Searchspace solutions automatically learn, and continually update, what is ‘normal’ for each business entity (eg customers, accounts). They use this understanding to make decisions not only about whether behaviour is unusual, but also whether it represents risk or opportunity. The IEF (Searchspace Intelligent Enterprise Framework) enables every single entity to be accurately understood by creating an automatically maintained and continually updated representation of behaviour, constantly learning with each transaction. Searchspace Sentinels (the different modules) are designed to deal with specific activities. Sitting above the IEF they continually prioritise actions and make decisions based on business issues. Instead of mining the base transaction data for known high-risk scenarios, Searchspace apply consistent risk assessment formula to all customers, ranking each customer according to the degree of unusualness from what is normal for that individual.
Highly commended: ACI Worldwide (retail)
ACI Proactive Risk Manager (PRM) automatically detects and prevents fraudulent payment activity. PRM for Enterprise Risk predicts the likelihood of risk by comparing incoming transactions across the enterprise with learned patterns of acceptable and suspect behaviour, including all kinds of fraud, identity theft and money laundering. According to user-defined settings, ACI PRM stops transactions in-flight, or alerts the fraud specialists so they can investigate suspicious transactions on-line, and take action within moments.
ACI PRM has been licensed to over 70 customers worldwide, including Alliance & Leicester, Seceti S.p.A. (the second largest card processor in Italy), BNP Paribas and Arab National Bank. ACI PRM helps banks minimise operational risk and maximise profitability through fraud loss savings and improved customer service. Financial institutions will also avoid fines by meeting ever-higher levels of regulation.
ACI Proactive Risk Manager allows transactions of all kinds to be monitored for risk and can be used with any non-ACI payments systems, including in-house and third party applications. Innovative functionality includes real-time scoring, SMS and email alerting to investigative staff or customers
Highly commended: Mantas (wholesale)
The Mantas Anti-Money Laundering solution helps banks and brokerages to detect, investigate and report money laundering and other suspicious activity. Mantas’s use of techniques such as link analysis and sequence matching to expose anomalies in behaviour was deemed important, since criminals constantly adapt their behaviour to get around detection systems.
The product reviews all customer, account and transaction information to alert users to suspicious (or previously unknown) behaviours. Using a variety of detection modules, the product uses Mantas Scenarios, which are indicative of potentially suspicious behaviour and possible money laundering activities. Having a suite of detection modules allows Mantas to apply the most relevant and suitable module to solving the specific business problem being addressed.
