Transaction fraud is on the rise, with total losses expected to exceed $48 billion in 2023. Deter financial fraud and maintain compliance with a powerful transaction monitoring tool designed for compliance and risk teams.
Use one tool to manage the whole process, with less false positives and easier case management
Detect signs of fraud in real-time. Data-driven approaches help you prevent money losses
Connect KYC, AML, and KYB verification with transaction monitoring to detect and report any suspicious activity
Get a complete picture of your customers’ risk profiles. Sumsub allows you to track the whole user journey, from the moment they sign up till transaction completion. This helps you make informed decisions and keep your business safe
Meet regulatory requirements and stop all types of fraud, including payment/chargeback fraud. Monitor suspicious activity with a risk-scoring approach and easily report when it’s detected
Ensure AML compliance to stop all fraud, including bank card theft. Use transaction monitoring to run bank card risk scoring for credit requests and thresholds checking
Prevent promo and deposit abuse, as well as unfair chargebacks. Detect specific fraud patterns including multi-accounting, arbitrage betting, and affiliate fraud
Stop payment fraud, including illegal chargebacks and credit card fraud. Also, your users are securely protected from account takeovers
Сompanies that work with Sumsub save costs and increase revenue, according to the “Total Economic Impact™ Of Sumsub’s Verification Platform study by Forrester Consulting. Let’s see what results you can get
Sumsub provides pre-set rules for a wide range of scenarios, from responsible gambling to bank security. You can also create custom rules based on your own data sources, no coding required, and test them in dry-run mode using both historical and live data before implementation
Sumsub’s AI actively uses pattern analysis that goes far beyond the industry-standard screening parameters. This uncovers even the most well-hidden money laundering schemes and criminal groups
One flow for checks means easier case management, more collaboration between departments, plus transparent KPIs and reporting. All this helps maximize case processing speed, giving you more time to focus on the things that really matter
Sumsub’s solution architects will customize the rules for you based on your requirements. If you prefer to adapt things on your own, enjoy our no-code visual interface and 24/7 support
Compare and see how we excel beyond our competitors in key areas, as validated by user reviews on G2
AML transaction monitoring is the process of screening customer transactions for signs of money laundering activity. This process involves the assessment of current and historical customer data, including transfers, withdrawals, and deposits, for discrepancies. Suspicious activity involves income from undeclared sources, the use of false social security numbers, and a large number of transactions under $10,000, among others.
Transaction monitoring is performed by identifying suspicious events either in the customer’s financial history or in actions they are about to take. Every financial institution tasked with transaction monitoring has a set of rules, based on which suspicious or illegal activity is flagged for review. In some cases, this activity can be automatically prevented—such as transferring a large sum of money without providing a source of funds statement first. This process is done most efficiently with the help of AML transaction monitoring software.
It’s a financial transaction monitoring tool that helps detect suspicious activity with an easy-to-use KYT (know your transaction) solution. There are different automated transaction monitoring systems available on the market. They can use a variety of techniques to detect and report suspicious actions, e.g as irregular transaction patterns, or inconsistency between declared income and spending.
Suspicious activity monitoring is the process of identifying possible illegal transactions or fraud. This is done both automatically and manually by inspecting individual cases, fraud signals, and establishing connections that could indicate fraudulent activity. This is a necessary monitoring activity that must be carried out for both KYT compliance and risk management.
Businesses need to be able to access information about complex or suspicious transactions and the related sources of funds. Otherwise, there is a risk of fines, penalties, and even license revocation. In 2021, Standard Chartered was fined $40 mln. for deficiencies in its compliance program, specifically transaction monitoring. Thus, firms must be able to protect themselves from becoming platforms for money laundering and other financial crimes by screening suspicious and contradicting information.
Transaction monitoring in KYC allows detecting signs of suspicious user activity, such as money laundering, terrorist financing, fraud, identity theft, and more. In general, companies need to ensure that user transactions are consistent with their knowledge of the customer received during Know Your Customer (KYC) procedure. Transaction monitoring is required by any business that falls under AML regulations and deals with customer transactions. This mainly includes financial institutions such as banks, fintech companies, money services and more.