Category Rahn Financial Crime

Problem-solving in your company shouldn’t be a solitary task. The expertise of external consultants, alongside your team, makes for an unstoppable force.

Problem-solving in your company or department is an everyday activity we all make peace with early in our corporate careers – there’s going to be something to sort out during a normal day at the office that, for many business owners, often stretches way beyond the conventional thinking and in-house skills.

But with so much going on, especially within often under-resourced SME’s – there are also overlooked requirements in smaller print that can go unnoticed, and if neglected, could pose a very real threat to your business, your reputation or financial affairs. 

Rahn Consolidated offers expert Developers, Analysts and Project Managers who seamlessly jump onboard any team or project to assist you. Integrating their knowledge into your workflow whilst safeguarding your process to guarantee the right compliance everywhere it matters. So you can play safe and learn safe in waters you have a passion for, but don’t necessarily know about. Let’s explain in more detail.

The FIC and You

Missing important regulatory requirements such as financial compliance might put you at the risk of imprisonment or a fine of up to R10 million when Cash Threshold Reports and Terrorism Property Reports are neglected by the Financial Intelligence Centre (FIC). This is an example of a requirement that you, a new business owner perhaps, might not be aware of starting out.

The FIC thus orders by law that compliance officers report all cash transactions above R25,000 to them via their AML System, as well as suspicious activity and property in your company’s possession that could be linked to terrorism.

Communication is key. Download this easy project management tool in order to manage your external consultants 

Finding the Right External Consultation Partner for effective Problem-Solving in Your Company

The fact is that AML Compliance is one of but many things you might need to be externally consulted on, to navigate problem-solving in your company or department. What about onboarding? Sourcing the people that won’t come with surprises on their records?  The good news is that the right consultation partner actually protects you from the problem before it turns into one. Providing the correct scope, diligent experience and insights early and offensively to be implemented. A playing tactic that always wins.

Rahn – Joining Forces to simplify your complex Problems

Innovation and creativity are unstoppable forces together. Every business is different. Different challenges, different management styles and different objectives. This is what makes Rahn dynamic and robust in our service solutions. As your SME uncovers its personality, we can provide you with a strong, data-centred foundation and framework to grow and flourish, while never keeping your eye off the compliance ball!  A consulting process solution where creative problem-solving in your company or department is all you have to worry about – the fun problems to have. 

To learn more about how our hand-picked specialists and external consultants can accelerate your problems into sustainable solutions, get in touch with us today to set up an appointment. 

Cybercriminals are crafty and creative. As we become more and more reliant on technology, nobody is immune to their nefarious activities. Through various types of phishing scams, they exploit the lonely, the poor, the honest, the helpful, the elderly, the rich and certainly the naïve in ways that never cease to astound. From winning lottery numbers to claimed inheritances and fortunes themselves – these Trojan horses come dressed for children’s parties in what they offer, yet never ever deliver on.

Fake login domains, crypto giveaways, Fong-kong friend requests, impersonators and direct winning messages on so many platforms – you cannot make this stuff up even if you tried. Whether highly targeted or by generic mail scam – it makes one wonder if getting a job isn’t less effort than the dubious lengths these chancers will go to steal a buck. 

It’s absurd. And so absurd, the names for classifying these varied types of phishing cyberattacks reflect it. So let’s start with our frank definition of Phishing.

A cyber attack that attempts to steal your money, or obtain your identity by luring you into very shady corners of the Internet.

These scams are cleverly designed to make you reveal personal information such as identification and credit card numbers, banking details, or passwords on websites,  to people online that pretend to be legitimate.

Email Scams – The Most Common Types of Phishing

We come across it regularly and somehow, it still seems to occasionally bypass our Spam filters and into our Inboxes. Scammers attempting to phish your details by email in the shotgun approach scammers use to see who falls for the deception. These emails usually inform the reader that their banking details may have been compromised only to take you to a well-designed login interface that looks very similar to yours. Thus capturing your details that way so by the time you log into your correct banking service, you’ll find that you have been cleaned out. 

Spear Phishing & Whaling

More specialized and highly sophisticated, these types of phishing for your details generally target system administrators and executives. Usually informing them of some bogus labour malpractice that they need to rectify by visiting fraudulent domains and entering crucial company information. These can ultimately lead to DDoS attacks and Ransomware executed on your internal WAN. We’ve seen this recently in high-profile cases such as SARS, the City of Joburg, and of course TransUnion. 

Rahn’s Expert Tip: Analyse the threat and elevate it to management. Contact the relevant regulatory body directly to verify any claims, threats or offers before clicking on any link. When the personal information of your entire customer database is in jeopardy, the utmost caution and hesitance must be observed. 

Rahn – Assisting Companies in tackling Illicit Online Activities

It’s highly unlikely that any bank will mail you from a Gmail address, but by accidentally installing Trojan bots or other harmful Malware – your activity can be monitored and credentials can be stolen if constant vigilance is not applied.

At Rahn Consolidated Pty Ltd, we recognise that different types of phishing scams are another rod, cast by financial criminals who use technology to facilitate money laundering. Through specialised financial crime compliance software and the placement of software experts, we provide innovative solutions to identify financial crimes such as fraud, money laundering, and terrorist funding, alongside non-financial crimes such as human and wildlife trafficking. 

Don’t become easy bait for brazen criminals. Contact our team today to explore how we can assist you in verifying all incoming data and mitigating operational risks for your financial services company. 

Storage and databases, Automation, Machine-Learning, Big-Data, Identity and Security Monitoring, Management Tools, Computing and Networking. IT for Finance professionals, commonly known as “FinTech”, has evolved at a blistering pace over the last few decades.  Combined with the flexibility of Cloud computing, FinTech, in a short space of time, has changed how we process, transact and store data in a new digital-first financial services industry.

There is a TON (meaning hundreds) of automated services that can be utilised within the three basic service models of the Cloud being:  

• PaaS (Platform as a Service)  
• SaaS (Software as a Service)  
• IaaS (Infrastructure as a Service)

Pen, paper and major filing are quickly becoming a thing of the past as the evolution from analogue (non-digital activities) to digital activities handed mankind the great advantage of exponentially increased scope, something we bank on for your safety. 

In this article, RAHN takes a brief look at the history of FinTech and IT for financial professionals through the three recent eras of its development. 

FinTech 1.0 – 1866 to 1967 – an early dawn IT for Finance Professionals  

Remember the Morse Code, the telegraph and the big ole Rubber Stamp? Yes, we also struggle to recall them but this is how the very first electronic funds were transferred and transacted. Very primitive to how we work and transact today, but Fedwire (1918) and the first transatlantic cable (1866) paved the initial way for IT for finance professionals into what it has become today. 

FinTech 2.0 – 1967 to 2008 

Major advancements made during this era include the introduction of the ATM and the SWIFT system of cross border payments (which has come back into the spotlight with increasing sanctions on the Russian economy.  The NASDAQ, the world’s first electronic stock market launched in 1971. The eighties gave rise to new computer mainframes and IT for finance professionals to communicate online and the 90’s further developing the way in which we started interacting with our banks digitally. 

FinTech 3.0 & 3.5 – 2008 until present 

2009 – Enter Blockchain technology and Bitcoin, the young granddaddy of the Crypto market. Decentralization and ease of use became the keywords in terms of IT for finance professionals in a period when apps and banking on cellphones really started to take off. While mobile technology greatly improved the customer experience, its adverse human effect was to close many bank branches around the world. 

There now exists a customer need for Open Banking, and 24/7 access to facilities and records. Cloud Computing has become the driving force behind this digital transformation, turning the traditional WAN (Wide Area Network) into a Software-Defined one (SD-WAN). Mobilizing the workforce, and changing the future forever. 

Rahn – Optimised IT for Finance Professionals 

The way in which people interact with money, and each other, has changed dramatically. But even though the landscape is now easier to navigate, understanding which FinTech service or expert to utilize and thus effectively harness the vast power of the Cloud becomes the problem. It is one that we, at Rahn Consolidated Pty Ltd pride ourselves in solving for businesses and individuals across the financial services landscape. 

We offer a specialist Recruitment Solution, ensuring that all your IT processes and systems are set up correctly and that you are hiring key staff with the key IT skills required to maintain and grow your business. 

Visit our Website today to explore how we empower the financial industry with essential products, services and staff for success.