Integrated solution needed to fight fraud effectively

  • TECH
  • Wednesday, 21 Jul 2010

PETALING JAYA: The fight against financial crime would be more effective if financial institutions adopted a more integrated approach to combating such activities.

Karen van Ness, Oracle Mantas senior manager for financial crime and compliance solutions product management, said an integrated approach would give the institutions a better lookout point for such crimes.

She said it would also make their crime prevention activities more efficient.

“If they don’t have a holistic view of the situation, they’re really hampered in the process of detecting and preventing financial crimes, such as money laundering or other fraud,” Van Ness said.

Oracle Mantas is part of Oracle Financial Services Software Ltd. Both are connected with Oracle Corp, a multinational that develops and markets enterprise software.

Van Ness said many financial institutions have taken a siloed approach to combating fraud and are now beginning to realise that a more holistic system is needed.

“These institutions may have different processes to combat money-laundering and fraud, and may be using different watchlists while segmenting their risks differently,” she said. There is also the problem of prioritising one segment over another.

She said some may even put more effort into detecting and preventing fraud because they want to mitigate losses and maintain a trusting relationship with their customers, while anti-money-laundering efforts are seen as more of a cost-centre or monetary sinkhole.

Oracle is taking the initiative to provide a unified financial crime and compliance management platform to its customers in the financial services business.

This is an overall analytics application platform that pools data from financial crime compliance and management systems, with that from risk-management systems.

“It’s a single scalable platform that the institutions can implement, which can also grow as their business gets more complex,” Van Ness said.

With an alert system in place, the institutions will have the ability to pull data from different points and present it to a financial crime analyst if the need arises, so that they can get a better picture of what’s going on.

“This way, analysts can identify whether something is an isolated incident or an account being compromised, or even, if a more complex fradulent scheme is unfolding. This is one capability that Oracle can provide,” said Van Ness.

She said a couple of clients in the region are already deploying the Oracle Mantas platform in phases, and intend to implement an even more robust compliance regime in the future.

“One client has successfully implemented a platform to help with anti-money-laundering efforts, and the next step is to look into fraud monitoring,” she said, declining to name the customer.

By starting out with an integrated solution, Van Ness said, some institutions will have the opportunity to leapfrog technologically over their competitors.

She was in town to attend the recent International Conference on Financial Crime and Terrorism Financing.

For more information on Oracle’s unified financial crime and compliance management platform, go to

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