Name: Sphonic
Author: Signicat

Help Desk

Web and Video Conferencing

Customer Support

AI Code Generation

Continuous Integration

Product Lifecycle Management (PLM)

Development

Business Intelligence (BI)

Case Management

Collaboration

Enterprise Resource Planning (ERP)

Environmental, Social, and Governance (ESG)

Traceability

Enterprise

Accounting

Financial Close

SaaS Spend Management

Finance and Accounting

Applicant Tracking

Corporate Learning Management

HR Management

Job Board

Payroll

Talent Intelligence

Talent Management

Time Tracking

Workforce Analytics

Workforce Management

Human Resources

AIOps

Bug Bounty

Cloud Management

Cloud Storage

Composable Infrastructure

Data Center Backup

Data Center Networking

Email Encryption

Embedded Database

Fraud Detection

Graph Database

Integration Platform as a Service (iPaaS)

Managed Hosting

Message Oriented Middleware

Mobile Application Performance Monitoring  (APM)

Network Function Virtualization (NFV)

Network Performance Monitoring

Process Mining

Rack Servers

Runtime Application Self-Protection

Secure Access Control

Security Validation

Service Desk Outsourcing

Storage Management

Value Stream Management

Information Technology

A/B Testing

Ad Serving & Retargeting

All-in-One Marketing

Content Management

Customer Journey Analytics

Customer Journey Mapping

Email Marketing

Influencer Marketing

Marketing Automation

Social Media Analytics

Social Media Management

Survey & Forms Building

Web Analytics

Marketing

Project Management

Professional Services

Customer Relationship Management (CRM)

Sales Content Management

Sales

File Integrity Monitoring

Security

Agriculture

Clinical Data Management

Insurance Underwriting and Rating

Jail Management

Mental Health

Travel Agency

Warranty Management

Vertical-Specific

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Sphonic, developed by Signicat, is an AML Transaction Monitoring solution that aims to detect and prevent fraudulent transactions and money laundering activities in real-time. According to the vendor, this platform is designed to cater to small to large enterprises in various industries, including financial institutions, payment service providers, e-commerce companies, online gaming companies, and cryptocurrency exchanges.

## Key Features

**Real-time AML Transaction Monitoring**: According to the vendor, Sphonic allows for the identification, tracking, and action on customer behavior in real-time, providing a single platform for AML Transaction Monitoring. The vendor claims that this feature can aid in the detection and prevention of fraudulent transactions and money laundering activities.

**Control Centre for Fraud and Risk Teams**: The vendor states that Sphonic creates a centralized control center for fraud and risk teams, enabling efficient management and tracking of suspicious behavior. This feature aims to facilitate collaboration and streamlined workflows for fraud detection and prevention.

**Integrated Platform for AML, Fraud, and Affordability**: According to the vendor, Sphonic profiles AML, fraud, and affordability in a single integrated platform, removing isolated data silos and avoiding redundancy. The vendor claims that this feature can help save costs associated with managing multiple platforms.

**Set and Manage Rules and Parameters**: The vendor states that Sphonic allows for the setting and management of rules and parameters for transaction monitoring, with a focus on identifying and reviewing problematic customer cases. According to the vendor, this feature utilizes additional rich data and advanced algorithms to assert tolerance levels to the broader customer base.

**Watchlist/Blacklist and Whitelist Customers**: Sphonic enables watchlisting, blacklisting, and whitelisting of customers to identify and monitor high-risk individuals or entities, according to the vendor. This feature allows for targeted actions based on customer risk profiles.

**Escalate Cases and Generate Real-time Insights**: According to the vendor, Sphonic escalates suspicious cases to management and AML Reporting Officer, streamlining data into the Case Manager for real-time insights. This feature provides a comprehensive view of customer transactions for effective decision-making.

**Risk-Based Monitoring**: The vendor claims that Sphonic offers risk-based monitoring by consuming transactional data and leveraging "funds flow" to determine AML and risk grades for clients. This feature categorizes customer transactions into risk buckets for appropriate actions.

**Customizable Risk Thresholds and Automated Actions**: According to the vendor, Sphonic allows for the customization of risk thresholds and triggers automated actions, enabling tailored risk management based on specific requirements. The vendor states that this feature sends results as a light touch payload or full payload as needed.

**Adjustable and Optimized Rules**: Sphonic deploys rules that can be adjusted and modified as per changing needs, with ongoing optimization support from the expert team, according to the vendor. This feature aims to ensure continuous improvement of transaction monitoring effectiveness.

Sphonic, now part of Signicat, an Orchestration Platform to support compliance and fraud management in the digital economy. With access to a marketplace of over 85 fraud, risk and identity providers accessed via a single API and exposed via a proprietorial workflow engine, an organisation can automate KYC, KYB, AML & Fraud Transaction monitoring leveraging their collaborative solutions approach.

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Fraud Detection Software, and Risk Management Software, are systems designed to detect and prevent fraud in real time and secure web, mobile, and phone transactions. These platforms are tailored to the needs of financial institutions and also retail organizations who sell online, and may vary in scope along the needs of their intended users.

Signicat

Fraud Detection Software Features

Features related to products that help users with fraud detection.

Anomaly Detection

The software uses advanced algorithms to identify patterns of behavior that deviate significantly from the norm, enabling detection of fraudulent activities.

Timely Monitoring

The system constantly monitors transactions and activities as they occur, providing immediate alerts for any suspicious or potentially fraudulent behavior.

ID Verification

The software incorporates robust identity verification mechanisms such as KYC (Know Your Customer) processes and multi-factor authentication to ensure the legitimacy of users.

Data Analysis and Pattern Recognition

Utilizing machine learning techniques, the software analyzes large volumes of data to identify patterns and correlations that may indicate fraud.

Rule-based Alerts

The system can be configured to generate alerts and notifications based on predefined rules that indicate suspicious or fraudulent behavior.

Investigation Tools

The software provides tools and workflows to manage and investigate potential fraud cases, allowing users to document findings, collaborate, and initiate appropriate actions.

External Data Integration

The system can connect with external databases, APIs, and third-party services to gather additional information and enrich the fraud detection process.

Compliance and Regulatory Support

The software incorporates features to help organizations meet compliance requirements and adhere to regulatory frameworks in the context of fraud prevention and detection.

User Interface

The software provides an intuitive and easy-to-use interface with interactive dashboards, allowing users to quickly navigate, access relevant information, and take necessary actions.

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Sphonic

Overview

What is Sphonic?