When a financial crime is committed, it often escapes the attention at first. The intensity of the crime comes in to notice much later. Similar thing happened with Nirav Modi, a renowned diamond jeweler who recently got exposed in a financial bank fraud in India.
Modi has a chain of jewelry stores & boutiques in Delhi, Mumbai, New York, Singapore, Honolulu, Las Vegas and Beijing. Initially, when the scam came into light, it was stated that he has forged an amount of Rs 114 billion. However, the latest reports state that the amount could reach up to Rs 127 billion.
With one case, more similar cases come in to the limelight. Financial crimes are not just limited to credit card fraud or tax evasion. It is a much larger sphere that could lead to crimes such as anti-money laundering, terrorist financing, and drug/human trafficking. Banks and other organizations take measures after the incidence takes place, whereas, preventive measures should be taken to prevent such crimes before they occur.
Fraud and financial crimes are not just limited to MNCs or financial institutions. Small organizations can also be equally affected. In order to deal with financial crimes in a much sophisticated and effective way, a dynamic approach involving technology such as machine learning and artificial intelligence is required. Small scale organizations are at a higher risk as they take less preventive measures and are more vulnerable.
Wynyard Group’s Advanced Crime Analytics (ACA) software is a robust solution to fight financial crimes that plague the world. Artificial intelligence & machine learning algorithms used in ACA learn from evolving criminal behavior and highlight anomalous instances that need further investigation. Thus, predicting and preventing crime beforehand.
A vigorous anti-fraud ecosystem needs to be built that would proactively mitigate financial risks. ACA is a real-time detecting software built with the combination of AI & cognitive analytics that could prevent and investigate suspicious activities.