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Discover how we have helped solve our clients' challenges across a range of industries

Our experts can help:

Ensure teams and processes managing financial crime and fraud investigations are fit for purpose.

Our experts will evaluate both the human and technical resource you have deployed, and assess how this could be enhanced or adapted to improve both its effectiveness and efficiency

Check the technology and intelligence you are utilising represents best practice

Our experts will work with your team to give a detailed assessment of your current situation along with a number of sensible recommendations around resource, intelligence, technology

Ensure compliance with the latest regulatory requirements such as AML, KYB and KYC

We can help you keep up with a shifting regulatory landscape, to stay ahead of compliance obligations

Ensure that your financial crime prevention and detection strategy is the best it can be.

Don't risk your business falling behind. Get in touch for an informal conversation on how we can help your organisation.



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The complete consultancy service. How can we help you:

Data Integrity Health Checks

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Outsource data analysis projects

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Solution optimisation

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Systems Training

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Market-leading insight

Our people are helping to shape the future of what's possible across all of the markets related to our business.
Read some of our white papers here.

Addressing current account fraud using predictive analysis

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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Podcast: APP fraud - less talking, more acting

To listen to this podcast in full, please fill out your details at the bottom of this page. Authorised Push Payment fraud has become one of the major challenges for fraud teams within the financial services industry over the course of the 2020 and the start of 2021. Click here to read more about what kind of action can be taken to address APP fraud in our latest blog post for UK Finance > In this podcast, our experts are joined by Christine Farrow, APP Fraud Lead in the Economic Crime Team at UK Finance to discuss what can be done by these financial institutions to combat this increasing threat. To listen to the podcast simply enter your details below.

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How to address your repeat fraud offender problem

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

Find all of our white papers and thought leadership articles by clicking here.

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    Newcastle under Lyme
    Staffordshire
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