Clari5 Real-Time, Cross-channel Enterprise Fraud Management (EFM) for Banks
Clari5 EFM uses advanced behavior anomaly techniques to monitor and detect suspicious patterns in real-time across the enterprise - payments, accounts, users, beneficiaries, devices, merchants, and cards. It curbs false positives by responding with the right action to pass, block, challenge a transaction, or generate real-time alerts for manual investigation, and is extensible to a unified AML and fraud crime prevention solution.
It is very difficult for banks to detect fraud in real-time as it only takes a few seconds for a payment to be initiated and completed. Most fraud systems therefore provide only post-facto analysis, after the transaction is complete. Also, most conventional systems don’t have an option to simulate multiple conditions for pattern recognition and analysis optimization. This leads to an increasing number of false positives, resulting in higher effort, time and cost of investigation, besides potential customer friction. Clari5 EFM offers a unified real-time solution that overcomes these challenges.
Automation and Flexibility to curb false positives
Leveraging AI/ML tools, Clari5 EFM extracts patterns that lead to enhanced fraud detection rates but with lower false positives. Clari5’s integrated Case Management system, which produces workflows and helps with alerts for reviewing and resolutions across all channels, is automatically updated, offering continuous improvements to financial institutions.
Rapid advancements in the real-time payment landscape requires sub-second responses on transactions (to allow/hold/challenge/stop potential fraudulent transactions), as well as the ability to process large volumes of transactions with real-time decisioning capability, within milliseconds.
Unified Solution at Bank level
Clari5 EFM offers a wide spectrum of cross-channel cross-product capabilities, ease of integration using a variety of mechanisms and pre-built connection with Finastra’s core and payments solutions. Together with the extensibility to a unified fraud and AML crime view – Clari5 offers a low TCO and enables a centralized view of financial crime, in sync with regulator best practices.
Clari5 uses advanced behavior anomaly detection and profiling techniques to identify sophisticated frauds such as payment frauds, ATO, cross-channel frauds, embezzlement and misuse of authority, surveillance avoidance and other continuously emerging frauds that conventional post-facto solutions cannot detect and respond to in real-time.