Who should enter the ‘Best Fraud, Identity & Financial Crime Solution’ category?

The ‘Best Fraud, Identity & Financial Crime Solution’ award recognizes exceptional FinTech designed to establish trust, detect suspicious activity and protect financial services from criminal misuse.

Every financial relationship depends upon confidence in who is involved and whether an activity is legitimate. Financial institutions must respond to the threat of financial crime, while ensuring genuine customers can still open accounts, make payments and access services without unnecessary obstacles.

This category is for FinTech products addressing fraud prevention, identity assurance and the detection or investigation of financial crime. Entrants might specialize in a single problem or provide broader capabilities spanning several stages of the customer and transaction lifecycle.

Eligible solutions may support banks, payment providers, lenders, insurers, investment businesses, FinTech companies, marketplaces or other organizations exposed to financial crime.

Man, lawyer and tablet with thinking in office for research, decision or review evidence for tax fraud case. Person, attorney and touchscreen with financial crime, info and app at corporate law firm

Examples

The technologies within this category can intervene at different points before, during and after potentially suspicious financial activity. Examples include:

Woman using 2FA two-factor authentication to login to her laptop for advanced security and identity verification

Technology used to establish and verify the identity of individuals or businesses when they access financial products and services.

Solutions may combine document verification, biometrics, database checks, digital identity credentials, liveness detection or other identity signals to determine whether an applicant is genuine.

Applications could support customer onboarding, account opening, authentication or higher-risk interactions, helping organizations prevent stolen, synthetic or falsified identities from being used to gain access to financial services.

AI financial fraud detection

Systems designed to recognize and prevent fraudulent activity across payments, accounts, lending, insurance and other financial products.

Technology may assess transactions, devices, customer behavior, account histories and other contextual information to identify activity that warrants intervention. Applications could address unauthorized transactions, account takeover, application fraud, payment scams, card fraud or emerging forms of digital deception.

Solutions may operate before a transaction is completed or identify patterns across activity over time, with the aim of stopping losses without unnecessarily blocking genuine customers.

Financial risk management with AI tools

Technology that examines customer and transaction activity for indicators associated with money laundering and other forms of illicit finance.

Solutions might identify unusual transaction patterns, monitor changes in customer behavior, apply risk-based scenarios or use advanced analytics to reveal activity that conventional rules could overlook.

Entries may also improve how alerts are prioritized and reviewed, helping financial institutions concentrate investigative resources on activity presenting the greatest concern.

AI services for customer satisfaction

Solutions supporting Know Your Customer and Know Your Business processes throughout the financial relationship.

Capabilities may include identity and business verification, beneficial ownership checks, customer risk assessment, due diligence, screening and ongoing monitoring for changes in relevant information.

Technology in this area can help financial organizations develop a more complete understanding of the people and businesses they serve while reducing the administrative burden associated with gathering, checking and maintaining customer information.

Corporate Manager Analyzes Financial Metrics

Technology that connects data, entities and events to help organizations uncover wider patterns of suspicious or criminal activity.

Applications could include network and link analysis, money-mule detection, sanctions and watchlist screening, adverse information analysis, case investigation or tools that reveal relationships between accounts, transactions, businesses and individuals.

Rather than considering individual alerts in isolation, these solutions can give investigators a broader picture of how apparently separate activities may be connected.

Areas to Highlight in Your Submission

Judges score nominations across these five key areas:

  • Innovation: The features or technology that makes your fraud, identity & financial crime solution unique - or transformed your market.

  • Impact: Evidence of the positive effect your fraud, identity & financial crime solution has brought to your customers.

  • Scalability: How your solution grows or adapts to changing business needs, without significant upgrades or overhauls.

  • User Experience: How intuitive your fraud, identity & financial crime solution is to use for users of varying roles or skill levels.

  • Relevance: What makes your solution a worthy winner in this particular category.

Although not formally scored, focus on these areas specific to this category, can help your nomination stand out:

Detection

Effective identification of genuine threats, controlling false positives, and avoiding unnecessary intervention in legitimate financial activity.

Adaptability

The solution’s ability to respond to changing criminal methods, emerging fraud typologies and new patterns of financial abuse.

Identity Assurance

Confidence that individuals, businesses and financial activities are genuine without imposing disproportionate friction on legitimate users.

More FinTech Awards Categories

Next Steps to Enter The FinTech Awards

To enter this FinTech Awards category, or any other category in The FinTech Awards, please follow these three simple steps:

  • Download the entry form. Open up the ‘FinTech Awards Simple Form’ document.

  • Complete your form. You only need to complete the form once, even if entering multiple FinTech Awards categories.

  • Submit your entry. Head to the ‘Submit Now’ section on our website, select ‘The FinTech Awards’ and the category/categories you are entering from the list, upload your form and any other materials you would like the judges to review, and process your fees.

The FinTech Awards is a program from The Cloud Awards. Since 2011, we’ve been helping organizations across the globe gain the recognition they deserve for market-leading innovation in the cloud computing and software sectors.

For a detailed breakdown of all the benefits you receive as an awards entrant as either a shortlistee, finalist or ultimate winner, please see our Why Enter page. If you have any questions on this category, please Contact Us.