Fraud Prediction and Financial Crime Forensics for a Leading UK High Street Bank
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Business Challenge
Our client aimed to build a customer risk assessment tool to tackle risk assessment, fraud prevention, and compliance challenges. Key obstacles included limitations of the existing legacy platform, building a new data ecosystem, and implementing various risk assessment strategies.
Coforge Solution
As the strategic technology partner, we proposed a comprehensive solution:
- New Data & Analytics Ecosystem: Gen-II FCTP with polyglot storage technologies.
- Data Science and Analytics: Advanced techniques like graph search and node prediction on Neo4J.
- Comprehensive Risk Assessment: Integration of various risk assessment strategies.
- Agility and Efficiency: Improved agility in analyzing card transactions and identifying links with blacklisted entities.
Results
Enhanced fraud detection and financial crime prevention through advanced Neo4J analytics, improved transaction insights, and blacklisted entity links. The updated data ecosystem improved agility in transaction analysis and risk assessment while notably cutting legacy platform license costs.
Key Highlights
A meticulously crafted risk assessment tool led to enhanced fraud detection, improved transaction insights, and swift response times, all while reducing legacy platform license costs.