Jade ThirdEye Launches Internal Fraud Detection Capability for Popular AML Solution

By: Jade ThirdEye UK
YORK, U.K. - Aug. 11, 2021 - PRLog -- Working from home has become the new norm since the start of the Global pandemic and organisations have had to look for ways to mitigate the potential associated internal fraud risks, often on a tight budget.

While an AML compliance solution will be monitoring transactions for suspicious activity, the team at Jade Third Eye saw that it could be beneficial to also turn this lens inward to look for instances of internal fraud. Jade Thirdeye's configurable rules engine now goes beyond AML/CFT compliance to also empower organisations to monitor and spot the warning signs of internal and external fraud.

Jade ThirdEye realised that having a solution flexible enough to address multiple requirements gave customers the advantage of dealing with a single, known vendor without the need for retraining or using multiple interfaces, all while getting more value from a single solution.

Examples of internal fraud that customers can now monitor using Jade ThirdEye include:
  • Colleagues transacting on their own account: Identifying where a colleague may be processing a transaction on their own account. This is often a breach of policy in many financial organisations due to the risk of abuse.
  • Unexpected Colleague Activity: Detecting unexpected activity by colleagues, such as removing an account block, processing a withdrawal from a deceased or dormant account, looking at customer records more than usual, or records you wouldn't expect.
  • Unexpected Account Activity: Monitoring changes to accounts that may suggest an attempt to circumvent controls, such as repeatedly changing an account address, particularly on either side of a withdrawal.
  • Unexpected Relationships: Repeated transactions between specific colleagues and customers, specifically at different branches.
    Activity at Unusual Times: Colleagues accessing systems at unusual times, such as late at night or on weekends.

These rules are by no means exhaustive and an organisation may have other rules it will wish to add to better suit its risk profile. Instead of being restricted to a predefined set of rules and facing expensive developers costs to customise the rules, the configurable nature of Jade ThirdEye means that the ability to review, adapt and configure new rules are now all at an organisation's fingertips.  To find out more visit Jade ThirdEye UK (https://www.jadethirdeye.com/en-gb/)

Jade ThirdEye UK
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Tags:Internal Fraud
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