Fraud Prevention: Leveraging Big Data and Collaborative Investigations

Presented by

Scott Peddle, Product Manager, Verafin

About this talk

In this session, Scott Peddle, Product Expert at Verafin, will discuss the evolution of financial crime and how financial institutions can embrace innovative approaches to proactively prevent fraud and combat crime-ring activity. Learn how financial institutions can leverage big data, machine-learning technology and 314(b) information sharing for effective fraud prevention. This includes proactive trend identification, reduction in false positive results and collaborative investigations of multi-institutional crime-ring activity. Highlights: - Limitations of conventional fraud prevention approaches that rely on limited data sets and approaches in today’s increasingly complex financial crime landscape - Big data intelligence approach for financial institutions that leverages machine-learning technology and 314(b) information sharing to mitigate losses and prevent fraud - Walk-through of a real-life crime-ring case to learn how data and technology played a critical role to enhance detection, strengthen investigations and improve reporting to law enforcement

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Verafin is the industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. 3500 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states.