Date:
Safe Banking Systems & Centrifuge Systems Partner to Combat Money Laundering, Terrorism & Fraud
Powerful combination of Centrifuge link analysis and SBS entity resolution
compresses time from detection to investigation and risk management
ACFE Fraud Conference & Exhibition, National Harbor MD, July 26, 2010 -
Safe Banking Systems (SBS), a provider of
anti-money laundering and
compliance solutions, and
Centrifuge Systems,
a provider of advanced
link analysis software, have joined forces to provide banks, financial services
firms, government agencies and other organizations with the ability to combat
financial crime by detecting entities in corporate databases that pose risk.
Centrifuge provides free-form data exploration via link analysis techniques, with connections rendered as interactive visualizations, including charts, maps, timelines and geospatial. Users can connect to and integrate data from multiple sources, find groupings and patterns and see non-obvious relationships and anomalies in large data sets at record level detail. In addition to fraud analysis, applications include intelligence analysis by government agencies and network security analysis by the private sector.
SBS offers specialized technology solutions for anti-money laundering, fraud and risk management. The company's entity-resolution software employs complex, ever-evolving algorithms that isolate the anomalies in large databases of high-risk entities and alerts clients to dangerous elements identified in their customer base. In addition to its SAFE Advanced Solutions�, SBS provides a Forensic Analysis Service for institutions requiring immediate identification of their highest-risk entities.
SBS will use Centrifuge's link analysis technology with its SAFE Advanced Solutions and Forensic Analysis Services to identify sanctioned, politically exposed and other high-risk entities within client databases, thereby enabling organizations to take steps to investigate and manage risk more quickly.
...
Data Visualization Deciphers Bulgarian Fraud Ring
"Elaborate fraud schemes like the Bulgarian Money Mule ring, for example, are hard to detect because they are designed to fly below the radar of most merchant processors and credit card companies," explains Schiffer. "This network of fraudsters set up dummy companies in the US; opened bank accounts to receive card payments; and set up toll-free numbers, web sites and virtual addresses - all of which were used to deceive the card processors. They then used credit card information obtained from identity theft victims to process more than a million one-time charges of $10 or less through large merchant processors. Because the credit card charges were so small, most consumers did not notice them or seek charge backs. With Centrifuge, we were able to identify hidden linkages in the data, ring leaders, waves of fraud activity and a money trail back to Cyprus, Bulgaria and other countries. Advanced link analysis and the ability to integrate data allowed us to connect the dots and draw a picture of the fraud ring."
For more information, visit www.centrifugesystems.com