At the Eurofinas Annual Conference, recently attended by 450 delegates in Cascais, Portugal, CRIF experts presented the new Fraud Analyser Mobile service to major European consumer credit providers, associations representing banks, captive finance companies for cars and universal banks. The presentation, entitled “Fraud Prevention, all you need is…a picture” was given during the Technology and Innovative Applications in Consumer Credit session.
“The Eurofinas conference was the perfect platform to present Fraud Analyser Mobile to our European peers,” commented Margherita Gallarello, Senior Sales Manager at CRIF. With the EU 4th Anti Money Laundering Directive (AMLD) the European Union is now putting a framework in place which focuses on greater effectiveness and improved transparency in order to make it harder for criminals to abuse the financial system, for example enhancing beneficial ownership transparency by introducing new investigative tools. Under the new directive, payment providers are faced with tougher sanctions for violations, requirements to keep track of beneficial owners, and specific references to electronic money.
With banks and insurance companies required to comply with common fraud detection standards, it is vital for financial organizations to meet stringent compliance requirements more easily, and identify the most effective tools.
Thanks to Fraud Analyser Mobile, credit companies can accelerate the onboarding of new online clients by simplifying investigative research, automating due diligence, and performing identity verification. In fact, it is sufficient to acquire customer identification data with a simple snapshot of an ID card or document using a tablet or smartphone. This activates a set of cross-checks between public databases and CRIF information systems to carry out a complete AML validation and receive a synthetic fraud indicator highlighting potential risks. All data is instantly captured, stored, checked and validated, and AML checks are carried out thanks to CRIF’s Fraud Analyser Evolution and Compliance solutions.
The service is currently being rolled out in the Italian market thanks to 2 major Italian finance-sector clients, and has now generated interest among other European players.
