Norkom helps Austrian bank detect fraud

26 Oct 2006

Dublin software firm Norkom has won a major deal to help one of Austria’s largest retail banks fight financial fraud and detect terrorist financing.

Bawag PSK, which has more than 1.3 million private customers and over 60,000 business customers, will deploy Norkom’s financial crime and compliance software across its business to detect, investigate, manage and report suspicious activity.

Norkom’s AML solution forms part of its fully integrated financial crime software suite which is underpinned by a common technology platform enabling clients to detect multiple types of crime from money laundering to fraud.

It provides the infrastructure required for an end-to-end financial crime strategy reducing the total cost of ownership and protecting clients from the need for large-scale technology investments with every new type of regulation or crime.

Using robust analytics the technology identifies what detection methods are generating accurate alerts and what are not. It then enables the bank to refine these to decrease the number of false positive alerts which cost the business dearly in terms of time, money and resources.

In addition the technologies’ alert and case management capabilities provide the bank with a single source of all the information the investigators require to do their jobs easily and quickly.

The bank stated: “As a company we take seriously our responsibility to protect our business, stakeholders and the community. Working with Norkom we are able to meet the existing demands of the regulator as well as have the flexibility to respond quickly to new regulations as they are introduced.

“The solution enables us to easily add in new detection scenarios and profiles and also alter the thresholds and parameter of existing ones,” Bawag said.

By John Kennedy