Data analysis may help reduce risks of financial crimes

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    Timely and effective analysis of data is key to reducing the risk of financial crime, according to executives from Fiserv, Inc, a leading global provider of payment and financial services technology solutions.

    The security of financial information is an important worldwide issue with increasing local impact. According to data from the Philippine National Police-Anti Cybercrime Group, cybercrime cases in the country increased by 80% in 2018. And efforts continue towards the implementation of the National Cybersecurity Plan 2022, which is meant to protect the country’s infrastructures, as well as its citizens, from various internet-related threats.

    Ivo Distelbrink, Head of Asia Pacific at Fiserv, encourages businesses and financial institutions to take steps to ensure the accuracy, integrity and lineage of the data they handle in order to better manage the risk of financial crimes such as money laundering.

    Andrew Davies, vice president of global market strategy and Financial Crime Risk Management at Fiserv, said, “Data that lacks integrity is unreliable as a source of information. And without being able to trace lineage, there is no way to confirm that the data has not been undermined at some point in its lifecycle.”

    Ensuring data accuracy, integrity and lineage requires collaboration between multiple parties within a business, including the CFO, chief risk officer, technology and compliance teams.

    Fiserv provides a breadth of tools and expertise to facilitate the analysis of financial, customer and market data. In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life.