Question: Is there a system that can help identify and manage high-risk customers for banks and credit unions?

If you're looking for a system to help identify and manage high-risk customers for banks and credit unions, Nasdaq Verafin is a comprehensive financial crime management solution. It aggregates data from hundreds of institutions to provide enhanced security and efficiency. The platform includes fraud detection using machine learning and consortium analytics, anti-money laundering (AML) and counter-terrorism financing (CFT) management, and high-risk customer management with automated segmentation, risk stratification, and surveillance.

Another robust option is Flagright, an AI-native AML compliance and fraud prevention platform. It helps fintechs, banks, and financial services companies monitor, screen, investigate, and report financial crimes. The platform features AI-based risk scoring, real-time transaction monitoring, customer risk assessment, and a collaborative console. Flagright claims to cut manual task hours by 40%, false positives by 80%, and shorten case closure time by 30%.

For a flexible and data-driven approach, LexisNexis Risk Solutions offers a wide range of services, including financial crime compliance, credit risk assessment, and fraud and identity management. It leverages a vast database of public and proprietary information, advanced analytics, and proprietary linking technology to deliver actionable insights to detect and mitigate risks, improve compliance, and prioritize growth opportunities.