Every financial institution struggles with the headache of dealing with fraud and money laundering. While a number of vendors provide various anti-fraud point solutions that focus on detecting and preventing fraud on a department or company level basis, none have succeeded in providing a community-wide view of fraudulent entities. Unfortunately, individuals and businesses involved in serious fraud and money laundering often spread the criminal activity across multiple financial institutions during a single campaign. By the time an individual financial institution detects the fraud, the damage has already been done to the whole community.

If financial institutions could share experiential data about known and suspected persons of interest, they would significantly reduce the amount of revenue lost to fraud and money laundering. While certain types of data sharing are actually encouraged in certain cases by the USA Patriot Act, the reality is that very little “data sharing” is occurring between financial institutions. The fear of what the term implies, e.g., a lack of structure, privacy, security data integrity, and trust, are roadblocks that often prevents institutions from doing anything at all.

I-BIRDS is a community search solution that provides a secure, data-privacy compliant, collaborative, and automated means to search for and verify persons of interests to leading financial institutions within the banking community. With I-BIRDS, financial institutions have the ability to verify whether their own suspected fraudsters have potentially committed fraud within other participating financial institutions; and this can be accomplished in a secure and privacy-compliant manner. This will allow the institutions to react quickly and build stronger cases against the suspected criminals.

With I-BIRDS, financial institutions can:

• Comply with FinCEN’s regulations that encourage data sharing.
• Increase compliance levels and reduce revenue losses due to money laundering.
• Improve their understanding of the risk financial criminals pose as they affect other participating financial institutions.
• Reduce loss and increase loss recoveries through a community-assisted detection of suspicious entities.

Key Capabilities:

• Privacy compliant Anonymous Identity Resolution that enables financial institutions to make queries into other financial institutions’ experiential FRAML data without violating corporate or government privacy policies.
• Real-Time Federated Search for making live queries into a community of financial institutions.
• Sophisticated Identity Resolution that accurately detects exact and inexact identity matches.
• Reliable and proven technology that is used by customers such as the U.S. Department of Homeland Security for mission critical projects.