Fight fraud involving payment means



What answer to bring if you try to fight fraud involving payment means ?

 

Problem 

It is covering main payment means subject to fraud :

  1. Card-based fraud

  2. Fraud using checks : cashing of cheque(s) , falsified, fake and stolen

  3. Transfer fraud : transfers issued based on falsified orders, paper or electronic (theft of passwords, Social engineering, Phishing, Malware within customer computers).

 

Pain points:

  • Inability to detect inconsistent funds movement in client account
  • Inability to analysis funds movement interconnexion
  • Inability to detect and analysis on timely manner weak signals raised from unusual use of payment means

 


Answers

Mitigation internal approach:

  • Risk management by design
  • Machine Learning applied to fraud management
  • Alert / Validation by design
  • Privacy by design

Technologies:

  • Machine Learning
  • Big Data
  • OCR

 


Solutions

LexisNexis

«  Accelerate Your Decision Making   »

LexisNexis Risk Solutions provides customers with solutions and decision tools that combine public and industry-specific content with advanced technology and analytics to assist them in evaluating and predicting risk and enhancing operational efficiency.

Find more about LexisNexis here.

 

Trustpair

« Verify suppliers’ bank details »

  • Trustpair digitizes and automates the validation of your vendor payments to protect you against transfer frauds.
  • Trustpair ambition is to reinvent the way large companies check the transfers they issue. They have built the first solution to avoid transfer fraud that costs $2.5 billion each year.

Find more about Trustpair here.

 


How Aurexia can help?

 

PRE-PROJECT: preparation of innovative project

  • Conduct RFP process on business topics

  • Validate data to be proceed by the solution (data preparation)

  • Formalize digital ambitions & business needs

  • Detect relevant business use-cases for specific technology

  • Lead ideation workshops to define pain points and needs

 

DURING PROJECT: End-to-end project delivery

  • Ensure global project management with key stakeholders

  • Design business requirements and adaptive services

  • Review operating model with new solution and business

  • Define IT governance with key stakeholders on new solution deployed

  • Promote solution with an awareness plan and change management strategy

 

AFTER PROJECT: Monitoring project success

  • Ensure change management plan roll-out with users and management

  • Conduct data visualization project to add reporting capabilities

  • Promote the project through a dedicated communication plan

  • Formalize KPI and build project business case

  • Identify new project opportunities (same client with other departments

 

Want to know more? Contact us: finlab@aurexia.com