Larger financial institutions, especially Australia’s big four banks have sophisticated financial crimes functions, but would enormously benefit from access to external data sources that could assist with their monitoring of suspicious behaviour and predictive modelling.
Many of the external data sources for combatting OSEC crime are based on public data, where the value-add of the supplier lies in sourcing, validating, integrating, categorising, and deploying to the financial services companies.
For financial crime investigators, these unique datasets, combined with the ability to explore the links between objects within them, is of high potential value. OSEC crime is difficult to detect and report for financial institutions; transactions are of low value and may have an ambiguous character before networks of facilitators and consumers of CSAM material can be identified.
By harnessing the power of these external data sets plus modern data analytics techniques, ICMEC plans to bring innovative technology solutions to those working against OSEC crime in Australia.