Can financial security challenges be mitigated?

• Next generation fraud management ‘Memento’ has the answer

One of the biggest challenges facing business today is enterprise fraud management, which is essential to run a business safely. Imposters and fraudsters have innovative and entirely new techniques to commit financial crimes that are becoming even more prevalent. There is therefore a great need for this ecosystem to be protected by technologies that enable early detection to reduce the damage before and after such acts transpire.

Around the globe, digital technologies have evolved into a powerful economic tool that has improved the quality of life of citizens and transformed the way governments, businesses, and citizens connect, engage, and access information and services. Many societies now depend on digital technologies, so these technologies are often considered a fundamental social infrastructure.

Along with their numerous benefits, digital technologies also bring with them numerous financial crime threats. Financial crimes are increasing YoY at a rate of 20% globally. A study estimates that the total annual cost of all data breaches by 2019 will be $2.1 trillion, which is almost four times the estimated cost of breaches in 2015. The Sri Lanka Computer Emergency Readiness Team, Coordination Centre (Sri Lanka CERTICC) received 3907 cyber security related incidents in 2017, which is a significant increase from 2010.

Banking today has also evolved quickly with the eruption of delivery channels such as online, mobile and digital services, which provide greater convenience and efficiency. But this also comes with greater risk. Securing these multiple delivery channels has proved difficult for financial institutions – until now.

The Memento solution from FIS, a leading global provider of financial technology, delivers next-generation fraud solutions through its enterprise platform. This helps protect financial institutions from wide-ranging, costly threats and enables key stakeholders to measure the true value of loss-prevention investments. Trusted by some of the world’s largest and most influential financial institutions, regional banks and credit unions, the Memento enterprise fraud platform solution offers exceptional accuracy, rapid ROI and business value. 

The award-winning FIS Memento Enterprise Fraud Platform combines revolutionary data indexing, superior analytics, forensic research and innovative alert and case management capabilities. FIS was positioned as a best- of-breed vendor in the Chartis RiskTech Quadrant for account-based enterprise fraud risk management solutions, 2019

The FIS Memento Enterprise Fraud Platform

The enterprise fraud platform is an extensible foundation for strategic financial crime management. Memento’s unique, innovative approach to data management is simpler, more efficient and more accurate than legacy solutions. Storing and indexing a wide variety of data creates a highly efficient cache of transaction, account and customer referential data.

The Memento Enterprise Fraud Platform has been implemented successfully at a leading global bank and the bottom line is, with Memento Enterprise Fraud Platform, the return on investment will be attractive and quick. 

FIS is a strategic ICT Partner of Just In Time Group in Sri Lanka. FIS is the world’s largest provider of banking and payments technology, and has expanded its enterprise fraud platform to provide banks and credit unions with new and more effective ways to detect and manage a broad array of risk, fraud and compliance threats, providing innovative solutions that meet the most stringent compliance requirements. 

For the fifth consecutive year, FIS has received the number one ranking in the Chartis RiskTech100. Compiled by leading industry research group Chartis Research, the RiskTech100 ranks the world’s top 100 providers of risk management and compliance technology solutions. In addition to receiving the top spot in the 2020 rankings, FIS ranked first in the categories of Market Presence, Functionality, Insurance, IFRS 17, Energy Trading (Applications), Front Office Risk Management and Sell-Side.  

Founded in 1996, Just In Time Group is a veteran in the ICT Systems and Integrated Solutions sector in Sri Lanka. With over 23 years of excellence, Just In Time Group provides cutting-edge integrated solutions to telecommunications, government, health, defence, and financial sectors.

(References: National Information and Cyber Security Strategy of Sri Lanka, 2019-2023, https://www.finextra.com/pressarticle/44170/fis-acquires-ics-risk-advisors-and-memento)