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:
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Our innovative thinkers are helping to shape the future of what’s possible across all of the markets related to our business.
The UK boasts a highly efficient and successful water industry, one that leads the way in research, training and accessing new water sources. Providing essential energy, water, sanitation and drainage to all households, businesses and organisations up and down the UK, the social responsibilities of utility providers are paramount. As part of their social obligations, all providers offer social tariffs to ensure domestic customers have access to a discounted service should they be struggling financially. This significant payment reduction is a lifeline for those who genuinely need it, protecting them from entering debt and ensuring continued provision of such essential services. However, these social tariffs can be abused and many customers are mistakenly or fraudulently receiving reduced charges when they are not entitled to them. A PROBLEM FOR PUBLIC SERVICE PROVIDERS To identify the scale of this problem Synectics Solutions worked with Sagacity and a number of the UK’s water companies in 2019 over a period of three months. The water utility providers it worked with covered rural and inner-city areas of the UK. Each of the companies in the pilot were experiencing problems such as: Customers dishonestly obtaining discounted services Failing to declare residency to avoid paying for their service entirely Declining to update their provider when their circumstances changed Without the intelligence in place to flag these potentially fraudulent claims or errors, these companies were exposed to considerable fraud and error and millions in lost revenue. The method that these organisations were deploying previously to address this problem involved using credit reference agency (CRA) data. The annual cost of these procedures for each company was several million pounds annually, and yet the problem continued to be an issue. "One of the reasons this fraud was not being identified through these measures was because a customer’s claim for a discounted service, or a zero-rated account, cannot be accurately verified through credit reference agency matching alone.” “This process in isolation doesn’t provide the data landscape needed to find the explicit qualifying criteria to confirm a genuine claim.” A POWERFUL PARTNERSHIP IN FRAUD PREVENTION To address this problem Synectics Solutions and Sagacity worked with the UK Government’s Cabinet Office and took the opportunity to use the National Fraud Initiative (NFI) intelligence database to help these companies understand and identify the scope of fraud or error that they were suffering. The NFI provides an invaluable database of up-to-date insights and offers 19 different data sets against which to match. This vast solution has already helped over 1200 public sector organisations to identify over £1.7 billion in savings from fraud and error.
80% of information is held in inaccessible, unstructured data files. Is now the time to unlock this rich source of intelligence and transform your ability to stop more fraud? Osman Khurshid, Head of Solutions Consultancy, Synectics Solutions The days of customers visiting a local branch or broker, armed with a passport, utility bill and other paper-based ID, in order to open a new account or purchase insurance are pretty much over. Millions of consumers are purchasing more and more products and services online, without face-to-face interaction with their retailer or service provider. For the financial services and insurance markets, the shift to a more automated and digital customer experience creates savings and efficiencies - business can be written quicker and customers receive a fast, smooth experience. However, these digital advancements also cause the same industries a new headache. Sales and Marketing teams are pushing for a shorter apply processes to avoid drop off, (and therefore often ask for less up-front information). They want an ultra-slick sales funnel. Compliance, Fraud and Risk Teams on the other hand need to ensure that the necessary credit, risk and identification checks are in place to guarantee that they comply with Know Your Customer (KYC) regulations. Unstructured data is information that either lacks a pre-defined data model or is not organised in a pre-defined manner. It is typically text-heavy but may contain data such as dates, numbers and facts. Unstructured data typically makes up 80% of an organisation’s data, and this is growing at a rate of 55%-65% each year*. Structured data such as names, addresses, and phone numbers are usually easy to capture, store and maintain digitally, whereas unstructured data has severe limitations.
Hear from one of the leading insurers who improved the speed at which they could board genuine customers without compromising on their risk checks, with our Intelligence Hub. Driving down the cost of risk, improving compliance and the customer journey. Ensuring that customer on-boarding or application and claims processing is as frictionless as possible is an essential ingredient when trying to improve risk and compliance checks. To achieve this, risk analysis solutions need to be able to integrate and communicate with a company’s wider decision systems. Applying real-time configurable business logic to data processing is one function of The Intelligence Hub (part of Synectics’ risk management, financial crime and fraud prevention platform) that is helping one of Synectics Solutions’ insurance clients to integrate its fraud prevention solution (SIRA) with its wider customer decision platforms. Outcome Orchestration is allowing the insurer to create a much more sophisticated, efficient and strategically aligned risk mitigation solution. SITUATION This major insurer first deployed Synectics Solutions’ fraud prevention and detection application (SIRA) in 2013. Since the initial deployment the company benefited from SIRA’s effectiveness and derived marked improvements in its working practices and fraud strategy in the claims space. This helped the organisation save significant amounts of revenue by preventing fraud losses. The company’s SIRA solution was configured to deliver real-time alerts to its fraud management team. These alerts were then prioritised and screened for accuracy using Precision – Synectics Solutions’ predictive analytics and data science service. Due to a growth in customers, the insurer needed to realign its fraud and risk strategies and improve its ability to meet its commercial clients’ compliance thresholds. To achieve this the insurer introduced Outcome Orchestration (part of the Intelligence Hub from Synectics Solutions), to enhance and improve its fraud management capabilities.
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