Clari5 Real-Time, Cross-channel Enterprise Fraud Management (EFM) for Banks
Clari5 (CustomerXPs)
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.
Real-time Decisions
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.
General information
How it works
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.
Multi-Dimensional Risk Analytics
Ability to aggregate risk from various factors and use it to identify cumulative risk for transactions powered by in-memory analytics.Real-time Decisioning
Real-time decisioning on transactions from various activities that are financial or non-financial in nature.Data Sharing and Secured Data Transfer
To ensure a secured framework to share data fields with internal applications or 3rd party applications. Also, to ensure that the data is securely fed into the Clari5 EFM engine for Transaction Fraud Risk Assessment.AI/ML models
To ensure data synthesized from various core systems or external data sources can be integrated.Centralized Investigation and Data Visualization
To help perform case investigations in a workflow driven model, to identify fraud faster and with more accuracy.Role Based Access Control
Ensures that all investigations and dashboards are accessed only by authorized users.
How it looks
An adaptive configuration
Clari5 allows on-the-fly setting up of suspicious fraud patterns, for real time screening and prevention within the transaction window. Show less
Alert Dashboard
Summary of the last alerts received. Videos
Vinod Kumar - Chief Information Officer - Fino Payments Bank
