Industry : Izengard handles Financial Crime, Cyber Security and IT Risk Managed in a unified manner
Industry - Please click the arrows below to get an overview of the issues in each industry and how Izengard is positioned to address these challenges
Retail / Digital Consumer Banking
This segment is a favorite target of all criminals as this is where the bulk of the consumer accounts lie. From obtaining someone's identity, to socially engineering customers as well as infiltration of vulnerable employees who turn rogue. Customer journey convenience allows criminals to also perpetuate their crimes in real time, leaving consumers and the banks often with little recourse. Izengard is designed to act in real time on multiple in-coming parallel threats and save consumers as well as reduce or eliminate any losses for the bank.
Corporate / Wholesale Banking
Corporate or wholesale banking is often the victim of sophisticated shell companies or other nefarious activities. Fraud and ID impersonation/theft plays a big role due to large value of transactions and the variety of different services and various intermediaries for international trade. Whilst this is risky, Izengard has in-depth knowledge of typologies, threats and how to catch suspicious activity with sophisticated profiling, use of UBO and other data sets and the ability to catch suspicious anomalies using multiple factors.
Private Banking / Wealth Management
In Private Banking and Wealth Management, threats often come from shell companies, misuse of trusts and sometimes from within the staff at the banking unit. Whilst some of the schemes may get elaborate, Izengard does a more complete source of wealth, source of funds check and performs extensive profiling on economic sense of transactions. Where alias identities and complex org structures are found, Izengard creates a risk score based on it's wider global data sources and through it's own consortium model and this aids banks in avoiding or transfer of risk.
Investment Banking / Capital Markets
The Investment Banking and Capital Markets industry is more prone to insider threats that result in Conduct Risk. Conduct Risk is itself a fraud and could lead to money laundering. However, some of the threat may occur due to leakages of data by poorly configured IT systems or internal malicious actors. Izengard focuses on Markets based AML and Trade/Market Surveillance as well as protects the cyber-security, employee surveillance and IT risk management of the core infrastructure. In addition Izengard applies client categorization and product/service suitability during KYC to client needs.
The scale and pace of change in the Payments industry is staggering. Combining mobile usage, apps and simplicity and ease of payments has greatly facilitated the customer journey. However, this convenience comes at a price, as criminals can steal Identities and associated payments mechanisms from mobile devices, from insecure IT infrastructure at e-commerce sites, payments processors and anyone else who accepts payments. Izengard has robust cyber-security, ID fraud and transaction fraud/monitoring for AML with a strong sanctions component.
Crypto / De-Fi / NFT
The opportunity that De-Fi, via Web 3 and use of crypto/blockchain protocols allows low cost, ease of use and instant transfers of value. Although very complex and in many cases can resolve fraud/ID, the technology is open to cyber-attacks as well as maliciously programmed smart contracts and byzantine nodes as well as opaque pricing valuation. Market and Trade Surveillance, as well as KYC, ID Fraud, transactional fraud, AML transaction monitoring and sanctions are key areas of focus. Izengard is expected to release a full solution in 2023 but a partial solution is currently available.
The insurance industry holds vast amounts of data on individuals and companies, much of it is behavioral when it comes to health and auto insurance. This makes it a fertile attack ground for cyber-hackers, who want to obtain the data and then use payments plus other data to defraud victims. Criminals also launder money through investment-linked insurance policies, or those involving early payouts in case of events (i.e. damage, flooding etc. Izengard is developing a range of typologies across all 3 domains and will be launching a solution set in 2023.
The casino industry in Australia, South Africa and several other countries have recently undergone in-depth scrutiny over money laundering. Izengard covers a range of typologies in this sector, i.e. from Casino value instruments, Exchanges of currencies, Casino accounts and lines of credit, Employee complicity. Izengard has knowledge of and implementation of typologies, anomaly detection methods and works with video security, documentation providers and with RFID/NFC type devices to uncover the problematic areas. A solution will be launched in 2023
Law Enforcement / Defence
Law Enforcement and Defense, is generally where the case get's finally adjudicated before it goes to a court. The capabilities needed here are FIU information sharing, strong case management and an intelligent investigations platform. We expect to roll out a solution in 2024, but many of our key capabilities can be used immediately for white collar crime.