Real-time Fraud Detection and Prevention System
For a Canada based union bank to improve transaction safety & enhance customer experience
About
The Canada-based credit union bank was on the lookout for a bank fraud management system to monitor, identify, and prevent fraudulent transaction activities. We developed a robust fraud analysis framework and integrated it into their existing system. The new system would increase operational efficiency and monitor patterns in real-time of possible fraud activity across the payment cycle.
Capability
Analytics
Industry
FinTech
Country
Canada
Key Features
Real-time insights enabled the client to reduce bank scams that accounted for 6.4% of identity theft frauds. The created fraud detection software for bank offers preventive action and minimizes fraudulent attacks in their region.
Simplified Payment Processing
Integrated the system with their existing payment mechanism to analyze the core banking transactions in real-time and perform fraud checks
Real-time Insights
With inputs on the traffic potential, the BI engine helps reduce the fraudulent attacks by providing early warning signals to take-on preventive action
Secure payment process
The banking fraud solution checks every financial transaction to ensure the completion of the entire payment process within milliseconds
Smooth workflow design
The distributed architecture helps the system become well-prepared for potential future anomalies
Challenges
- Lack of system capability to handle a million transactions per second
- No system for end-to-end visibility into payment applications
- No mechanism to identify ‘fake’ processing due to switch malware and card compromise with real-time tracking of transactions
- Limited window for fraud discovery on transactions occurring on a particular terminal
- Unable to handle a high number of unexpected fallback transactions
- Minimal transparency and traceability for unexpected transaction scenarios
Solution
The advanced risk prevention BI framework helps the client control financial fraud while keeping its customers with a safe & comfortable banking experience.
Accurate fraud detection system
An essential checkpoint component that analyzes in-process transactions in real-time and prevents any fraudulent attempt
Banking fraud prevention solution
Enables business analysts to monitor, tweak, add, or update fraud detection rules on a proactive basis based on potential scenarios.
Intuitive BI powered dashboard
Display insights on irregular transactions, user statistics analysis, merchant-level payment processing inputs and more to prepare for the challenging environments
Robust support management
Allows real-time blocking of credit card and online transactions based on fraud filters, thereby avoiding the substantial cost of dealing with fraudulent transactions
Technologies Used
Project Snapshots
100%
transparent and trackable transactions
4x
increase in operational efficiency
Million
transactions supported per second
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