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May 2020 Issue

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Smarter Loan Fraud Detection for Smaller Financial Institutions

Loan fraud is impacting smaller banks, community banks and credit unions at twice the rate of larger counterparts. An innovative approach helps smaller financial institutions do more to detect fraud hidden in bad loans.

Unlocking Excellence During Lockdown

While the pandemic has been severely impacting organizations globally, Clari5 has been firing on all cylinders for client engagements and deliverables. Interestingly, Clari5’s robust tool-driven project and program management has been delivering more, better results during this period.

Loan Analytics Assistance During COVID-19

As businesses and consumers deal with the economic impact of the pandemic, financial institutions are working hard assisting customers with their loan repayments. But the sheer volume of cases to be processed, while having a comprehensive understanding of each customer’s circumstance in an extremely compressed timeframe, is daunting. Clari5 Loan Analytics provides the necessary credit decisioning data, so that loan departments can make appropriate credit decisions, based on each customer’s history.

Fraud Prevention During COVID-19. Best Practices For Financial Institutions.

Given the response strategies to the COVID-19 pandemic implemented by federal, state and local governments globally, consumers’ behavioural changes during this phase, and Financial Institutions’ (FIs) staffing and mobility constraints, fraud prevention must be tackled in a different manner.

April 2020 Issue

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We’ve got you covered despite Covid-19

Watch Rivi Varghese, CEO explain Clari5’s BCP strategy in response to Covid-19, to ensure its BAU for customer engagements and deliverables.

What makes Clari5 special

Watch Clari5’s leadership talk about what goes into the making of a category leading enterprise crime management product.

With You. All Through

While the Covid-19 outbreak has necessitated extreme measures, Clari5 is using the situation to work with customers even more closely.

Has your bank’s anti-fraud system become an Achilles Heel?

The growth of digital fraud has begun exposing the chinks in the banks’ armour. On the one hand there’s the increase in sophisticated frauds, and on the other, banks have anti-fraud systems running in silos.

March 2020 Issue

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Can bank’s survive? Banking In A World Where Customer Relationships Can’t Be Banked Upon

Watch Clari5 CEO Rivi Varghese articulate why it has become business-critical for banks to unlock the value of their customer relationships in real-time.

Unified, Consistent, Real-Time Watch List Filtering

Banks need an efficient real-time watch list filtering solution that requires minimal manual intervention and operates with very low false positive rates. See how Clari5 Watch List Filtering solution helps banks comply with regulatory sanctions and PEP programs with real-time advanced identity resolution analytics, intelligent scoring, transaction blocking and alert generation, with low false positive rates.

Insulating Payments Operations From Fraud

Discerning new age consumers’ demand for more frictionless payment options are fulfilled by merchants and payment service providers (PSPs) with a range of modern payment schemes that are potentially vulnerable and are often exploited by organized fraud syndicates.

Loan Early Warning: An Innovative Approach

The slackening pace of growth preceded by a spike in quantitative easing and flush liquidity have severely impacted corporate borrowers. Consequently, the risk potential for loan defaults has grown. This paper examines the indicators and scenarios and how an innovative approach helps better loan early warning efficacy.

February 2020 Issue

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The Rise of ‘Frankenstein’ Fraud

Synthetic identity fraud is the fastest-growing financial crime, driven in part by lending moving online. It is also one of the hardest to detect. Instead of outright stealing an identity, a criminal makes one up in what is called a “Frankenstein” identity.

Top 5 Fraud Prevention Best Practices

With accelerated automation, diminishing human contact and instances of newer ‘innovative’ fraud schemes, there is a clear and present need to re-imagine how financial crime risk can be managed, without impacting customer experience, across the banking enterprise.

Is Your Bank’s EFRM System Truly Equipped To Combat Fraud?

Given the increasing variety and sophistication of fraud attempts, banks need a robust Enterprise Fraud Risk Management System to combat the menace. Here’s a helpful ready reckoner on the key must-haves for a superior EFRM system.

Be Prepared. Then Prepare Some More.

Fraud threats have been growing both in sophistication and scope, compelling credit unions to determine where and how to deploy resources, even as they manage their daily operational challenges. What more can credit unions do to protect themselves from fraud?

January 2020 Issue

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Clari5 Positioned Category Leader for Account-based Enterprise Fraud Risk Management

Chartis Research’s latest market update positions account-based enterprise fraud solution providers who have specialist capabilities in areas such as case management and libraries of anti-fraud analytics. The report positions enterprise fraud risk management solution vendors as ‘best of breed solutions’, ‘point solutions’, ‘enterprise solutions’ and ‘category leaders’ based on market potential and completeness of offering. Clari5 is positioned as a category leader for account-based enterprise fraud risk management.

Clari5 Among 5 Asian Firms in Top 100 Global RegTech Leaders

Clari5 is among 5 Asian firms in the global Top 100 RegTech leaders the regulatory industry needs to know about in 2020. RegTech 100 is an annual list of 100 of the world’s most innovative RegTech leaders and recognizes solution providers shaping the future of compliance, risk management and cybersecurity.

Cedar IBSI FinTech Lab Roundtable Discusses RegTechs For Middle East

IBS Intelligence and Cedar Management Consulting held their second FinTech Roundtable to discuss the need for innovations in treasury management systems and regulatory technologies in the Middle East banking ecosystem. With cyber-attacks now getting coordinated for short durations, the need is more pressing for Middle East banks to adopt solutions that prevent them from risks resulting in financial loss.

From BI To AI: Moving From ‘What Happened?’ To ‘What’ll Happen Next?’

Driven by changing business models, disruptive technologies, compliance pressures, and new competition from fintechs, banking and financial services is undergoing a radical shift including the way they are using BI.

December 2019 Issue

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Vijaya Bank (now Bank of Baroda) & Clari5 Win IBS Intelligence Global FinTech Innovation Award for Most Innovative Use of AI & ML

Vijaya Bank (now Bank of Baroda) and Clari5 have won the Most Innovative use of AI & Machine Learning award at the 1st IBS Intelligence Global FinTech Innovation Awards which had 26 winners and 22 runners-up from 15 countries. The competition was fierce with about 150 participants. Nominations were assessed on the basis of program complexity, program governance, best practices & tools adopted, originality & simplicity, adaptability of concept, innovation excellence and customer impact before deciding the winners.

Clari5 in Fintech Global RegTech 100 For Second Consecutive Year

Clari5 has been featured once again in the Fintech Global RegTech 100 – a list of 100 of the world’s most innovative RegTech companies that financial institutions need to know about as they develop their regtech strategies. The selection criteria included key factors such as impact on the problem being solved; growth in terms of capital raised, revenue, customer traction; innovation of technology solution offered; potential cost savings, efficiency improvement and revenue enhancements generated for clients; and how important is it for a financial institution to know about the company.

Is Open Banking more Open to Fraud?

With open banking, the volume and value of transactions have grown exponentially. With more banks across the globe getting ready to open their doors to third parties to access their customer data, open banking is also expected to bring in a new era of fraud. So the new legislations intended to democratize banking and provide a better deal for customers has also necessitated increased and smarter vigilance.

Clari5 at ACOB Interbank Compliance Quiz

Clari5 was a gold sponsor of the Interbank Compliance Quiz 2019 conducted by Association of Compliance Officers of Banks with the participation by Central Bank of Sri Lanka. With the theme ‘Compliance at the speed of thought, the event was well attended by Sri Lanka’s banking compliance officers.

November 2019 Issue

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Bettering Anomaly Detection

From credit card fraud to check fraud to money laundering to cybersecurity, precise and quick anomaly detection is necessary to conduct business, protect customers and protect the bank from potential losses.

The Multi-faceted Threat of Fraud

Read KPMG’s report on global banking fraud to know how banks are tackling internal and external fraud threats, trends in fraud typologies, challenges in mitigating threats and how banks are structuring teams and deploying resources to optimize fraud risk management efforts.

A ‘Hybrid’ Approach to Fraud Detection

Hybrid fraud detection models that ensure high fraud detection rates with low false positives is a vital aspect of banking enterprise fraud management. A hybrid model’s techniques helps accurately risk score transactions and advise appropriate interventions in real-time.

A Smarter Approach to Loan Early Warning

Banks must have consistent and reliable data available in real-time to recognize signs of stress at an early stage. An unconventional approach is to view loan monitoring through the lens of financial crime risk management.

October 2019 Issue

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A Real-time Federated Anti-fraud Network for Banks Worldwide

CustomerXPs is rolling out a real-time anti-fraud network that will enable member banks to receive fraud-related intelligence in real-time. Read the interview to know why this will be a game-changer.

Clari5 at ALA Business & Entrepreneurship Masterclass

ALA’s 3rd masterclass had CEO, Rivi Varghese sharing the Clari5 story; along with the ingredients that went in to the making of Clari5 becoming a category leading product company.

Be Prepared. Then Prepare Some More.

Fraud threats have been growing both in sophistication and scope, compelling credit unions to determine where and how to deploy resources, even as they manage their daily operational challenges. What more can credit unions do to protect themselves from fraud?

Strengthening Counterparty KYC Due Diligence

Besides non-compliance, counterparty KYC inadequacies in FIs also aggravate the potential of fraud risk. FIs need to look beyond regulatory compliance aspect of counterparty KYC.

September 2019 Issue

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Shortlisted!

Clari5 has been shortlisted for the CIR 10th Annual Risk Management Awards – a global program that has been celebrating excellence in the field of risk management since a decade.

Towards Becoming A Trillion $ Digital Economy

Clari5 was at the NASSCOM Product Roundtable held at Bangalore on 23 August. The event was presided by the hon’ble minister for Electronics / IT and industry members deliberated on working together towards fulfilling India’s goal of becoming a trillion $ digital economy.

Clari5 Asian Footprint Widens

Technology leader Magnus Corp. and CustomerXPs have entered a strategic alliance to help Bangladeshi banks with Clari5’s real-time, cross-channel intelligence for preventing fraud and money laundering.

Securing Alternative Lending from Fraud

Fraudsters are increasingly targeting online lenders and emerging financial services. Here’s a quick primer on the challenging scenario.

August 2019 Issue

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Security At Scale

Attended by industry stalwarts and with the theme ‘Security at Scale’, DSCI’s 11th Best Practices Meet featured building capacities in data security. CustomerXPs CEO Rivi Varghese spoke about how banks can combat payment frauds to mitigate transaction risk and augment the payment experience.

Threat Beyond Boundaries

Money transfer platforms have monetized the exponential growth of technology and provide flexible and efficient money transfer options today. However, the boon has not been without a bane.

Viewing Loan Monitoring From A Different Lens

Even though assets and loans are closely monitored, there are drawbacks in conventional monitoring methodologies. Time to consider an unconventional approach to loan monitoring.

Payments Fraud: Sizing up the Menace

Payments fraud is expected to top $22 billion this year. Here’s a quick look at the trends and factors driving the menace, and what banks can do to counter the challenge.