Implement the fast boarding process that your customers demand without compromising on the range and sophistication of your fraud and financial crime risk analysis.
Reduce siloed working and adapt to changes in both regulation or financial crime risks across your organisation without compromising your ability to get products to market.
Comply with key regulations such as 5MLD & PSD2 and create effective treatment strategies to improve customer relationships and reduce costs through continually monitoring customers.
For over 27 years we’ve successfully delivered some of the most effective and innovative fraud & financial crime prevention solutions that are used throughout the world to help our clients’ harness the power of data to protect them and their customers.
Leading banks, FTSE 100 insurers and government departments choose us to deliver their business critical systems.
Our services have saved over £3.1billion for UK financial service providers and £1.7billion for the UK Government.
Complete peace of mind that all of our systems and processes conform to the highest information security standard: ISO 27001 and are supported by our experts with government security credentials.
Our company and innovative solutions have won multiple national and international awards - demonstrating best-in-class delivery.
Our solutions, systems architecture and collaborative intelligence services operate 24/7 across 15 countries to help clients maximise ROI and reduce risk. Robust, scalable and highly available, our solutions and services are low latency and support your dynamic requirements to deliver proven, effective solutions.
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We are trusted by many industry leading organisations across the world to take care of their risk management, financial crime and fraud systems. Some of these include:
Don't just take our word for it. Our innovative approach to our solutions and services are multi-award winning. Some of our most recent awards include:
Our innovative thinkers are helping to shape the future of what’s possible across all of the markets related to our business.
Synectics Solutions have designed, piloted and deployed over 20 predictive models across 11 Tier 1 banks and insurance companies in the UK to help them improve their ability to prevent fraud, as well as substantially reducing the cost of doing so. To help companies without access to sufficiently relevant target data Synectics has also built a standardised predictive analytics fraud solution, for specific financial products, called Precision Standard. Customer Challenge Synectics Solutions recently worked with a well-known financial brand to help them deploy a successful fraud prevention solution, despite the client having no relevant product historical data in the geography they were launching in. The client wanted to ensure that when it launched its new Current Account it was optimising its fraud defences by utilising both the National SIRA fraud database, in conjunction with Synectics Precision predictive analytics capabilities. The following case study records the results of the proof of concept in preparation for the clients product launch. Business Need Optimise fraud prevention capability and reduce costs when launching new Current Account product. Solution Deployment of a standardised predictive analysis model in addition to SIRA fraud prevention solution. Benefit Ability to identify almost 70% of fraudulent applications while only investigating around 15% of referrals. Uplift in identification of fraud. Reduced false positives. Estimated savings of over £2 Million per year when product goes onto the market. Background Predictive analysis has become a widely used tool in financial services in the drive to improve fraud detection, and reduce investigation costs. However, many organisations struggle to deploy a viable predictive analytics programme because of a lack of sufficiently relevant or accurate target data, to build truly effective models. Because of Synectics unique position, as custodian of the National SIRA fraud prevention database, the company used its data science capabilities, and ability to leverage the National SIRA database, to successfully build a standardised product specific predictive fraud prevention model to identify fraud - despite the client’s lack of sufficient in-house data. Building the solution Over 2 million historical current account applications were utilised to train the target model, which included adverse fraud data from National SIRA. Over 25 data features were then used to build the model, including personal applicant details along with additional data features only available from within National SIRA, such as historical adverse flags. Once built Synectics comprehensively tested the model with the client in a proof of concept to prove its effectiveness. Results
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