Ingenuous: Reinvigorating Banking Security

Clint Mills, CEO, IngenuousClint Mills, CEO Whether it’s money transactions, customer experience management or marketing/digital marketing products, technological disruptions are supporting the much-needed shift in the financial sector. The swing towards the digital economy is bringing seismic changes in the existing workflow of businesses and governments. In this mix, innovative companies are jostling for space and operating in a highly dynamic and evolving environment to pursue growth at a blistering pace.

Conversely, in the backdrop of market disruption, organizations have exposed themselves to a plethora of cyber crimes and regulatory risks. Aiding this problem is the lack of understanding among enterprises about the adverse consequences of cyber crimes. In this regard, financial crimes start-ups that are not weighed down by obsolete systems can be more innovative and effective as they offer personalized services to each of their clients more efficiently and cost-effectively.

"The firm’s flagship product— Intuition provides a one-stop-shop solution for preventing frauds and managing compliance"

Clint Mills holds pertinent experience of working on both the tangents. Today, he chairs as the CEO of Victoria-based start-up Ingenuous and was designated at executive positions in GBG DecTech and DecTech Solutions including his stint as a senior consultant of Experian. “We are a start-up. However the team behind Ingenuous have many years of experience in the financial crimes space, and that gives us profound opportunity to design state-of-the-art solutions from scratch,”he says.

Highlighting the inherent problems in the financial crimes space, Mills elucidates that while deploying digital tools, financial institutions often expose themselves to several vulnerable attacks and fraudulent activities. “Fraud prevention is not only about eradicating breaches, but it’s automating manual tasks, protecting innocent customers from becoming victims of financial crimes, and making better use of data so that organizations can continue to drive their fraud prevention efforts.” Realizing the growing need to reinvigorate the cybersecurity posture of financial institutions, several regularity bodies have amended stringent security guidelines to stop breaches and increasing cyber attacks. Further, many incumbent vendors and companies offer proprietary solutions to underpin the security network of the banking sphere. “However, there still lingers a gap for companies who are focused on product innovation and customer service,” points Mills. This is where Ingenuous can help.

Based in Melbourne, the six-month-old start-up offers flexible fraud prevention and compliance solutions that can be either installed on premise or in the cloud. Powered by a competent team with pertinent experience in the financial crimes space, Ingenuous renders robust security solutions to aid its clients in preventing fraud and adhering to compliance standards.

“Unlike many other competitors in the space, our solution is built using latest technology which gives us access to a significant number of functionality and performance features,” adds Mills. Ingenuous gives the prowess to its clients in making informed automated decisions while onboarding customers and managing their transactions. “This includes banks and financial services, insurance, payment and e-commerce, telecommunications and utilities, as well as betting and gaming.” Ingenuous leverages machine learning techniques in its solutions to strengthen prevention strategies, bolster operational efficiency, minimising false positives, and automatically detect and deter the technical anomalies.

We are a start-up. However the team behind Ingenuous have many years of experience in the cybersecurity space, and that gives us profound opportunity to design state-of-the-art solutions from scratch

“Specifically, we are “platform agnostic” which means that our software can be deployed in Linux, Windows, or any cloud platform including AWS and Microsoft Azure.” To identify all possible corridors of fraud and compliance risks, the company explicitly examines clients’ existing systems and accordingly deploys market proven practices to eradicate them. “We are using state-of-the-art technologies both on the front and back end of our solutions portfolio, allowing the solution to manage itself automatically, removing the need for system administration required from the client’s side” states Mills.

A Comprehensive Product Addressing Financial Crimes Prevention and Compliance

With a single proprietary solution, the firm enables its clients to oversee several facets of prevention strategies in real time. The firm’s flagship product—Intuition provides a one-stop-shop solution for preventing frauds and managing the stringent compliance guidelines of regulatory bodies. To delineate the overall benefits of Intuition, Mills elucidates the features and advantages of both the components of the product. Firstly, he says, Intuition for Onboarding enables banking firms to pre-empt frauds and adhere to compliance standards at various stages of customer onboarding including Application Fraud Prevention, KYC Watchlist Filtering, and AML compliance. The other component—Intuition for Monitoring enables organizations to mitigate the fraudulent activities and comply with the regulatory standards when they start transacting on their accounts.

Further, Intuition for Monitoring enables organizations to detect other counterfeit acts such as Counter-Terrorism Financing (CTF) and other illegal monetary activities. Along with helping organizations in managing frauds and compliance standards, the firm also helps them in credit risk management. “Therefore in the second phase of our development, we are looking to introduce a credit application processing solution which will enable organizations to manage the customer onboarding process from end to end.” The firm also provides a flexible data model to simulate appropriate strategies for its clients. “With the model, companies can deploy a disparate set of strategies in a live environment to see what works best for them.”

Consulting Exercise

“As part of any project, we undertake a consulting exercise to ensure that our clients have identified all possible fraud and compliance risks within their organization,” cites Mills.

The firm’s pool of competent business consultants aids organizations in fraud risk management and credit risk management programmes such as predictive data science, fraud and AML framework, model validation, and fraud and AML tool optimisation.

Threat! No More...

Highlighting the ubiquitous concerns of fraud detection, Mills mentions that amidst the ever-changing market scenario, organizations need to reinvigorate their security nomenclature to stop innocent customers from becoming victims of cybercriminals. He further mentions that the world today seems governed by U.S., UK, and European vendors and suppliers who are not very aware of the inheriting demands of the Asian market. In this scenario, Mills saw the need for a company who could explicitly comprehend the requirements of the Asian market and serve with to reach their business endeavours. “The motto that governs our offerings is product differentiation and customer service. We believe that these two things are what success is built on.” To this end, his firm continues to supplement its fraud prevention efforts to serve organizations in mitigating cyber attacks continually.

Quoting an example, Mills mentions one of their financial services clients, who deployed Intuition for Monitoring for both transaction fraud prevention and AML, which promoted comprehensive visibility into all frauds and money laundering activities. “At the same time, we are automating some manual processes including checking against watchlists, verifying transactions with customers by SMS and other messaging platforms instead of a phone call, and compliance reporting.”

The Technology Experts

The firm continually keeps an eye on the emerging technologies of the market to continually serve its clients with best-in-market products. “We constantly do R&D to build the best proprietary solutions for our clients.” To continue to invigorate the financial crimes space, Ingenuous continually looks for partners who are committed to developing cutting-edge solutions. “Our mission is to deliver the highest level of customer service to our clients–this is how we differentiate ourselves from other peers of the market by not being just an impersonal help desk but being a real-valued partner.” For instance, through collaborating with Infosonic, Ingenuous renders a near-field communication technology solution called Sonic Code to bolster security during mobile payment and authentication services. Sonic Code uses inaudible sound to communicate between devices rather than Wi-Fi or visual techniques such as QR code and barcodes. The most distinguishing factor about Sonic Code is that it cannot be copied or replicated as it is encrypted, and every single code is unique. “The accuracy rate is much higher and it doesn’t require any new hardware, as all mobile devices already have a speaker and microphone.” Along with Infosonic, Ingenuous also established strategic partnerships with SecureITLab (Enhancing digital security) and ASLI RI (Biometric identity verification).

Forging ahead, the firm envisions expanding to China, Europe, the UK, and Africa apart from continually serving its client in Australia, New Zealand, South East Asia,and the Middle East.“Our goal is to continually bolster our product offerings and deliver an optimum experience to each of our clients. We aim to continue reinvigorating the cybersecurity space and pre-empting our clients from being an easy target of fraud and other financial crimes,” concludes Mills.

- Rohit Kumar
    December 14, 2018