Leading Financial Institution Takes Fraud Prevention to the Cloud
Leading Australian Bank
- One of Australia’s longest established and largest financial institutions
- Diversified global financial services player
- Website gets 80,000+ visits per month
Digitizing Overnight Fraud Operations
The FI’s risk prevention and analysis team relied on an archaic, rules-based system that was relatively simple and difficult to modify. Amidst growing sophistication on the part of fraudsters, the firm was facing not just a high rate of fraud, but also fraudsters that were making it too far through the transaction lifecycle before they were identified.
To solve these challenges, they were taking a brute-force response, employing a parallel fraud analysis group that would work the overnight shift, just to work through all the questionable transactions that came in daily. But to truly transform its fraud operations, the FI would need to digitize and streamline its fraud risk reviews.
Providing Comprehensive and Flexible Fraud Management Infrastructure
Working closely with the travel company, FraudNet deployed a comprehensive enterprise fraud detection platform tailored to their specific needs:
Optimized Resource Allocation
The platform enabled more strategic deployment of analysts, resulting in significant cost savings while maintaining robust security standards.
Collective Intelligence Network
Billions of anonymized data points shared across partners and clients helped identify fraudulent patterns before they affected the business.
Flexible Rules Engine
The intuitive and secure rules engine allowed for easy refinement and updates based on both experience and machine learning insights.
Advanced Risk Analysis Platform
FraudNet provided a comprehensive solution that digitized overnight review operations, enabling more efficient processing of transactions.
Immediate Value Across Key Metrics
Offering an Ongoing Competitive Edge
Immediate Value Across Key Metrics
76%
reduction in manual review budget
33%
reduction in flagged transactions
400%
increase in identified fraud cases
Offering an Ongoing Competitive Edge
