Financial Crime - Transactions and Payments Filtering

Sophisticated fraudsters and ongoing compliance challenges to define new financial crime environment

Detica NetReveal, a business division of BAE Systems Detica, today shared the key market and emerging technology issues poised to shape the US financial crime landscape in 2013.

These include:
•Enhanced focus on the fraudster footprint: Fraudsters were accountable for significant financial losses in 2012, as many firms overlooked key fraudster behavior and risk characteristics until it was too late.  Institutions will need to carefully and consistently investigate and better understand the fraudster to better protect against financial crime in 2013 – reviewing history, patterns and other characteristics to provide investigators with more well rounded insight and create a clear view of relationships in the networks in which the fraudsters operate.

•ACH and wire fraud remain favorite tools for organized criminals: With financial institutions seen as easy prey, 2013 will see an increased exploitation of ACH (Automated Clearing House) and wire fraud by organized criminals.  Firms will need to invest more to develop their defenses and implement anomaly detection to combat both anticipated and unexpected attacks.

•Mobile fraud matures: Mobile fraud will finally come into its own in 2013, as criminals leverage past source-code and tested techniques to develop more resilient malware and gain access to high level data stored on mobile devices. Financial institutions will be challenged to protect this mobile data as the number of transactions and volume of financial information stored on smartphones grow.

•Intelligent analytics comes to the C-Suite: As robust real-time analytics become an operational imperative in every firm’s battle to mitigate risk and enhance transparency, CIO’s will search for better ways to evaluate the crucial insight in their vast data sets. This renewed emphasis on analytics will also lead to data capture processes that are more specific, logical – and therefore useful to - investigative teams.

•Rising regulation demands challenge compliance departments: With looming regulatory deadlines and new initiatives on the horizon for 2013, financial institutions will be judged by how they respond to increased regulatory expectations, not merely individual regulations. To avoid becoming all-consumed with regulatory activity, compliance departments will need to focus on achieving an auditable compliance process and ensure each customer is treated fairly and consistently.

•Fair approach to sanctions and customer screenings: Achieving an enterprise approach to sanctions and PEP (Politically Exposed Person) screenings will be a requirement in 2013, as fines will likely increase if improper processes are not addressed. A consistent review process for all customers of financial institutions will guarantee that everyone is treated fairly, and removes the potential for costly fines and reputational damage.


Joe Friscia, President of the Americas BAE Systems Detica said:

“Financial institutions will continue to be top targets for fraudsters and rogue traders as these individuals find new and more sophisticated ways to enhance their criminal techniques. Simply reacting to fraudulent behavior, the latest regulations or new market risk will no longer be acceptable in 2013. Firms must take strategic, proactive action to ensure they have the most robust analytics and systems in place to protect their crucial infrastructure and vital customer data, generate actionable intelligence from their critical data, and reduce their operational and reputational risk.”

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Media Contacts:

Natasha Davies, Head of PR and Media, BAE Systems Detica

Telephone +44 (0) 20 7812 4274

Mobile: +44 (0) 7787 297 831


Rosemarie Esposito,Articulate Communications Inc.

Telephone +1 212 255.0080, ext. 20


About Detica NetReveal

Detica NetReveal is a leading provider of risk, fraud and compliance solutions to a wide range of financial services and government clients across the globe. The NetReveal suite of solutions combines predictive analytics with advanced social network analysis to identify suspicious behaviors more accurately than other solutions.

The power of our approach lies in the combination of specialist industry expertise with proven technology. We provide our clients with intelligence to more accurately assess the risk of the individual by better understanding the risk associated with the networks in which they operate. With over 130 clients across five continents, including six of the world’s current top 10 financial institutions, Detica NetReveal has a proven track record of tackling fraud, improving operational intelligence and reducing financial losses and reputational risk. Detica NetReveal, incorporating Norkom Technologies, is a business division of BAE Systems Detica.

For further information, please visit


About BAE Systems Detica

BAE Systems Detica delivers information intelligence solutions to government and commercial customers. We help them collect, exploit and manage data so they can deliver critical business services more effectively and economically. We also develop solutions to strengthen national security and resilience.

We integrate and deliver world-class solutions to our customers’ most complex operational problems – often applying our own unique intellectual property. Our services include cyber security, managing risk and compliance, data analytics, systems integration and managed services, strategy and business change and the development of innovative software and hardware technologies.

Detica is part of BAE Systems, a global defence and security company with approximately 100,000 employees worldwide. BAE Systems delivers a full range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services.

BAE SYSTEMS, DETICA, NETREVEAL are trade marks of BAE Systems plc.