- 900+ fraudulent transactions detected in 2 years post implementation
- 300% increase in annual cost savings post implementation
- USD 1 million saved in 2 years post implementation
This UK based financier had USD 700+ million on its loan books. The firm was losing substantial revenue annually due to inability to predict and catch fraudulent activities. The company had a complex data management process which was a major deterrent to building a fraud detection solution that can identify, analyze and predict fraudulent claims. This problem was hurting company’s growth margins and there was an immediate need to fix this problem.
In principle, there were two major challenges that were the bottlenecks in implementing a robust fraud detection and prevention system –
- Extremely complex process and technology landscape with regards to data management. Building a fraud detection system required completely reimagining the as-is processes and systems which was a big deal.
- There was no single source of truth – multiple systems each with its own dataset. This environment made it difficult to select the right data for system ingestion and processing which ultimately predicts the fraudulent activities.
Birlasoft’s fraud detection solution comprised 21 customizable business rules that laid the foundation to predict and catch fraudulent activity. These business rules were developed after in-depth study of the existing processes to ensure their efficacy. In the case of a potentially fraudulent activity, the solution would pick outliers through various statistical analysis (pattern, ad-hoc, broker profiling) and provide detailed analysis to the governance team for further investigation.
Custom in-built reports were made available for tactical, operational and strategic analysis pertaining to stakeholders across the board. In nutshell, this solution helped this merchant banker reduce revenue leakage and improve its margins.
This solution was recognized by IT Europa and received European IT & Software Excellence Award 2014 for 'Best Vertical Solution of the Year'.