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Dynamic Customer Risk Ratings - Let our system calculate your customer risk
Assessing customer risk and assigning a customer risk score is becoming a requirement at most financial institutions. However, the current methods of implementing this requirement remain problematic on many fronts:
• New customers are interviewed with a series of questions and answers. A score is produced reflecting the current customer risk. The sophistication of these process and resulting systems vary widely between institutions.
• What happens to the existing customers who have not been interviewed during the origination process? This leaves 95%+ of your customer base without risk scores.
• What happens to this risk score when the customer walks out of the bank? It gets stale, as their situation can change dynamically.
• Since the platform’s job is to sell new customers, products and services, an overly aggressive interview session can act as a sales deterrent.
Let our sales professionals show you how transactional risk and KYC risk can be combined into an overall customer risk rating that dynamically changes over time. Automated dynamic risk ratings - it is now a reality.
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FRAUD WIZARD™ - A solution to the problem
Fraud Wizard™ is FTG’s pro-active analytical tool designed to uncover insider/employee fraud, recognize possible identity theft, and highlight errors, omissions, and operating weaknesses that can facilitate fraud.
The Problem
The growing awareness of the extent of financial crime points to insiders/employees causing the greater part of losses to financial institutions. Insider fraud associated with identity theft is increasing and losses from fraudulent loans and manipulation of customer accounts is massive. The ABA, BAI and Tower Group came to the same independent conclusion in 2005:
65%-70% of Fraud Dollar Losses are Due to Insider/Employee Fraud
eFACT™
The solution for the FACT Act Red Flag Identity Theft Requirements
eFACT™ is delivered with Red Flag analytics, alerts, notices, management requirements and audit trails already in place.
Alerts are risk scored, notices to customers are automatically generated as needed, and alert management requirements and audit trails are in place. eFACT™ discriminates and prioritizes targeted accounts having suspicious activity and will reduce manual efforts by over 90%.
eFACT™ is being initially delivered to selected banking system vendors such as Fiserv CBS. Check with us for the status of your banking system.
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