Accelerate your customer
on-boarding process

Implement the fast boarding process that your customers demand without compromising on the range and sophistication of your fraud and financial crime risk analysis.

Align financial crime defence with your business objectives

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.

Reduce the cost of regulatory compliance

Comply with key regulations such as 5MLD & PSD2 and create effective treatment strategies to improve customer relationships and reduce costs through continually monitoring customers.

Trusted, Proven, Effective

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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Saved for our public and private sector clients

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Sub-second responses processed annually at point of quote

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Customer enquiries processed daily

Collaborative, Cross-Sector Data Sharing To Enhance Fraud Prevention Strategies

This case study demonstrates why organisations should come together and share intelligence for collective benefit to combat fraud, risk and financial crime. A collaborative approach is vital when trying tackle potentially fraudulent activity. Fraudsters work across different sectors and so must those seeking to prevent fraud. This case study demonstrates how such a collaborative approach, across public and private sectors, to data sharing is starting to reap significant rewards. SITUATION Leading business insurer, QBE has been working collaboratively with Synectics Solutions for a number of years to combat fraud in the insurance sector. QBE use SIRA from Synectics Solutions – a sophisticated workflow management and data matching tool; and National SIRA – a leading database of known fraud cases, contributed to by over 130 organisations. In recent years, the insurer has sought to increase and enhance its automated fraud detection capacity using new methods and data sources. QBE wanted to identify additional sources of intelligence to help them spot more fraud across insurance applications. The fraud team also wanted to see an uplift in the amount of fraud detected for previously investigated cases, by retrospectively matching to records, previously marked as fraud. In particular, they wanted to look at exaggerated and fabricated, third party motor and casualty claims, to see if there was any correlation between fraudulent benefit and insurance claims.

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Money Mule Fraud – What is it & how to prevent it?

What is Money Mule Fraud? Money mules are people often duped and recruited online for what they think is legitimate employment, not aware that the money they are transferring is the product of crime. The money is transferred from the mule’s account to the scam operator who is typically located in another country. Students are often the victims of ‘money mule’ fraud because they are attracted by the promise of quick cash, unaware of what the consequences are. Since 2013, the number of young people identified as having money mule accounts has more than doubled and some money mule accounts are owned by teenagers as young as 14. Young or old, knowingly or unknowingly involved, money mules are targeted and become victims because they are vulnerable. Money Mule Punishment The punishment for money mules is severe and many of them who are recruited by fraudsters are indulging in criminal activity. Whether the mule is aware of it or not, their involvement in fraudulent activity could see them face prosecution and even jail sentences of up to 14 years in some cases. Other punishment could see a money mule’s bank account close and could lead to them experiencing problems accessing student loans, phone contracts and other forms of credit. Money mules are also a vehicle for money laundering, for Authorised Push Payment Fraud (APP) and other fraudster scams. They can become unwittingly involved in Authorised Push Payment scams where fraudsters deceive consumers at a business to send them a payment under false pretences to a bank account controlled by the fraudster. At the moment, there’s no ‘silver bullet’ solution to stop money mules who are the recipients of push payment scams but regulators have cited collaboration and data sharing as key factors in mitigating the risk. Synectics Solutions is well equipped to support the industry in addressing this challenge with it's established database of records across multiple sectors and its range of fraud detection and prevention solutions. In harnessing this data, our established SIRA and Precision services have a key role to play in the future of the fight against money mules and APP scams.

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Addressing the Authorised Push Payment (APP) Fraud Problem

What is Authorised Push Payment fraud? Authorised push payment fraud (APP) occurs when a financial criminal dupes an innocent party into sending a payment under false pretences to a recipient bank account the criminal has control of. This type of fraud can happen to both private individuals and businesses and as payments are typically made in real time funds can be directly moved on or withdrawn before an innocent party even realises they have fallen victim to a push payment scam. There are now more and more cases of push payment fraud due to the advancements in customer security technology and processes along with human susceptibility to social engineering. Fraudsters use social engineering techniques and may hack into emails and other systems in order to set up their victims and as more and more consumers adopt simple ways to send money in real time it has given the fraudsters a wider pool of victims. Push payment fraud criminals are devious and clever and victims cannot be written off as gullible fools. In the first six months of 2018, a total of £145.4 million was lost due to push payment scams – with £92.9 million from personal accounts and £52.5 million from non personal or business accounts. However, the burden of financial liability for push payment fraud losses is moving from the victims to financial institutions and those which have not taken adequate steps to prevent or identify fraud may very soon face further obligations to reimburse victims. At the moment there is no silver bullet solution to push payment scams although regulators have cited collaboration and data sharing as key factors in mitigating the risk of APP fraud. Preventing Authorised Push Payment Fraud A holistic approach is needed looking at the application process and account lifecycle and offering a multi-layered set of provisions and solutions. Synectics Solutions is well equipped to support the industry in addressing this challenge with is establish database of records across multiple sectors and its range of fraud detection and prevention solutions.

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Transform your approach to risk management, financial crime and fraud prevention with Synectics Solutions

Accelerate your customer
on-boarding process

Align financial crime defence with your business objectives

Reduce the cost of regulatory compliance

Manage risk in real time, cut out costly and unreliable manual processes and streamline your treatment strategies.

Why Synectics Solutions?

Trusted by global institutions & brands

A proven track record

Complete peace of mind

Award winning solutions

Trusted, Proven, Effective

£
80

80

81

Who we work with

Awards we have won

Our thinking

Collaborative, Cross-Sector Data Sharing To Enhance Fraud Prevention Strategies

Money Mule Fraud – What is it & how to prevent it?

Addressing the Authorised Push Payment (APP) Fraud Problem

Our innovative thinkers are helping to shape the future of what's possible across all of the markets related to your business

Talk to us

Transform your approach to risk management, financial crime and fraud prevention with Synectics Solutions

Accelerate your customer on-boarding process

Align financial crime defence with your business objectives

Reduce the cost of regulatory compliance

Manage risk in real time, cut out costly and unreliable manual processes and streamline your treatment strategies.

Why Synectics Solutions?

Trusted by global institutions & brands

A proven track record

Complete peace of mind

Award winning solutions

Trusted, Proven, Effective

£ 80

80

81

Who we work with

Awards we have won

Our thinking

Collaborative, Cross-Sector Data Sharing To Enhance Fraud Prevention Strategies

Money Mule Fraud – What is it & how to prevent it?

Addressing the Authorised Push Payment (APP) Fraud Problem

Our innovative thinkers are helping to shape the future of what's possible across all of the markets related to your business

Talk to us

Accelerate your customer
on-boarding process

£
80