EY, CustomerXPs to jointly help banks fight enterprise fraud risks

EY, an assurance, tax, transaction and advisory services firm, and CustomerXPs, a provider of enterprise fraud management products, have joined hands to assist companies with the detection, prevention and management of fraudulent transactions and activities across multiple business lines within the banking industry. According to the company, the alliance brings the forensic expertise of EY’s Fraud Investigation and Dispute Services (FIDS) practice supplementing the cross-channel/cross-product fraud management solutions of CustomerXPs ‘Clari5 Enterprise Fraud Management’ to deliver optimum solutions to clients. [caption id=“attachment_2011331” align=“alignleft” width=“380”]  Image used for representative purpose only. Reuters[/caption] The partnership will equip banks with a real-time 360 degree view of their customers, employees, branches and external entities, using transactions and activities done across business lines and channels. It will also mitigate risks related to fraud such as internal fraud, identity theft, account takeover, credit card fraud, fraudulent transactions around card not present (CNP), mass compromise etc. The combined capabilities of EY Fraud Investigation & Dispute Services and CustomerXPs can enable banks to gather and prioritise requirements related to Fraud Management and Anti-Money Laundering, project management services for solution implementation, define and refine scenarios and extent of business coverage. **"**Fraudsters have been exploiting the potential lack of coordinated and timely response by banks to single channel or multi-channel fraud schemes. Traditional systems and frameworks were designed to address specific fraud risks, products or delivery channels. As the need to connect these silos becomes more relevant today, a more strategic and enterprise-wide approach is needed. This is where the combination of EY FIDS knowledge and experience along with CustomerXPs’ software solution will provide our clients a unique edge over fraudsters," said Amit Jaju, director – Forensic Technology & Discovery Services at EY.