Signicat teams with the International Compliance Association
The partnership seeks to help businesses encourage genuine customers while improving early identification of fraud
Signicat, provider of verified digital identity solutions in the regulated financial services industry, has teamed up with the International Compliance Association (ICA) to evaluate future challenges for orchestration, digital identity, fraud, and compliance.
According to reports, insurance fraud and the cost of its prevention is on the rise. In 2023, cybercrime alone cost the global economy US$8 trillion, which is predicted to rise 15% each year over the next three years. Meanwhile, fraud detection and prevention cost $63 billion worldwide in 2023.
As criminals devise new scams and evade detection, businesses can struggle to stay ahead. Equally, reports show that regulators publish an average of 200 regulatory updates per day, having levied $55 billion in anti-money laundering (AML) fines since the 2008 financial crises.
Resetting fraud prevention
Signicat suggests orchestration offers a new way to tackle the longstanding issue. Orchestration platforms integrate multiple applications and services to automate a particular process. According to the company, Signicat’s RiskFlow Orchestration model covers digital identity solutions for the entire customer lifecycle.
Riten Gohil, Digital ID, Fraud and AML Orchestration Evangelist at Signicat, commented: “Most organizations spend a huge amount on tech platforms but haven’t thought about cohesion. Orchestration was designed to remove data silos, drive a better understanding of good and bad actors, and allow firms to meet regulatory obligations without compromising on them.”
Pekka Dare, President of ICA, said: “We are delighted to have collaborated with Signicat on this ebook on orchestration. Orchestration is just one part of broader discussions around technology that ICA cultivates for our global compliance community, and we are thrilled to have Signicat’s expert insight on orchestration and how it can help compliance professionals.”
He added: “We recognise that technology’s impact on compliance has been profound; understanding how technology has and will develop is crucial to ensuring compliance professionals can continue to meet regulatory requirements, satisfy stakeholder demands and help firms do the right business in the right way.”