Recent estimates show that approximately $800 billion to $2 trillion is laundered annually through the global banking system. That’s roughly 2 to 5 percent of global GDP*.Traditional anti money laundering checks that banks use are must but are not sufficient as they are not able to highlight all the fraudulent practices for e.g. funds laundered through networks of individuals in smaller, non-rounded dollar amounts to avoid detection. As a result, customer-risk rating and transaction monitoring models used by banks often exhibit false positive rates of over 98 percent*.Knowledge graphs powered by graph technology offers an innovative way to stay ahead of tech savvy fraudsters, which helps banks and other financial institutions stop fraud scenarios in real time. Use of graphs enhances the insights using data relationships based on connected intelligence.
To know more how your bank or financial institution can use graph technology to detect fraud even before it hits you, join us for our Live Webinar titled “Network Analytics for Banks & Financial Industry” on 9th of December 2020 at 1400 HOURs IST.