Enterprise case management helps turn the tide in the battle against financial crime

Fraud and Financial Crime

Mohammad Al Zraiqat scaled

Mohammad Al-Zraiqat

May 13, 2021

Attack. Defense. War. These are terms used to characterize financial crime and the criminals who’ve made a highly-lucrative business out of stealing data and funds from companies like yours. We get regular updates from the battle ground – primarily that fraud and financial crime are on the rise and there doesn’t seem to be an end in sight. According to a recent McKinsey report, it’s estimated globally that funds moved via fraudulent transactions range from $800 billion to $2 trillion annually with less than 1% intercepted.

Organizations struggle to put up a good fight, only to find their defenses challenged by the latest counterattack…but all is not lost.

While it may seem like criminals have an upper hand, fintechs are constantly innovating and evolving fraud prevention tactics and technology to help organizations win these battles and, increasingly, stop them before they start. Working together, it’s possible to prevail over an elusive enemy.

Start by honestly evaluating your current defenses. The most effective fraud prevention platforms provide a holistic view of your entire financial crime compliance landscape, giving you and your teams a united front on the fight. The opposite—a fragmented prevention strategy—is all too common. You’re working with a fragmented prevention strategy when separate teams are looking at different data compiled from disparate systems. Here are some of the causes:

  • Siloed teams – when investigators and analysts work independently, they can’t see the whole picture and may miss important indicators of fraud.
  • Operational redundancy – when those teams work independently to get to the same conclusion, the result can be duplication of effort, tech resources, and even people.

Worse yet, a fragmented fraud prevention approach leads to confusing and/or delayed customer communications as siloed fraud and anti-money laundering teams, for example, might reach different conclusions or fail to deliver alerts in a timely manner. Or more damaging, they may miss the indicators of fraudulent activity altogether or fail to comply with complicated compliance regulations.

Intelligent Fraud and Financial Crime Prevention

You can help your company avoid many of these pitfalls by using intelligent fraud and financial crime prevention technology to drive an enterprise approach to financial crime case management. Cloud-based, enterprise case management platforms consolidate suspicious activities across different internal and external systems into one holistic view. And built-in artificial intelligence and machine learning capabilities give investigators a head start on analyzing alerts by linking hidden relationships between user behavior and activity.

When fraud and anti-money laundering departments share knowledge and the latest fraud prevention technology, they can work together to combat the rising threat of fraud and financial crime. This collaboration forms the foundation for a robust and dependable case management solution that allows teams to:

• Focus on the comprehensive analysis and complex case triage

• Adopt a streamlined and customized workflow to enable team collaboration

• 360-degree risk view that allows responding to threats proactively

• Optimize investigations and reduce the time and cost of operations

For a better understanding of how your fraud and anti-money laundering (FRAML) efforts can combine to form an effective shield against financial criminals, listen in on the latest Payments Podcast as the host sits down with Mohammad Al-Zraiqat, Global Senior Product Manager at Bottomline, to discuss the effectiveness of a cloud-based enterprise case management defense system.


For further insight into the payments and banking industries, subscribe now and stay up-to-date on the latest tips, trends, and topics. You can also check out The Payments Podcast, where experts engage each other on the real-world factors impacting your industry.

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Mohammad Al-Zraiqat

Mohammad Al-Zraiqat, Global Senior Product Manager at Bottomline, has 14+ years’ experience in fraud and financial crime compliance. Working with corporate and financial services sectors, law enforcement intelligence and investigations, sanctions consultancy, he's a subject matter expert in financial crime prevention technologies. Mohammad holds a master’s degree in financial crime investigations.
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