Fighting fraud and financial crime is a never-ending battle.
If you needed any proof of this, PwC’s Global Economic Crime and Fraud Survey 2020 revealed that 47% of the survey’s 5,000 respondents had experienced fraud in the past 24 months, resulting in total losses of $42bn.
Considering this is but a fraction of the financial institutions listed around the world, these figures only brush the canvas of the full, fraud-afflicted picture. But what’s equally troubling is the significant increase in successful attacks on FSIs since the start of COVID-19.
However, all is not yet lost, thanks to the endeavours of companies like BAE Systems Applied Intelligence, with its mission to stop the financial crime, fraud and sophisticated cyberattacks that are targeting the financial services sector.
But if Holmes and Watson or The A-Team have taught us anything, it’s that fighting crime is a team effort, which is why we’ve partnered with BAE Systems to support their efforts with our most powerful form of defence: data.
Introducing BAE Systems Applied Intelligence
BAE Systems protects nations, governments and businesses around the world defend themselves against cybercrime, reduce risk in the connected world and transform their operations. One increasingly critical area of expertise is its financial crime, risk management and fraud prevention across financial services.
From banking to insurance, helps hundreds of global FSIs to tackle financial crime and risk via its NetReveal suite of financial crime solutions. Owing to the ever-evolving nature of the sector, NetReveal’s ability to deliver flexibility in analytics, investigation, integration and security is indispensable for its end-users.
NetReveal was born from the fact that financial institutions need to leverage technology to assist the human investigation and empower those entrusted to do the job to be much more effective in their capabilities.
To support this, machine learning and advanced data analytics are at its core, which powers accurate, real-time decisions on a single software platform. The NetReveal platform connects typically siloed fraud, risk and compliance units to drive effectiveness, enhance efficiency and reduce the false positives often encountered by FSIs.
By utilising NetReveal, investigators are equipped with a powerful tool in the fight against financial crime. In turn, this supports risk management, yields savings for institutions and shareholders and supports compliance to avoid any fines and reputational damage.
But of course, underpinning everything is data. By partnering with Dun & Bradstreet, BAE Systems can elevate its already extensive offering to new heights, by integrating our 420 million global business records with its best-in-class risk management and fraud detection and prevention software.
Protecting FSIs via the power of partnerships
Having served businesses for nearly 200 years, Dun & Bradstreet knows the vital role that data plays in safeguarding organisations and remaining one step ahead of risk. But we also understand the power of partnerships, combining our data intelligence with innovative technology platforms.
Dun & Bradstreet, BAE Systems and its NetReveal Platform is a primary example of a constructive partnership in action, where our combined expertise will equip end-users with the most effective means to combat fraud, aid risk management and overcome financial crime.
By integrating Dun & Bradstreet’s data with the NetReveal Platform, its end-users can benefit from enriched risk scores, automatically synched within NetReveal – reducing the need for manual information gathering, increasing the speed of accurate risk scoring and ultimately improving customer experience. Financial services institutions can leverage millions of data records from around the world to assess risk in greater detail and maximize their capabilities to better mitigate fraud and inspire seamless compliance with regulatory bodies.
In return, Dun & Bradstreet's customers, especially FSIs, can benefit from BAE Systems market-leading NetReveal solution. NetReveal Customer Due Diligence (CDD) and Insurance Fraud solutions access and integrate a broad range of data sources and corporate records to enhance the quality of risk scores for new and existing customers. This, combined with the significant improvements in false positive reduction and behaviour anomaly detection that are afforded by the NetReveal Platform, make for a particularly powerful partnership that our customers can benefit from.
Ultimately, the unceasing effort of financial criminals means the war against fraud is not yet won. But by forming constructive partnerships, relentlessly innovating and leveraging the power of data, its outcome swings ever more in our favour.