19Augu - Sept 2021 The OASIS solution provides a centralized interface for suspect adjudication workflow and enables case management for those items requiring additional researchChampion model and the Challenger models. While Champion is the model that produces the official fraud model risk score, Challenger executes alongside the Champion. "Scores are recorded but are not used by OASIS. There can be one or more Challengers," states Engebos. Scores for Challenger models and the overall alert scores are compared to the Champion model to determine the best performing alert generation engine and the best strategy and timing for transitioning from the Champion to one of, or a combination of, Challenger models.Further, OASIS offers complete Regulation CC hold functionality in real-time at the teller line with fully-automated recommended hold amounts based on defined thresholds and durations. The solution automates the work of determining which items a hold should be placed on, how much the hold should be, and then automatically places the hold, minimizing Reg CC decision-making by the teller. OASIS also supports case-by-case and exception hold processing. In both cases, the solution notifies the teller of the available dates for each hold and applicable hold reasons and then prints the hold notice for the customer.To address fraud related to cash transactions and threats of money laundering, OASIS AML identifies potential money laundering and terrorist financing activities and enforces due diligence. The solution's comprehensive case management capabilities and integrated workflow help financial institutions reduce regulatory risks, reputational risks, and financial losses. OASIS AML also enables compliance officers to learn more about customers by providing automated risk analysis at account opening and throughout the customer relationship. The solution provides enhanced due diligence tools to create customer-risk profiles based on customer information, watch-list searches, and analysis of key risk indicators. It also mitigates risks and identifies high-risk customers through ongoing analysis, and maintains and updates client information for continuing due diligence. "Using customer information, files are analyzed based on attributes, such as products and services utilized, type of business, or income and address demographics," explains Engebos.ARGO's increased accuracy in fraud detection has a direct impact in all cost components of running fraud prevention departments, including deposits, retail, IT, and certainly impacting the bottom-line. "We continue to significantly invest in several areas, including constantly improving analytical capabilities and expanding on the detection and prevention features," says Engebos. Investment in R&D will increase the ability to detect more fraud and fraud types accurately while reducing false positives, cost, customer friction, and dissatisfaction.
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