Fraud Prevention / Detection
A well known cliche is the question posed to that infamous robber: “Why do you rob banks?” The answer, although unexpected, was quite simple and confounding: “’cause that’s where the money is”. The contemporary equivalent example has to do with Card Fraud, with ATM fraud being a prime example. The money at stake is really huge and that is exactly why fraudsters and criminals are channelling a lot of energy, effort and R&D (!) into this area.
Losses stemming from ATM Fraud are mounting and trends are particularly troublesome. Massive ATM fraud losses are burdening the financial industry with a huge cost and anti-skimming devices do not seem to be effective protection mechanisms. Fraudsters are becoming increasingly smart and a lot more patient and selective than even a few years ago.
Synectics’ solutions in the Fraud Prevention/Detection are designed and implemented with the following characteristics
- Effective in containing considerably losses from ATM fraud
- Resilient enough to accommodate future changes in the underlying infrastructure as well as changes in the business environment including regulations imposed by the Payment Card Industry (PCI) or the competent Supervisory Authorities
- Scalable to accommodate an unlimited number of participating Institutions (Members) and also to process in the future escalating volumes of transactions
- Built on industry-standard infrastructure, eg web-enabled front-end (through a browser such as the Microsoft Internet Explorer) and the widely used Oracle database as the back engine
- Business Rules for fraud detection reside on the middle Application Level of Oracle 3-Tier Architecture