To combat fraud and remain compliant with Anti-Money Laundering (AML) regulations, banks need to establish strong fraud detection, Know Your Customer (KYC), Know Your Business (KYB) processes, and AML processes. Legacy KYC/KYB processes have long been viewed as a sufficient defense mechanism for protecting banks from fraud by helping them detect suspicious behavior and identify fraudsters at origination. However, as fraudsters become more sophisticated and regulations continue to shift, banks need to step up their compliance and fraud strategies.
It isn’t uncommon for most banks to grapple with whether to build or buy this important piece of their tech stack. The decision is complex and requires careful consideration of factors such as cost, expertise, time to market, and compliance. Banks need to balance not only speed and accuracy, but also compliance and legitimate business needs like the prioritization of good customer experiences.
In this eBook, we’ll explore:
The components that make up a robust Identity Risk Solution
When it makes the most sense to build your own solution in-house
When it makes more sense to purchase a solution and outsource to a third-party vendor
Frequently asked questions banks face when they’re making the decision to build vs. buy
A checklist of questions to help banks understand what they need to be asking their internal teams and reviewing with potential providers
