The Client
A regional Top 40 U.S. Bank with nearly $85B in assets with core operations that span in 11 states primarily in the Western and Southwestern United States. Coforge is serving this client since 2013.
Challenge
- Reduce check losses from
- ($8 M annually) counterfeit checks as current legacy tool does not support the fraud detection across multiple critical parameters
- Fraud alerts are flagged overnight by the system, and need to be reviewed before start of day before Bank starts making payments, ~50,000 checks issued each day
- Due to time constraints and volume fluctuations, only about 40% of the alerts could be processed in time by bank
Solution & Execution
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- Process re-engineering around prioritizing critical Queues and cross-skilling resources to bring in efficiency and speed
- Provide time zone benefit with our team starting operations 5 hours in advance, so customer has the output ready at start of day
- 8 parameters are checked on each check copy post a check-fraud engine has thrown exceptions
- Verification TAT now takes 7 hours to complete Vs 14 hours earlier
- Checks issued by Bank customers and checks issued by other Banks for customer accounts are screened for possible fraud
- As the Coforge BPS team gained expertise, escalations for Bank verification reduced by 15%
- With rise in check fraud post Covid, ~$45M of fraud was detected in Yr 2022 from 2,200 alerts, and over $100M with nearly 10,000 alerts over last 4 year
- Quality of verification accuracy is 99.37%
Value Delivered
- TAT reduced by 50% in the verification process from 14 hours to 7 hours
- ~USD 45M of potential fraud detected from over 2,200 alerts in Yr 2022, and over USD 100M with nearly 10,000 alerts over last 4 years
- Preferred partner for customer delivering value for last 10 years, rated 5/5 on a C-SAT survey
