Infigo FRAML (FRaud and Anti-Money Laundering) is a holistic and modular approach to combating fraud and money laundering in financial institutions. In the modern financial landscape, fraud and money laundering often go hand in hand, and it is cheaper to use FRAML than using anti-money laundering (AML) and fraud management (FM) separately.
But, given the modular approach, you can integrate all of it or just parts that you find interesting. If, with the passage of time, you decide there is a need for another module, it is easy to update the system – e.g., your financial institution only needs anti-money laundering and client investigation (KYC). But later you conclude you need, for example, real-time check for digital channels, that is no problem.
|Different ruleset modules|
|FM E-channels Fraud (e-banking, m-banking)||X||O||-|
|FM Transactional Fraud (core banking)||X||X||-|
|FM Deposits/Credits Fraud||X||O||-|
|AML Transaction Ruleset||X||-||X|
|Additional functional modules/options|
|FRAML Real-Time Check||X||O||O|
|FRAML Client Investigation (KYC)||X||O||O|
|AML PEP Check||X||-||O|
Infigo FRAML comes with more than 70 built-in detection scenarios, providing detection of different fraud and money-laundering scenarios covering a big aspect of cases in the area of internal and external fraud across all channels. Scenarios are built from years of experience and working with real-world problems in financial institutions worldwide.
Get maximum visibility over all your channels and products, import any data steam you wish; of course, Infigo FRAML can further enrich that data with internal (e.g., human resources data) or external information (e.g., public corporate register lists), and then find any correlation between them for added accuracy.
Infigo FRAML is fully compliant with regulations for anti-money laundering and regulations for fraud reporting under EBA; it can help financial institutions keep up with regulatory requirements of any kind thanks to its flexible reporting system. Reports can be modified and customized so they can satisfy any global or local regulations.
Real-time monitoring or near-real time of all activities in the system allows prompt detection of any potentially suspicious or fraudulent activities triggered externally or by insiders. You are always aware of what is happening.
Transaction blocking depending on alert type/severity; the system can proactively block or delay transactions. On positive detection system can send a message through the web service or execute another program. All blocked transactions are shown in the blocking console and user can unblock transactions if needed.
Alert console provides a unique interface for alert management. Every alert triggered is shown within the alert console available for analyst review. It features easy to use alert notification, data drill-down for analysts, fraud case workflow, alert history and stats, and documentation upload. Of course, all alerts can be sent by email or through a ticketing system.
Users can access Infigo FRAML through a web-based GUI using any modern browser without any additional component installation. That relieves the strain on IT support. GUI access has a role-based control because not every user is privy to every information; it supports internal authentication, LDAP, single sign-on, and scripted authentication for external authentication systems.
Scenario editor enables analysts to review the fraud ruleset, turn on and off scenarios, and to adjust or finetune thresholds. All actions are performed via a user-friendly GUI; list/filter fraud detection scenarios, edit thresholds, turn on/of fraud detection scenarios, change severity level, change score level...
The scenario efficiency console provides a comprehensive view of scenarios and analysts' activity that helps meeting KPIs. Rich graphical representations help users evaluate and understand information about scenario dynamics and its score and severity level giving them the data needed for adjustment and finetuning.
Investigate, review alerts on a client level, and make decisions for alert treatment having in mind client behavior in general. Get a view of all client transactions, alerts, previous investigations, and additional details on a client and account level.
Production of all kinds of reports, based on transaction velocity, scenarios, or analyst efficiency as well as true positives rate, which meet dynamic business and regulatory requirements. FRAML provides quick and easy compliance with fraud reporting requirements and at the same time offers exceptional performance satisfying regulatory requirements. Report presentation is made through rich visualization dashboards for standard reports as well as for ad-hoc reports.
High availability – 24/7/365 – redundant, high availability deployment is possible with no additional cost. High availability options such as data replication factor (denotes the number of redundant data copies) or search factor (denotes the number of redundant fraud interfaces) are configurable.
Data warehousing enables all collected data to be kept in the system available for instant analysis for an indefinite period of time. Data aging, backup, and offline archival are configurable. Thanks to Splunk’s supreme indexing and searching engine used by Infigo FRAML, statistical calculations can be performed on large data sets.