Antelect for Financial Crime and Compliance

The Challenge

Current estimates indicate that £20 bn pa are lost to organisations and the economy through fraud and financial crime. Yet in 2005 only £1bn worth of fraud actually went through the UK courts. The government are increasingly putting the burden of discovering and resolving major cases onto companies themselves.

The complexity, diverseness and richness of our information and business process systems are a haven for those who would commit fraud and the contemporary ways of doing business further expose the organisation to the risk of financial crime.

The sheer volume of data stored on multiple sources present a real challenge to organisations in their efforts to resolve issues such as:

• Building effective defences that enable organisations to eliminate risks such as phishing, credit card fraud, identity theft related crime and complex deception whilst not deterring legitimate customers.
• Meeting the increasingly challenging compliance rules imposed by the government
• Resolving cases of fraud - understanding quickly how the crime has been perpetrated and increasing the likelihood of recovery.

The Solution

Antelect provides a fast, advanced investigation capability. This solution provides a rapid means of seeing all the issues relating to a case or individual and eliminates time consuming merging of search results.

It provides a sophisticated means of understanding fraud patterns across sources that can cover millions of records and allows organisations to their own data sources with open sources.

It enables various and diverse types of information e.g. telephony records, emails, invoices, documents, events, people information, transactions, locations and addresses, asset records and HR data to be combined into a single usable investigation tool without disrupting the underlying sources or processes.

It is easy and quick to implement and enables organisations to utilise the wealth of their information sources in the fight against this major economic issue.

Benefits

• Minimisation of losses through fraud.
• Increased efficiency - Antelect will reduce the time taken in the initial stages of a case by 90%
• Proactive investigation for fraud
• Greater understanding of the patterns and breadth of financial crime to enable improved protection and defences
• Greater confidence that all the issues relating to case have been identified and dealt with
• Increases the likelihood of recovery through exposing the complete case and improving communication between parties involved in recovery.
• Uncover hidden links across data sources that are being exploited by those committing fraud
• Uncover ways of improving the processes in place to vet applications