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Preventing financial crimes with analytics tools

Nurdianah Md Nur | Dec. 13, 2013
IBM global executive Richard Collard explains the benefits of using advanced analytics tools to complement the standard Transaction Monitoring systems in banks.

As the investigative process involves many variables, it might be difficult to keep track of the development of an investigation. To counter this, the Intelligent Investigative Manager captures and consolidates all the relevant content and activity on an investigation to provide investigators with a single consistent view of the case at any time. By streamlining collaboration and interactions among investigators, cases will be able to proceed more quickly thereby reducing the per-investigation cost (in terms of complexity, time and expense).

Other analytics solutions
To go a step further and pinpoint individuals and organisations that are engaging in financial crimes, banks could utilise IBM's InfoSphere Identity Insight. Using advanced algorithms, Identity Insight will mine the overall information landscape in real time to find out all associations and occurrences involving the same person or group, explained Collard. The solution will provide the identity of the 'criminal', as well as information on the people that he knows, and his activities with the bank. Questionable patterns or situations will then generate alerts.

Understanding the value that data can bring when it is connected, IBM is working on an analytics engine code-named G2. G2 will automatically draw relationships to all the related pieces of information available to make sense of it, said Collard. This will then enable the bank to prevent a fraudulent transaction. For instance, if an individual were to check in Singapore on his Facebook page but a transaction was made from Malaysia on the same day, the bank will be alerted to the discrepancy. It should be noted that such data collections and comparisons done by G2 will require banks to gain permission from its customers first.


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