CWG, a leading
information technology company, and its key strategic partner, Clari5, a
provider of enterprise financial crime risk management solutions, have
reaffirmed their commitment to providing solutions that will aid in the fight
against fraudulent activities in financial and other institutions.
The two institutions are leading the charge in the introduction of new
technologies and procedures to help organizations identify fraudulent
transactions while preventing employee fraud.
Managing Director of CWG Ghana, Harriet Attram Yartey said it has become
necessary for banks to maintain a high level of security in order to maintain
their market positions, and for that purpose, the partnership with Clari5 has
come in handy to help achieve the said objective.
“Over the past few years, the fraud and money laundering landscape has grown
alarmingly complex, and it is obvious that banks are looking for more effective
ways to stop the plague but with Clari5, banks now have the power of a
world-class enterprise-wide real-time financial crime management solution that
has been changing the way banks fight financial crime,” she said.
She further urged banks to invest more in technology to generate more revenue
and also keep up with emerging trends and connect with major global financial
institutions.
“I believe banks and financial institutions could innovate more than what they
are currently doing in terms of deploying systems and, we also need to stop
seeing technology deployment as cost. This is because technology is implemented
to solve problems within the organization and whilst those problems are being
solved, it creates opportunities for the various business departments to
leverage to drive more revenue into the banks and the financial institutions,”
she added.
Chief Executive Officer for Clari5, Rivi Varghese said as part of measures
taken to curbing the threat, a new customized product modeled after a
centralized brain system has been created to help organizations monitor and
track down fraudulent activities.
“With over 200 million accounts at a single site, Clari5 has the world’s
largest implementation of a centralized fraud management. In a bank, the credit
card department has its own security solution and so has the internet banking
department and so on, essentially all operating in silos. Because a centralized
system is lacking, you have this problem for instance of an insider who will
log into a high net worth account and check a customer’s balance through the
core banking application, send the information to an outside accomplice who
will log into the same high net worth account from the internet banking
application and siphon funds, without the bank knowing that both seemingly
independent actions are linked. We have developed what we call the centralized
brain that can help organizations identify these illegal activities,” he said.
He explained that Clari5 does not design products and dump it on banks but
rather design tailor-made products depending on the focus and aspiration of the
bank and its customers.
“Every human being has a soul, and banks capture customers’ souls. In fighting
banking fraud, some banks take a silo approach or what I call a piecemeal
approach. You can prevent some basic frauds using a silo approach but when it
comes to complex fraud, you need an integrated approach,” he added.
Head of Project Management and Corporate Development at CWG Ghana, Oluwaseun
Layade on his part reiterated CWG's goal of continually contributing to the
Information and Communication Technology sector by consistently delivering
service excellence using global best practices. “Our business spans multiple
markets, including telecommunications, oil and gas, financial services, and
manufacturing, among others, and our long-term goal is to remain Africa's benchmark
for ICT excellence,” he said.
He stated that the core of CWG's philosophy is to use a customer-centric
approach to create the best experience for its customers.
“We are a business solutions provider, not just an IT provider. We look at
business problems and use IT to solve them so that these businesses can grow.
It is mostly about our customers, not about us. Be it any kind of business,
whether it is a bank, insurance company, hotel, manufacturing company, or any
other organization; they are there to serve other people, and we are here to
assist these organizations in serving their customers, so even as a pan-African
company, we are a multidisciplinary organization,” he said.
Africa Regional Head for Clari5, Rishin Roy Chowdhury, urged management executives
to be mindful of the banking methods they use in carrying out activities,
emphasizing that organizations should best observe their customers to find the
best method needed to carry out activities, which would also help prevent
internal fraudulent crimes.
Source:
Peacefmonline.com/Ghana