EY and CustomerXPs form strategic alliance to help banks fight enterprise fraud risks

Mumbai, 20 January, 2015

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EY, a global leader in assurance, tax, transaction and advisory services and CustomerXPs, a leading provider of real-time multi-channel enterprise fraud management products, today 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.

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.

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 and 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”

The combined capabilities of EY Fraud Investigation & Dispute Services and CustomerXPs can enable banks to:

  • Gather and prioritize requirements related to Fraud Management and Anti-Money Laundering, project management services for solution implementation, define and refine scenarios and extent of business coverage
  • Re-align their organization structure and refine internal processes and policies to be aligned with the enterprise level approach toward fraud management, while benchmarking the same with other global and Indian banks.
  • Break the traditional approach of silo based fraud monitoring by providing real-time, actionable insights into data collected from various business systems, channels and products
  • Leverage intelligent models based on neural network, time series and complex analytics to deliver insights

“Fraudsters have been exploiting the potential lack of coordinated and timely response by banks to single channel or multi-channel fraud schemes. Traditional systems and frameworks were designed to address specific fraud risks, products or delivery channels. As the need to connect these silos becomes more relevant today, a more strategic and enterprise-wide approach is needed. This is where the combination of EY FIDS knowledge and experience along with CustomerXPs’ software solution will provide our clients a unique edge over fraudsters.” says Amit Jaju, Director – Forensic Technology & Discovery Services at EY.


Notes to Editors

About EY

EY is a global leader in its Assurance, Tax, Transaction and Advisory services. Our insights and the quality services we deliver help to build trust and confidence in capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In doing so, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization and may also denote one or more of the member firms of EY Global Limited, each of which is a separate legal entity. EY Global Limited, a UK company, which is limited by guarantees, does not provide services to clients. For more information on our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member firm of the global EY organization. It also does not provide services to clients.

About EY’s Fraud Investigation & Dispute Services practice

Dealing with complex issues of fraud, regulatory compliance and business disputes can detract from efforts to succeed. Better management of fraud risk and compliance exposure is a critical business priority — no matter the industry sector. With more than 2,500 fraud investigation and dispute professionals around the world, we assemble the right multidisciplinary and culturally aligned team to work with you and your legal advisors. And we work to give you the benefit of our broad sector experience, our deep subject matter knowledge and the latest insights from our work worldwide.