Fraud detection, fraud prevention and fraud management software
AIMS – AML is an Artificial Intelligence (AI) Fraud Management Platform. Reports estimate that as much as 32% of all claims submitted in South Africa annually are fraudulent and that fraud and corruption are costing the country (and other countries) billions of Rands (ZAR). AIMS – AML software identifies fraud, detects financial crime and manages fraud
AIMS – AML is the only fraud solution today, incorporating more than 300 typologies of analytical data tools – being the packaged Intellectual Property rights of 20 years of Fraud Management research and experience. Where companies or institutions may not already have access to external data sources, our partnership with The Good People Data Company complements your internal data-sets, offering unparalleled capability to our clients. Additional data sources could include, amongst others, CIPC, Home affairs, Deeds Office and Credit Bureau.
AIMS - AML offers clients solutions to:
Fraud Management
Quality Assurance
Full management dashboards and reporting
Customer due diligence
Enhanced due diligence
Data science and analytics
Data driven fraud detection model
- Exposes previously undetected fraud
- Embeds the basics of fraud detection into business
- Improves fraud detection rates
- Drives down false positive results
- Decreases losses through fraud
- Reduces time spent on screening
- Integrates into AIMS investigation management system
Digital technology & infrastructure
Expertise in digital transformation
- Sophisticated workflow and case management solutions – prioritises referrals & investigations
- Business intelligence capabilities to track/monitor the current fraud status
- Identify and visualise hazy relationships through advanced & powerful syndication software
- Complement internal data sources with external data for client analysis
Stakeholder expectations
Stakeholders can expect
- CxO : Less firefighting. More time for strategy planning and less on operational challenges.
- CFO : Reduce leakage of revenue, improving financial stability and forecast
- Shareholders : giving value and reduced risk to shareholders
- Clients : Managed premiums, more trust
- Council for medical schemes : Better use of funds, less fraud, abuse and waste
Industries needing fraud detection
Financial fraud, bank fraud
Counter Terrorism
Anti money laundering
Cross border transactions
Syndication
KYC
Due Diligence and Enhanced Due Diligence
Fraudulent claim detection Virtual or on-line claims monitoring & management
Dashboards and management reporting
Insurance fraud
Funeral policy claims
Short and long terms claims Cash Back Hospital Plans
KYC
Due Diligence and Enhanced Due Diligence
Fraudulent claim detection Virtual or in-line claims monitoring & management
Dashboards and management reporting
Healthcare fraud
Covers all practitioners, doctors, pharmacies and related 3 rd parties
The detection of fraudulent claim
The monitoring & management of virtual or on-line claims
Dashboards and management reporting
Fraud detection in banks & financial Institutions
AIMS – AML ability to understand and combat suspicious transactions Our expertise in financial crime risk and grasp of the inner workings of financial institutions and firms has lead to innovative and effective ways of ensuring compliance. Regulators across the globe are increasingly focussing on systems and processes capable of identifying and reporting suspicious transactions. The costs of non-compliance are vast. All financial institutions – large and small are at risk – financial crime related failures are extremely costly.
Global financial institutions/banks
The challenge
- Size and cost of resources and information technology (IT) infrastructure required for a comprehensive global compliance program continues to increase
- The cost of compliance failure continues to escalate because of ineffective programs
- Focus on sorting out past issues rather than delivering future state compliance
Impact on the bank
- Impact on the banks bottom line is significant
- Loss of customer and regulator trust can be a threat to the prudential stability of your institution – the limitations placed on or withdrawing of banking licenses
Impact on customers
- The burden of KYC/AML and sanctions is hitting banks trade finance businesses – trade relations are being cut
- De-risking is also leading to customers in high risk countries, industries and sectors being closed
Smaller domestic banks
The challenge
Face similar closely related challenges as global institutions – complexity, compliance and the cost factor
Impact on the bank
For smaller institutions it is more difficult to identify and realise any internal cost savings and synergies that might be available to larger banks
Impact on customers
An increased focus on financial crime crime risk from Tier 2 and Tier 3 institutions has meant some banks have had to limit their product service offerings
Emerging market banks
Challenges
Correspondent banking relationships are being terminated as major banks increase focus on the AML controls at their respondent banks
Impact on banks in emerging markets
Respondent banks in more unstable economies, including regions in the Middle East, Africa, South America and Asia have huge issues to overcome in order to acquire or preserve correspondent banking status
Impact on customers
Certain customers are finding it increasingly difficult to get access to their required products
Value offering in terms of fraud detection
Intuitive end user self-service
Connects independent data across multiple sources
All collateral can be imported into the system
Automatically creates relationships and visualises findings in real time link analysis charts
Translates your project data files into a searchable private “Google-like” database
Provide artificial intelligence (AI) or machine intelligence capabilities
Relates every bit of data or text to a set of pre-defined investigative rules
Application Programming Interface (API): Ingests live data in multiple formats whether PDF, Word or Text into a data agnostic platform
Easily integrates with external data sources such as Terrorist lists – any computerised system, case management system (CMS), forensic data acquisition, social media feeds or other external data sources
Results can be shared in any way across/among project participants to quickly highlight relationships, patterns, trends or anomalies
Highly secured solution whether utilised via our secure Cloud based offering or through onsite dedicated server, allowing pre-defined user rights
Setup and monitor alerts for specified key words
Integrated security with specified user roles and responsibilities & full audit trail
Benefits to financial, insurance & healthcare clients
Our AI-driven Fraud Management platform is able to reveal previously undetected fraud, embeds fraud detection into your business and decreases fraud losses. Our intuitive, typology and function rich platform reduces time spent on screening and helps you identify and manage fraud incidents
Eliminating human error/omissions
Ability to discover previously unknown relationships/links
Price – affordable costing
Ensures no critical data is missed due to being overlooked between various systems
Your whole data source can be searched from one location, saving time and money
Proactive management of fraud, waste and abuse
Complete accountability – excluding human error
Segregation of duties
Effective management of human resources
Reduce False Positives
Identify False Negatives
Reduce time and Cost (Focus on high quality alerts)
Higher quality compliance (Compliant with BASEL 239, King, POPI, GDPR )
Advantages of the AIMS- AML Artificial Intelligence (AI) Fraud Management Platform
- Scalable
A highly scalable ‘big data’ Transactional Monitoring solution that helps to refine and standardise the entire process. - Light Installation
A light installation footprint and can sit alongside clients’ current IT with the ability to “talk” to many different disparate systems. - Configurable
Highly configurable to meet a clients’ specific needs and risks with an iterative setup to “fine tune” the results and reporting. - Enriched Data
Connects to public sourced external data to enrich the clients current dataset to provide a more complete picture and allows for more accurate identification of potentially suspicious transactions. - Quick Reporting
Quick and simple Management Reporting, easily configurable views to allow for effective oversight of financial crime risk. - Process Change
Helps to enable process change of the whole transaction monitoring process, streamlining it to save costs. - Risk ranking
Enables real time risk ranking of all transactions and highlights potential issues requiring further investigation.
AIMS - AML fraud software - recent case studies bank fraud detection
We believe in demonstrable value. As a team, and specifically in the domain of Fraud Management, we have:
Save a large bank more than R 300 million by preventing illicit transactions
Saved several insurers hundreds of millions of Rands, by detecting fraudulent transactions
Saved a large South African medical aid over R 500 million over the past 10 years We are committed to combining and productising our learnings, skill, knowledge and intellectual property into our platform – a single platform that comprehensively detects, manages and reports on all aspects of fraud and Anti Money Laundering.