Businesses can now benefit from customer fraud checks in seconds without having to compromise on the sophistication of their analysis following enhancements to SIRA Real Time by Synectics Solutions.

The SIRA Real Time solution helps companies speed up their customer boarding processes without compromising risk to their organisation by ensuring comparable level fraud checks to those found in traditional ‘intra-day’ fraud evaluation processes..

It also allows businesses to move fraud checks further up the customer journey and improve efficiencies and operational effectiveness to give them a commercial advantage.

In today’s world, there is increasing pressure on businesses to fully understand who they are selling products to and a high demand from customers for instant access to finance and insurance products.

Companies face a balancing act to ensure they are underwriting business competitively but with reduced risk.

SIRA is a fraud prevention and detection solution from Synectics Solutions which is successfully deployed in a large number of insurance and financial service companies throughout the world.

The system brings together a multitude of machine learning algorithms and comprehensive workflow management systems to put real control into the hands of front-line fraud investigation teams.

Decisions on potential fraudsters through batch data matching systems can take minutes, hours or even days but an improved SIRA Real Time solution means organisations can make almost immediate decisions about applicants to combat fraud.

SIRA Real Time allows teams to reduce their workload by prioritising the most serious cases of financial crime first and there is no compromise on the number of rules so customers can receive actionable insight in real time.

Mark Haslam, Head of Product Development at Synectics Solutions, said: “The improvements we have made to our SIRA Real Time solution offers many advantages for businesses, particularly the speed at which application checks can be made enabling much quicker decisions to be made.

“Customers can be boarded in a matter of seconds whereas with traditional batch matching systems it can take minutes, hours or even days.

“SIRA Real Time also now offers multiple rule sets which allow for rule flexibility, including validation, matching and velocity matching regardless of status, meaning there is no need to compromise on the sophistication of analysis by having a real-time response.”

Businesses need to implement financial crime prevention systems that help them immediately assess the risk associated with an application, without disrupting the customer journey.

Mark added: “This is an exciting evolution of our SIRA Real Time solution which can give businesses a competitive advantage by identifying fraud in a fast-paced market.”

For more information about the SIRA Real Time Solution, please call 01782 664000 or visit our SIRA Real-Time web page.