EY and CustomerXPs form strategic alliance
2015-01-22EY and CustomerXPs have announced a new alliance to assist companies with the detection, prevention and management of fraudulent transactions and activities across multiple business lines within the banking industry.
Mukul Shrivastava, Partner, Fraud Investigation & Dispute Services, said, "Today, fraud risks are inescapable. The banking ecosystem too is faced with many challenges around this global hazard, making it germane to fortify their internal controls for enhanced efficiencies. The extensive domain knowledge and credentials of our forensic team, coupled with the technological prowess of CustomerXPs’ innovative solutions, gives us a unique edge to help banks safeguard their business."
Rivi Varghese, Founder & CEO of CustomerXPs, said, "Banks, unlike other industries, have access to much richer collective intelligence about customers, but unfortunately these are hidden in separate silos – and used by legacy silo based fraud solutions. We are happy to see that leading banks are now going away from this legacy silo-based approach and subscribing to our real-time cross-channel approach to enterprise fraud management. Today, we have all the major banks across all segments as our customers. The partnership with EY is a step toward our vision of creating an extended fraud network."
This strategic alliance brings the forensic expertise of EY’s Fraud Investigation and Dispute Services (FIDS) practice supplementing the cross-channel/cross-product fraud management solutions of CustomerXPs “Clari5 Enterprise Fraud Management” to deliver optimum solutions to clients. This collaborative approach will equip banks with a real-time 360-degree view of their customers, employees, branches and external entities, using transactions and activities done across business lines and channels. It will also mitigate risks related to fraud such as internal fraud, identity theft, account takeover, credit card fraud, fraudulent transactions around card not present (CNP), mass compromise, etc.
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