • Walk through of real-life examples of crime ring activity
    • Demonstration of crime ring detection to alert you and related institutions to connected criminal activity
    • Overview of collaboration functionality in Verafin allowing you to securing share information with other 314(b) institutions in a single integrated platform.
    • Overview of multi-institution Joint Work Product in Case Management that allows multiple investigators to contribute to a shared investigation.

    Register now: https://verafin.com/event/collaborative-investigations-connecting-the-dots-to-stop-crime/?src=cbanc

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      Using Big Data Intelligence for Big Gains in Fighting Crime - Join us on March 6

      March 6 at 12:30 PM - 01:30 PM EST
      Using Big Data Intelligence for Big Gains in Fighting Crime
      How your Institution Can Leverage Data and Technology in the Cloud for Fraud Detection, AML and High-Risk Customer Management

      Part of a Special Series on The New Future of Fighting Crime

      Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

      Institutions are facing increased pressure to mitigate the risk of fraud and money laundering, and stay compliant. But as workload and costs increase, false positives can overwhelm already strained resources, so there is significant risk in relying on manual processes or rules-based monitoring systems.

      To effectively fight crime, investigators need to leverage vast amounts of data from numerous sources in their analysis. Verafin imports and analyzes an immense data set from multiple sources, including core data, ancillary data, open-source and third-party data, and consortium data. In fact, before Verafin it would have been unthinkable to analyze that much data. By applying cross-institutional analysis and machine learning technology to analyze a billion transactions every week, our approach reduces false positives and increases the quality of your alerts.

      Join us to learn how Verafin’s Big Data Intelligence approach keeps you ahead of fraud trends and regulatory changes, provides higher-quality, targeted alerts, and gives you a complete view of activity, including crimes that span multiple institutions.

      Highlights of this presentation will include how Verafin’s Big Data Approach helps you fight crime by:

      • Providing a complete picture of activity in a single system ensuring greater visibility of potential risks, while saving you valuable time and money.
      • Leveraging cloud technology and cross-institutional analysis to proactively detect and mitigate risk, reduce costs, and protect your customers and institution.
      • Integrating and analyzing multiple data sources to improve alert quality, such as peer profiling, high-risk customer labeling, payee confidence, and geolocation data.
      • Applying Machine Learning to learn from labeled data, further improving detection and monitoring capabilities.
      • Partnering with you to develop solutions to real-world problems with targeted, expert-driven models for Fraud Detection, AML Transaction Monitoring and High-Risk Customer Management.

      Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

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        eBook - Suspicious Activity Reporting for Dummies®

        Dummies eBook
        Suspicious Activity Reporting for Dummies®

        Download now: https://verafin.com/resource/suspicious-activity-reporting-for-dummies/?src=cbanc

        Suspicious Activity Reporting for Dummies® walks you through the process of filling out your SAR accurately and efficiently and offers tips on how to spot and track potential money laundering activities.

        Look inside for helpful advice on how to make your AML workflow more efficient, save on costs, and streamline your institution’s monitoring and reporting processes with automated SAR e-filing.

        Download now: https://verafin.com/resource/suspicious-activity-reporting-for-dummies/?src=cbanc

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          Using Big Data Intelligence for Big Gains in Fighting Crime - Join us on March 6

          March 6 at 12:30 PM - 01:30 PM EST
          Using Big Data Intelligence for Big Gains in Fighting Crime
          How your Institution Can Leverage Data and Technology in the Cloud for Fraud Detection, AML and High-Risk Customer Management

          Part of a Special Series on The New Future of Fighting Crime

          Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

          Institutions are facing increased pressure to mitigate the risk of fraud and money laundering, and stay compliant. But as workload and costs increase, false positives can overwhelm already strained resources, so there is significant risk in relying on manual processes or rules-based monitoring systems.

          To effectively fight crime, investigators need to leverage vast amounts of data from numerous sources in their analysis. Verafin imports and analyzes an immense data set from multiple sources, including core data, ancillary data, open-source and third-party data, and consortium data. In fact, before Verafin it would have been unthinkable to analyze that much data. By applying cross-institutional analysis and machine learning technology to analyze a billion transactions every week, our approach reduces false positives and increases the quality of your alerts.

          Join us to learn how Verafin’s Big Data Intelligence approach keeps you ahead of fraud trends and regulatory changes, provides higher-quality, targeted alerts, and gives you a complete view of activity, including crimes that span multiple institutions.

          Highlights of this presentation will include how Verafin’s Big Data Approach helps you fight crime by:

          • Providing a complete picture of activity in a single system ensuring greater visibility of potential risks, while saving you valuable time and money.
          • Leveraging cloud technology and cross-institutional analysis to proactively detect and mitigate risk, reduce costs, and protect your customers and institution.
          • Integrating and analyzing multiple data sources to improve alert quality, such as peer profiling, high-risk customer labeling, payee confidence, and geolocation data.
          • Applying Machine Learning to learn from labeled data, further improving detection and monitoring capabilities.
          • Partnering with you to develop solutions to real-world problems with targeted, expert-driven models for Fraud Detection, AML Transaction Monitoring and High-Risk Customer Management.

          Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

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            Fighting Fraud with Verafin's Big Data and Machine Learning approach to cross-channel analytics - Join us on Feb. 20

            February 20 at 12:30 PM - 01:30 PM EST
            Consolidating Fraud Prevention and Management to Reduce Losses & Improve Visibility
            Cross-Channel Analytics, Big Data, and Machine Learning to Fight Fraud

            Register now: https://verafin.com/event/consolidating-fraud-prevention-and-management-to-reduce-losses-improve-visibility/?src=cbanc

            Financial institutions are facing common challenges in combatting fraud. Adding layers of protection to detect and prevent fraudulent activity, managing your alert volume, and reporting losses can become increasingly more difficult if there are multiple detection systems across different fraud and operational teams, and ultimately leads to a lack of visibility into your true fraud problem.

            Verafin’s fraud prevention and management solution leverages big data intelligence to help detect emerging and evolving fraud trends by analyzing more than a billion transactions a week in the Verafin cloud. Our innovative cross-channel fraud analytics use machine learning and cross-institutional insights from across the cloud to reduce false positives and improve model performance. Verafin's consolidated fraud solution includes centralized case management and reporting functionality, giving you the visibility you need to manage your fraud strategy across all channels.

            Join us for this presentation as we discuss the benefits of consolidating your fraud prevention and management functions with Verafin’s Enterprise Fraud Management platform. Learn how to reduce losses, strengthen prevention efforts across all channels and departments, and enable a full picture of fraud at your institution to drive strategic decision-making.

            Highlights of this presentation will include an overview of Verafin's approach to financial crime management in the cloud, that leverages Big Data Intelligence, Collaborative Investigations and Visual Storytelling to help institutions keep ahead of crime, as well as:

            • Discussion on the challenges facing financial institutions to mitigate and manage fraud.
            • Overview of Fraud Detection solutions, including real-time prevention capabilities.
            • Review of Fraud Management solutions.

            Register now: https://verafin.com/event/consolidating-fraud-prevention-and-management-to-reduce-losses-improve-visibility/?src=cbanc

              Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses - Join us on Feb. 14

              Webinar
              February 14 at 12:30 PM - 01:30 PM EST
              Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses

              Register now: https://verafin.com/event/synthetic-identity-fraud-unreal-identities-result-in-real-fraud-losses/?src=cbanc

              In this digital age, vast amounts of compromised customer information from data breaches and fraud scams is readily available for purchase on the dark web. To further their illicit schemes, fraudsters can use your customer’s personal and financial information to create fictional or partially fabricated identities in an emerging trend known as synthetic identity fraud.

              With combinations of fake and real identifying information, fraudsters use these synthetic identities to apply for new accounts, products or auto loans. Crime rings often utilize synthetic identities in large, ongoing financial fraud schemes, repeating these crimes at multiple institutions, exponentially increasing the potential for loss.

              Join us as we discuss the challenges facing financial institutions when combatting synthetic identity fraud in various forms of financial crime, such as loan fraud, deposit fraud, electronic transfer fraud, and new account fraud.

              In this presentation we will discuss:

              • The scale of synthetic identity fraud and how it relates to other financial crimes
              • Common ploys fraudsters use to commit synthetic identity fraud
              • Challenges facing financial institutions to mitigate fraud losses involving synthetic identity fraud and other evasion methods
              • Real-life examples of fraud schemes and crime rings employing synthetic identity fraud and related illicit activities
              • Best practices and innovative approaches for fraud detection and investigation

              Register now: https://verafin.com/event/synthetic-identity-fraud-unreal-identities-result-in-real-fraud-losses/?src=cbanc

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                How Segmentation and Technology will transform AML - Join us February 6

                February 06 at 12:30 PM - 01:30 PM EST
                Learning from Fraud Detection: Segmenting AML to Fight Financial Crime
                ACAMS Webinar Rebroadcast

                Register now: https://verafin.com/event/learning-from-fraud-detection-segmenting-aml-to-fight-financial-crime/?src=cbanc

                Join Jim Richards and Brendan Brothers as they discuss what makes segmentation such an effective method for fighting fraud, and ask how proven fraud-detection approaches can be applied to transform the AML industry.

                In this insightful session, these industry experts discuss the limitations of current one-size-fits-all AML approaches and technologies; examine how segmentation improves fraud detection and how these lessons can be applied to strengthen anti-money laundering efforts; and analyze the advantages of innovative technologies and customer segmentation in enhancing AML.

                Register now: https://verafin.com/event/learning-from-fraud-detection-segmenting-aml-to-fight-financial-crime/?src=cbanc

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                  End-to-End High-Risk Customer Management & CDD/EDD. Join us Feb. 13

                  February 13 at 12:30 PM - 01:30 PM EST
                  End-to-End High-Risk Customer Management & CDD/EDD
                  Identification, Stratification, Surveillance & EDD Workflows for High-Risk Customers

                  Register now: https://verafin.com/event/end-to-end-high-risk-customer-management-cdd-edd/?src=cbanc

                  How effective is your institution’s high-risk customer management program? From identification to assessment, to continuous review and monitoring — current approaches to CDD/EDD for high-risk customers often involve manual, disconnected processes. High-risk customers go undetected as institutions rely solely on account opening questionnaires or keyword searches. In addition, using broad risk models can result in too many high-risk customers. This increases the workload on compliance teams that manage their EDD reviews manually.

                  In general, CDD/EDD and high-risk customer management is being done in a way which results in process inefficiencies, wasted time and increased cost.

                  Verafin’s end-to-end solution for CDD/EDD and High-Risk Customer Management helps you effectively manage higher-risk categories of customers, including ATM Owners, MRBs, MSBs, NGOs, and more. Our stratified approach to risk provides a more accurate assessment of your high-risk customers — saving you valuable time, so you can focus on the customers that pose the greatest risk to your institution.

                  Join us as product experts demonstrate how Verafin identifies risk factors to group customers in high-risk categories, stratifies the risk within those groups and, through ongoing high-risk customer surveillance, provides a more accurate picture of your institution’s risk profile.

                  Highlights from this product demonstration will include:

                  • Configurable Account Opening Questionnaire to standardize the initial collection and ongoing updating of due diligence-related information, as well as automated risk assessment at account opening.
                  • Intelligent Risk Categorization with high-risk-customer finders that alert you to categories of customers who did not self-identify at account opening, including MSBs, NGOs, MRBs, ATM Owners, and more.
                  • Configurable Risk Models allowing for appropriate assessment based on your institution’s risk appetite, and intelligent segmentation that categorizes and stratifies customer risk profiles for more accurate institutional risk profile.
                  • Stratified Risk Models to group customers into high-risk categories, including NRAs, NGOs, CIBs, etc., and to stratify risk within those categories to help you focus your limited time and resources on customers that pose the greatest risk to your institution.
                  • Ongoing Surveillance with targeted monitoring of HRCs, for triggering events that may warrant enhanced due diligence, and for updates to customer information or risk score.
                  • CDD/EDD Workflow to streamline your customer risk management processes with convenient workflows to manage alerts on high-risk customers, upcoming reviews, and cases.

                  Register now: https://verafin.com/event/end-to-end-high-risk-customer-management-cdd-edd/?src=cbanc

                  Blob

                    Blog – FBI warns of BEC Fraud. Four key indicators and how to mitigate risk.

                    Business Email Compromise (BEC) Fraud
                    Four Key Indicators and Strategies for Mitigating Risk
                    July 12, 2017 (updated December 10, 2018)

                    Read now: https://verafin.com/2018/12/business-email-compromise-bec-fraud/?src=cbanc

                    Business Email Compromise (BEC) has become a big earner in the criminal world and a serious fraud threat for financial institutions (FIs) and their corporate customers.

                    It is a threat serious enough to prompt the FBI to release multiple updated Public Service Announcements (PSAs) regarding the continued growth and evolution of the crime, most recently in July 2018.

                    BEC is a fraud scam that targets businesses, ranging from small to large corporations. As it has evolved, it has taken on numerous forms. However, it typically involves a criminal either accessing or mimicking the email account of a high-ranking official at the business to instruct another member of the company to initiate a large transfer of funds, via wire, to an overseas location.

                    For criminal organizations, BEC translates into big money for comparatively little work. As long as the potential exists to defraud your business customers, criminals will continue to evolve their techniques to avoid detection, and maximize their profits.

                    However, by knowing the key indicators and having strategies in place to combat the crime, you can protect your customers from the potentially devastating impact of BEC.

                    Read the complete blog, including 4 key indicators and strategies to mitigate risk:
                    https://verafin.com/2018/12/business-email-compromise-bec-fraud/?src=cbanc

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                      How Segmentation and Technology will transform AML - Join us February 6

                      February 06 at 12:30 PM - 01:30 PM EST
                      Learning from Fraud Detection: Segmenting AML to Fight Financial Crime
                      ACAMS Webinar Rebroadcast

                      Register now: https://verafin.com/event/learning-from-fraud-detection-segmenting-aml-to-fight-financial-crime/?src=cbanc

                      Join Jim Richards and Brendan Brothers as they discuss what makes segmentation such an effective method for fighting fraud, and ask how proven fraud-detection approaches can be applied to transform the AML industry.

                      In this insightful session, these industry experts discuss the limitations of current one-size-fits-all AML approaches and technologies; examine how segmentation improves fraud detection and how these lessons can be applied to strengthen anti-money laundering efforts; and analyze the advantages of innovative technologies and customer segmentation in enhancing AML.

                      Register now: https://verafin.com/event/learning-from-fraud-detection-segmenting-aml-to-fight-financial-crime/?src=cbanc

                      Blob

                        Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses - Join us on Feb. 14

                        Webinar
                        February 14 at 12:30 PM - 01:30 PM EST
                        Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses

                        Register now: https://verafin.com/event/synthetic-identity-fraud-unreal-identities-result-in-real-fraud-losses/?src=cbanc

                        In this digital age, vast amounts of compromised customer information from data breaches and fraud scams is readily available for purchase on the dark web. To further their illicit schemes, fraudsters can use your customer’s personal and financial information to create fictional or partially fabricated identities in an emerging trend known as synthetic identity fraud.

                        With combinations of fake and real identifying information, fraudsters use these synthetic identities to apply for new accounts, products or auto loans. Crime rings often utilize synthetic identities in large, ongoing financial fraud schemes, repeating these crimes at multiple institutions, exponentially increasing the potential for loss.

                        Join us as we discuss the challenges facing financial institutions when combatting synthetic identity fraud in various forms of financial crime, such as loan fraud, deposit fraud, electronic transfer fraud, and new account fraud.

                        In this presentation we will discuss:

                        • The scale of synthetic identity fraud and how it relates to other financial crimes
                        • Common ploys fraudsters use to commit synthetic identity fraud
                        • Challenges facing financial institutions to mitigate fraud losses involving synthetic identity fraud and other evasion methods
                        • Real-life examples of fraud schemes and crime rings employing synthetic identity fraud and related illicit activities
                        • Best practices and innovative approaches for fraud detection and investigation

                        Register now: https://verafin.com/event/synthetic-identity-fraud-unreal-identities-result-in-real-fraud-losses/?src=cbanc

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                          How Verafin Uses Artificial Intelligence to Improve AML and Fraud Efforts. Join us on Jan 30.

                          January 30 at 12:30 PM - 01:30 PM EST
                          Register now: https://verafin.com/event/how-verafin-uses-artificial-intelligence-to-improve-aml-and-fraud-efforts/?src=cbanc

                          Artificial Intelligence (AI) techniques continue to evolve rapidly, becoming an evermore important tool in your team’s money laundering and fraudulent activity detection efforts.

                          Verafin’s FRAMLx solution includes an extensive library of analytical agents that use a combination of advanced AI and machine learning techniques to identify risk and intelligently segment customers, improving your team’s ability to perform effective and efficient ongoing customer due diligence.

                          Join us for this product overview to learn how:

                          • Verafin’s analytical agents apply the latest advances in AI to the analysis of a wide array of evidence to increase or decrease the degree of suspicion associated with a customer’s activity.
                          • Innovative AI allows Verafin to risk-rate activity based on dozens of factors, more effectively isolating truly risky activity, while greatly reducing the time your team wastes on false alerts.
                          • Verafin’s Cloud network utilizes an unprecedented amount of anonymized data to help its analytical agents more effectively identify fraudulent activity.

                          Register now: https://verafin.com/event/how-verafin-uses-artificial-intelligence-to-improve-aml-and-fraud-efforts/?src=cbanc

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                            How Segmentation and Technology will transform AML - Join us February 6

                            February 06 at 12:30 PM - 01:30 PM EST
                            Learning from Fraud Detection: Segmenting AML to Fight Financial Crime
                            ACAMS Webinar Rebroadcast

                            Register now: https://verafin.com/event/learning-from-fraud-detection-segmenting-aml-to-fight-financial-crime/?src=cbanc

                            Join Jim Richards and Brendan Brothers as they discuss what makes segmentation such an effective method for fighting fraud, and ask how proven fraud-detection approaches can be applied to transform the AML industry.

                            In this insightful session, these industry experts discuss the limitations of current one-size-fits-all AML approaches and technologies; examine how segmentation improves fraud detection and how these lessons can be applied to strengthen anti-money laundering efforts; and analyze the advantages of innovative technologies and customer segmentation in enhancing AML.

                            Register now: https://verafin.com/event/learning-from-fraud-detection-segmenting-aml-to-fight-financial-crime/?src=cbanc

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                              [FRAMLx Tour 2019] Join Your Peers at Upcoming Regional Seminars

                              2019 Fraud Detection & AML Regional Seminars

                              Since 2015 — more than 10,000 of your peers have registered for a complimentary FRAMLx Tour seminar. These events bring together fraud and compliance professionals, as well as industry experts, to discuss real-life case studies and share best practices to help stop financial crime.

                              Will you be joining us at one of these upcoming events?

                              See all 2019 dates and event locations and register for free: https://verafin.com/regional-seminars/?src=cbanc

                              Attendees will receive 5 CAMS, 6.5 CAFP, 6.5 CRCM credits, or may be eligible to receive up to  5 Continuing Professional Education (CPE) credits  towards industry accreditation programs, such as CFE and CFCS.

                              Register now for free: https://verafin.com/regional-seminars/?src=cbanc

                              Questions? Get in touch!
                              FRAMLxTour@verafin.com

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                                How Verafin Uses Artificial Intelligence to Improve AML and Fraud Efforts. Join us on Jan 30.

                                January 30 at 12:30 PM - 01:30 PM EST
                                Register now: https://verafin.com/event/how-verafin-uses-artificial-intelligence-to-improve-aml-and-fraud-efforts/?src=cbanc

                                Artificial Intelligence (AI) techniques continue to evolve rapidly, becoming an evermore important tool in your team’s money laundering and fraudulent activity detection efforts.

                                Verafin’s FRAMLx solution includes an extensive library of analytical agents that use a combination of advanced AI and machine learning techniques to identify risk and intelligently segment customers, improving your team’s ability to perform effective and efficient ongoing customer due diligence.

                                Join us for this product overview to learn how:

                                • Verafin’s analytical agents apply the latest advances in AI to the analysis of a wide array of evidence to increase or decrease the degree of suspicion associated with a customer’s activity.
                                • Innovative AI allows Verafin to risk-rate activity based on dozens of factors, more effectively isolating truly risky activity, while greatly reducing the time your team wastes on false alerts.
                                • Verafin’s Cloud network utilizes an unprecedented amount of anonymized data to help its analytical agents more effectively identify fraudulent activity.

                                Register now: https://verafin.com/event/how-verafin-uses-artificial-intelligence-to-improve-aml-and-fraud-efforts/?src=cbanc

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