Tag: fraud detection

Traditional South African banks, and their associated dated computer systems, were not designed for the breadth of operations required in modern banking and are rapidly falling off the pace of current banking demands.  Each advance in services offering, such as when customers started to use ATMs, demanded a wider range of features.

New Anti-Money Laundering (AML) scores reduce false positive alerts by 50% while detecting 100% of known money laundering transactions, and discover new aberrant, potentially risky. Money laundering continues to fuel crime and terrorism globally, with the UN estimating up to $2 trillion moved illegally each year.

There are two recent matters that were investigated by our office where two private banking customers fell victim to the same scam under the exact same circumstances. The story behind convincing the victims to disclose their confidential banking information was new. However, the basic scam remained the same, as did the results.

As CFOs take on a more strategic role, other functions are increasingly looking to finance for near real-time and more accurate forecast reporting to make more informed business decisions. Although historical reporting remains relevant, organisations are looking to the finance role for instant guidance amid changing market dynamics.

The pandemic accelerated an existing trend toward widely distributed workforces, set in motion by growing globalisation and digitalisation. This creates a number of challenges for companies in terms of managing these dispersed employees.

Traditionally, cybersecurity entailed a reactive approach where organisations used learnings from previous compromises to improve their defences. With technology evolving and people embracing the likes of mobile wallets, banking apps, and other solutions to manage transactions, businesses must rethink how best to bolster anti-fraud mechanisms. The answer lies in artificial intelligence (AI).

Over the last few decades, technology has slowly shaped our world into one our grandparents wouldn’t recognise. Some of that change has been about the gadgets in our homes and in our pockets. Much else has been driven by researchers and scientists using powerful supercomputers to answer life‑changing questions and make ground-breaking discoveries in life sciences, physics, chemistry, and astronomy.