As the cracks in the traditional approaches to financial crime and fraud detection and investigation deepen, a period of seismic disruption is underway – and Contextual Monitoring is at its forefront.
When it comes to detecting and investigating financial crime and fraud, traditional rules-based monitoring methods are no longer viable. As context becomes core to effective detection and investigation, a Contextual Monitoring approach becomes the answer.
Unlike traditional monitoring systems, a contextual monitoring platform uses entity resolution to resolve counterparties and better understand the relationships between them by using Network Analytics or Graph Theory. Contextual monitoring essentially takes all the data collated manually post-alert generation by investigators on a subset of customers, and applies this at-scale to all customers and parties for detection. This advanced ‘investigate to detect’ process leverages shared data and intelligence from law enforcement and police agencies, and signals a new way of tackling financial crime and fraud.
There are therefore many benefits to taking a holistic approach to FRAML (Fraud and Anti-Money Laundering). As fraud is a predicate offence for money laundering, the data collected in a contextual monitoring platform to investigate and detect AML can also be used to uncover fraud. By creating a true single view of data, reducing false positives, and automating time-intensive manual data gathering, contextual monitoring is revolutionizing investigations to deliver faster, more accurate risk decisions.
Quantexa is pioneering change, setting a new standard for financial crime and fraud detection. Quantexa’s innovative contextual monitoring platform, Syneo is designed to disrupt the current landscape by offering a new ‘investigate to detect’ approach based on actionable intelligence. The future of Financial Crime and Fraud detection and investigations starts here.
Click here to access the full blog and learn more about contextual monitoring and Syneo, including:
- The ‘Old World’ Methods of Detection and Investigations Are Fraught with Challenges
- Contextual Monitoring: The Next Generation of Financial Crime & Fraud Detection
- Context Creates a Holistic View Across Financial Crime and Fraud
- Why now for Contextual Monitoring
- Contextual Monitoring: A New Standard for Financial Crime & Fraud Detection