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The Rise of Synthetic Identity Fraud in Financial Services

Fi911

These regulations focus on verifying that provided information matches databases, not whether the identity represents a real person. Cross-referencing SSNs with names and addresses across databases can reveal mismatches indicating synthetic identities. Failure to file SARs for known synthetic identities brings regulatory penalties.

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SEON launches AI-powered anti-money laundering suite

The Paypers

Subscribe News | Interviews | Voice of the Industry | Watch & Learn | Reports | Cross Border Ecommerce Research | Company Database | Events News SEON launches AI-powered anti-money laundering suite Thursday 12 June 2025 16:04 CET | News SEON has announced the launch of its AI-powered anti-money laundering suite, aimed at improving its comprehensive (..)

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Overcoming the Hidden Costs of AML Compliance

Finextra

Consider an alert investigation process that isn’t automated: an analyst might need to pull customer info from a KYC database, transactions from a core banking system, and screening results from yet another platform, then manually piece them together to decide if an alert is suspicious. What do these inefficiencies look like in practice?

AML
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5 high-ROI uses of RAG models in banking and fintech

Finextra

With RAG, as long as the approved documents are organised in databases and available to the model, they are used to build context for each output. RAG also provides a secure way for compliance officers to quickly draft narratives for SARs (Suspicious Activity Reports) that are automatically consistent with internal and external requirements.

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Cognitive Analytics for AML – Making SARs Count

FICO

Among the key provisions is addressing the increasing burden on financial institutions required to file Suspicious Activity Reports (SARs) and the enormous amount of data flowing to Treasury’s Financial Crime Enforcement Network (FinCEN). FinCEN received 2,034,406 SARs in 2017 and volume is growing at a double-digit rate annually.

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South Africa Government Losing Billions To Trade Mis-Invoicing

PYMNTS

To calculate its figures, the GFI examined statistics from the South African Revenue Service (SARS) to available data from the United Nations Comtrade Database to pinpoint discrepancies in export and import data. The think tank estimates that annual under-invoicing on imports to South Africa is valued at $16.3 billion.

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Deep Dive: How FinTechs, FIs Can Arm Up Against Fraud

PYMNTS

They must also ensure that they do not sweep up legitimate transactions in their fraud fighting efforts, as this may introduce customer frictions, and the resultant investigating and filing of suspicious activity reports (SARs) on false positives might drain . resources. Can AI Support Digital Banking’s AML Efforts?