The financial services industry, especially the financial institutions deal with multiple channels that handle millions of transactions per day. Amidst the growing number of online payments, fraudsters today apply sophisticated and advanced technologies. Therefore, fraud detection and prevention during the holiday season and otherwise poses a significant challenge for the banking & finance industry. To address this, organizations rely on financial fraud prevention solutions coupled with business intelligence to monitor, identify, and preempt the fraudulent activities in-time to eliminate the possible loss even before it happens.
Learn how Rishabh Software helped a Canada-based credit union bank in integrating a real-time fraud analysis mechanism with BI insights within its system to develop fraud detection capabilities, achieve operational efficiency, and monitor possible fraudulent activity patterns across channels.
For their core banking infrastructure solution, the customer sought help from us as their reliable technology service provider. The objective was two-fold – 1) to help develop and integrate the much required online banking fraud detection software capability into their existing system, 2) to identify the patterns of fraudulent scenarios using past transaction records to safeguard the system.
Our team analyzed the existing system of the retail-banking customer. Based on that, we created a lite component which was later integrated into their current payment-processing infrastructure. This component for fraud detection in banking sector would:
Further, we developed an adapter to connect with the core banking endpoints as well as switch gateways. Though, we ensured that the component doesn’t affect the core banking functionality.
In addition to this, our team offered seamless integration of the fraud prevention system into their transaction workflow. We built an intuitive BI-powered dashboard that would provide insights on fraud analysis, user demography analysis, merchant analysis, and more. It would help them better prepare for an increasingly challenging business environment.
To conclude, Rishabh Software supported fraud detection and prevention for the banking institution by creating an essential component. Along with this, the BI mechanism will act as a whistleblower by providing early warnings through real-time monitoring of transaction activities.
The fraud prevention software for banks developed by our team helps their compliance team to learn new fraud behaviors and acquire regular insights. It is along with implementing new rules to keep the financial frauds out while enabling customers to have safe & comfortable banking experience.
Canada-Based Credit-Union Bank with 20+ Years of Experience
We help financial institutions to detect & prevent financial frauds in real-time across channels and help minimize losses