This document provides an in-depth exploration of how Featurespace can assist with the necessary measures, as outlined in BNM’s latest circular, to comply with their fraud detection standards. It highlights how banks and financial institutions can operationalize these criteria, address the risks associated with electronic transactions, and safeguard customer data while maintaining regulatory compliance by the deadline of 30th June 2025.
Bank Negara mandates that financial institutions must establish detailed risk profiles for each customer to enhance fraud detection through behavioral analysis—an area where Featurespace excels with its Adaptive Behavioral Analytics.
Key requirements include:
- Real-time detection and blocking of suspicious transactions, especially for vulnerable customers.
- Prompt investigation and customer notification upon blocking transactions.
- Institutions must continuously update fraud detection systems to combat new fraud modus operandi, which Featurespace’s models can adapt to without human intervention.
- Additionally, integrating all activities from all channels into fraud detection systems and ensuring transparency and proper governance through the ability to review and audit fraud detection parameters and processes are essential components that Featurespace’s solutions effectively address.
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