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Fraud Prevention Solution For Banking & Finance Industry [Case Study]

08 Oct 2019

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.


Project Overview

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.


  • Handle a million transactions per second with end-to-end visibility into payment applications
  • Identify ‘Fake’ processing due to switch malware and card compromise with real-time tracking of transactions
  • Discover a pattern of transactions occurring on a particular terminal with a limited window for fraud discovery
  • Address a high number of unexpected fallback transactions
  • Create complete transparency and traceability for unexpected transaction scenarios in a limited period

Our Solution

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:

  • Analyze the core banking transactions in real-time when the purchase is still in the process.
  • Perform fraud checks instantly and ensure that the whole payment process is completed within milliseconds.


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.

Business Benefits

  • Improve operational efficiency by adhering to credit union security guidelines
  • Enable business analyst to monitor, tweak, add or update fraud rules based on emerging patterns
  • Handle large volumes of financial data in real-time
  • Attract and retain more customers by allowing real-time blocking of card and online transactions based on fraud filters
  • Make seamless integration with the legacy switch gateway system, core-banking solution, and the fraud detection system
  • Save on costs and resources by using real-time insights to take preventive action and minimize fraudulent attacks


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.

Customer Profile

Canada-Based Credit-Union Bank with 20+ Years of Experience

Technology & Tools

  • Apache Storm Framework
  • RabbitMQ Message-Broker Software
  • Java SE Platform
  • Drools Business Logic Integration Platform

Get A Robust Fraud Prevention Solution

We help financial institutions to detect & prevent financial frauds in real-time across channels and help minimize losses