Junaid Rahim, COO LexTego

Leveraging partners to identifying bad actors

Identifying bad actors is complex for all financial services providers (FSP). Even seasoned operators know it is only a matter time before you are targetted by those attempting to commit fraud and launder money through your business. Even if you have a limited amount of data at the time of a transaction, it is possible to configure rules and typologies to give you a great starting point.

But ultimately, the more data you have, the more informed you are in observing typologies. The FinCrime API within Octia was designed to consume lots of data – volume, velocity and complexity. It is also extensible, allowing you to go beyond our defined API to allow for flexibility, because every Financial Services business and payment flow is different.

Octia’s API configurability presents an opportunity – what if we can supplement the transaction data with other data? What if we have information around device ID? Geo-location? PEP and Sanction checks directly integrated? Better Onboarding and continuous KYC? All of these ideas would give more granular insights into potential typologies. All of a sudden a FSP can make more informed decisions – especially for fraud in real time.

The caveat is, this only works with high quality data. This means partnering with businesses we can trust, provide direct integrations with and so recommend to our Customers. Thankfully the growing focus on compliance has helped develop a thriving ecosystem. Over the coming weeks and months, we’ll be announcing partners we think are not only great, but can be leveraged by Octia to enhance decisioning and identify bad actors. Watch this space!