What is Financial Crimes Insight?
Financial crimes are typically crimes that involve criminals obtaining money, services, or property illegally or by deception, and benefiting from the proceeds. Financial crimes may be carried out by individuals, corporations, or by organized crime groups, they take various forms, and they happen all over the world. Example of financial crimes are medical and insurance fraud, money laundering, and bank fraud.
Financial Crimes Insight is a base set of capabilities that serve as the framework for a set of offerings to combat fraud and financial crimes in insurance and banking. These offerings include the following:
IBM® Financial Crimes Insight for Claims Fraud helps you deter, prevent and intercept multiple types of insurance fraud. IBM® Financial Crimes Insight for Claims Fraud enables you to improve detection processes and decision making, expand the observation space within the institution, speed investigations, and achieve faster claims resolution for customers.
IBM® Financial Crimes Insight for Entity Research enables your organization to improve the customer experience throughout the customer lifecycle, from on-boarding through periodic review, by streamlining and automating Know Your Customer (KYC), and customer due diligence (CDD) compliance process. By augmenting existing systems instead of replacing them, financial institutions can take advantage of AI, automation and modern capabilities while realizing a faster time to value.
IBM® Financial Crimes Insight for Alert Triage helps financial institutions improve alert triage and investigative efficiencies by augmenting existing AML transaction monitoring and sanctions screening systems with AI, advanced analytics, automation and machine learning capabilities. Using data from historical cases, analysis of entity and network risks, and experience-based machine learning, Alert Triage reduces false positives and prioritizes higher risk alerts that may otherwise have been missed. Reduce high operational cost of false positives by improving prediction accuracy and providing insights to operators to make better, faster decisions.