Your Shield Against Fraud

In the constantly evolving business landscape, fraud remains a persistent threat to organizations. To counter this challenge effectively, businesses rely on Enterprise Fraud Management Systems (EFMS). These systems are indispensable tools that help companies in the detection, prevention, and response to various forms of fraud. Incorporating an Enterprise Fraud Management System into your organization’s operations is a proactive measure to safeguard your assets, reputation, and customer relationships. It equips your business to stay one step ahead of fraudsters in an ever-changing landscape.
Online EFMS in Banking is a set of measures and tools used by financial institutions to detect, prevent, and mitigate fraud in online transactions. This system typically includes various technologies, such as Machine Learning algorithms, Artificial Intelligence, and other fraud detection tools that help identify and prevent fraudulent activities in real-time. It is designed to analyze and monitor transactions in real-time to identify any unusual activity, such as high-value transactions, multiple transactions within a short time, or transactions from unfamiliar locations. If suspicious activity is detected, the system can immediately alert bank personnel or even automatically block the transaction. Moreover, the fraud management system can also be used to track fraudulent activities, investigate incidents, and gather data for regulatory reporting. By providing a comprehensive view of the financial landscape and detecting frauds early, the system helps protect both customers and banks from financial loss and reputational damage caused by fraudulent activities.

VINNOTEC EFMS Operational Intelligence

The VINNOTEC EFMS utilizes a framework called Operational Intelligence (OI) for monitoring, evaluation, detection, and notification of suspected fraud events. Operational intelligence involves data analysis, real-time monitoring, and visualization to gain insights into an organization's operations and make informed decisions. It entails collecting and analyzing data from various sources to identify patterns, trends, and anomalies. This infrastructure allows organizations to monitor their operations in real-time, identify and detect fraudulent activities, and optimize their monitoring and investigation processes to improve efficiency and reduce costs. By integrating data from different sources, OI provides a holistic view of an organization's operations, enabling bank officers and auditors to make data-driven decisions that align with the organization's goals and objectives.

Operational Intelligence Advantages

The key benefits of the OI infrastructure, which is the processing engine of VINNOTEC EFMS, include:

Key Features of EFMS

Real-time Fraud Detection

EFMS employs sophisticated real-time monitoring and analytics to identify suspicious patterns, transactions, or behaviors. It excels at detecting and flagging potential fraud as it occurs.

Multi-Channel Monitoring

Fraudsters today are incredibly versatile, using various channels to commit fraudulent activities. EFMS offers comprehensive coverage by monitoring various channels, including online transactions, mobile payments, and in-branch activities.

Behavioral Analysis

EFMS leverages advanced behavioral analysis techniques to create customer profiles and identify anomalies in behavior. Any deviation from a typical customer's actions triggers alerts for further investigation.

Machine Learning and AI

: Machine learning and artificial intelligence are seamlessly integrated into EFMS to enhance its fraud detection capabilities. These technologies continuously adapt and improve their detection abilities over time.

Case Management

EFMS includes robust case management features to help investigators efficiently handle suspected fraud cases. This streamlined process improves resolution times and reduces the impact of fraud incidents.

VINNOTEC EFMS System Architecture

Similar to VINNOTEC AML, the VINNOTEC EFMS is designed with a modular approach, and each layer of this software consists of independent modules. There are four layers, including Data Acquisition Layer, Detection Engines, Inference and Alerting Layer and Presentation and Management:

The VINNOTEC EFMS allows the bank to integrate and monitor transactions from different sources and process them to detect any potential fraud. Required information is mainly provided in two ways: Online and Offline.

  • Real-time Data Acquisition
  • Offline ETL

The core part of the VINNOTEC EFMS lies in the detection engines, which are responsible for identifying potential fraud cases in the processed transactions. These engines consist of two main sub-layers:

  • Rules Engine
  • Machine Learning Engine

These engines together perform the fraud detection and store any detected fraud cases. This process is a combination of deterministic and probabilistic methods to ensure high detection capability with minimal false positives.

Once a potential fraud case is detected, it is stored in the fraud database. The Inference and Alerting layer is responsible for verifying, further analyzing, and prioritizing the stored cases based on the detection engine’s results. This layer contains:

  • Inference Engine
  • Alerting Engine
  • Online Monitoring

The last layer of the VINNOTEC EFMS is responsible for reporting and managing the detected fraud cases. This layer consists of three main sub-layers:

  • Alert Dashboard
  • Case Management
  • Reporting

Benefits of EFMS

Improved Fraud Prevention

EFMS plays a critical role in preventing fraudulent activities in real-time, thereby reducing financial losses and mitigating reputational damage.

Cost Savings

By identifying and preventing fraud at an early stage, EFMS can save your organization substantial costs associated with fraud-related losses.

Operational Efficiency

Automation and advanced analytics streamline the fraud detection and investigation process, enabling your team to focus on resolving cases effectively.

Enhanced Customer Trust

Detecting and preventing fraud sends a strong message to your customers that you prioritize their security and trustworthiness.

Regulatory Compliance

EFMS assists in complying with regulatory requirements related to fraud prevention, reporting, and customer protection.