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Fraud management

Banking institutions are traditionally exposed to fraud and abuse. Statistics show that the number and damage arising from fraudulent activities are constantly growing.

No matter whether they are external or internal, fraud methods are constantly changing and introducing new approaches and techniques. Therefore, fighting fraud is a constant battle against moving threats where prompt detection and prevention, or at least remediation is utterly important.

Today, any payment card, ATM, Internet, phone or simple bank transaction leaves a corresponding electronic footprint. This also applies for loans, deposits, trades or any other banking product.

Although banking systems inherently store all this data, there is barely any information available for fraud detection in real time, or at least in a timely manner.

Therefore, even with all the data, without adequate real-time detective mechanisms in place, banking institutions are commonly forced to rely only on post-hoc response which is quite often too late to recover financial losses.

In order to provide its clients with efficient and proactive solution for detecting and preventing fraud, INFIGO IS developed a specialized custom solution for fraud detection/prevention based on Splunk platform. Splunk is a revolutionary product for intelligent collection, analysis and correlation of financial transactions which is rapidly changing the way of traditional thinking in IT data management.

INFIGO IS solution for fraud detection and prevention includes the following services:

  • Planning and design of fraud detection and prevention system
  • System integration with data sources containing relevant information for reliable fraud detection
  • Customizing fraud rules to organizational context and business need
  • Reporting and alerting customization,
  • System optimization and fine tuning.

More detailed information about INFIGO Fraud management solution is available here.