Month: November 2021

FiveBy Solutions Founder and President, Alex Kochis, recently spoke with CIO Review about FiveBy’s ability to create bespoke solutions for clients to mitigate fraud, and regulatory and reputational risk. FiveBy is a recognized expert in the fraud and compliance space and has helped numerous clients transform their risks into opportunities, combining unique insights, technical savvy, and human expertise to deliver comprehensive solutions for clients seeking to reduce their organizational risks.

In one instance, we worked with a client to reduce a growing problem that could have jeopardized their bottom line and reduced the ongoing fraud by over eighty percent in just under nine months… We now operate that company’s fraud program end-to-end, keeping instances of fraud – such as with credit cards – consistently below industry average.

FiveBy excels at providing tailor-made solutions for clients seeking to reduce vulnerabilities that can impact their bottom line and reputation, including account takeovers, credit card fraud, and violations of US sanctions and anti-money laundering regulations, whether by embedding with existing client teams to provide specialized expertise or building programs from the ground up. Need more information? Visit www.fiveby.com or contact us at info@fiveby.com.

 

FiveBy experts provide insights on news, industry trends, and possible regulatory and reputational risks around the corner.

Our very own Irene Kenyon, Director of Risk Intelligence at FiveBy is interviewed by Thomson Reuters in this timely article about how possible regulatory changes after the recent Treasury Department sanctions review can impact US financial institutions, the complexities of the increased use of more targeted sanctions, and the challenges posed by a sharpened focus on cryptocurrencies.

As always, being proactive is key.

“As the government focuses on more precise and targeted sanctions on specific issues, financial institutions and other U.S. firms will need to pay extended attention to possible targets and get out of the habit of simply screening against sanctions lists,” says Kenyon. “This change in sanctions strategy is going to require greater due diligence on the part of financial institutions. They really need to know their customers on a much more granular level, because that’s what Treasury is expecting.”

Inadequate sanctions screening and lack of proactive due diligence can bring all manner of risk to US financial institutions. FiveBy Solutions can help.  Need more information? Visit www.fiveby.com or contact us at info@fiveby.com.