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Banamex-Citigroup


Certified Public Accountants, are people who are dedicated financial professionals of the United States of America and who have spent a good deal of their academic career studying and passing the stringent Uniform Certified Public Accountant Examination. These professionals have, strived to meet and have met additional state education and experience requirements for their license to operate as a CPA. CPAs are the only professionally licensed people to provide the public, attestation which includes auditing and opinions on financial statements. While CPAs are known by the general public in part for their tax expertise and for maintaining the accounts books of small organizations, they are uniquely educated for the attestation function discussed above.

When Banamex-Citigroup first tackled its fraud challenges in 1994, the fraud landscape in Mexico was significantly different. The majority of fraud activity came from solitary embezzlers, anti fraud legislation was weak and there was little fraud experience in the banking community. Today, fraudsters have gotten increasingly sophisticated, while anti fraud laws are tougher and financial institutions have become more savvy in combating fraud.
 
They were spending a lot of time looking at suspicious accounts that were not fraud. They needed to more rapidly identify new fraud patterns and points of compromise and reduce the time between fraud occurrence and detection.
 
Banamex-Citigroup, Mexico’s largest financial group currently has some of the lowest fraud losses in Latin America. But nine years ago, fraud losses had jumped to more than 100 basis points and the bank’s false positive ratio was at 50 1. Banamex Citigroup was also challenged with a detection rate of 25 percent and a very low recovery rate.
 
Banamex-Citigroup decided to build a fraud solution that combined several technologies, including rules based technology, neural networks and data mining. In addition, Banamex-Citigroup has benefited from the real time capabilities of Falcon. The solution’s neural network models act quickly to identify fraud. Through a direct link between Falcon and its authorization system, the bank stops many fraudulent transactions at the point of sale before the transaction is complete. Their principals, integrity and honesty have kept generations of people like you passing through their doors.
 
 

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