Application fraud

Financial Crime 4 Март 2015, 17:17

Minimise reputational and regulatory exposure.

As institutions move the application process away from face-to-face channels in order to drive down costs, application fraud is giving fraudsters the anonymity they need to exploit this strategy.
Fraud prevention starts with customer onboarding, by creating a single customer view that combines information from all new applicants with all existing customers. Financial institutions are then able to screen applicants, before they enter the customer base. This is more effective that treating each new customer in isolation, where personal details may have been altered or fabricated to avoid detection of single fraudulent applications.
Our NetReveal® for Application Fraud solution processes applications in real-time to provide an instant accept, refer or reject decision. Our approach allows accurate assessments to be made on both existing and new-to-bank customers, by scoring their applications against the background of their social network.

The solution has consistently demonstrated itself to deliver the following benefits:

– Double detection capability over best of breed application-level scorecards
– Triple investigator efficiency;
– Provide an instant accept, refer or reject decision;
– Enables authorised business users to independently view, manage and edit the fraud detection models;
– Enterprise alert and case management with workflow and reporting.