Do you have the ability to combat organised fraud networks?

Orion now delivers more insight through National SIRA

Increasingly, providing a greater proportion of your financial services online inevitably creates risks, as the lack of physical interaction between lenders, underwriters, and customers creates an environment that organised criminals are actively seeking to exploit.

As a result of this growing trend for organised fraud, prevention systems based solely on the ‘direct matching’ of individuals are often not capable of spotting the complex, nuanced, and often hidden network of connections that exist between groups of individuals trying to orchestrate fraudulent activities.

Orion was built to help address these kinds of challenges by providing a fraud network visualisation and detection platform that puts the kind of analytical and data visualisation capability required to deal with this kind of financial crime, right into the hands of your fraud prevention team.

In its last release Orion was upgraded to allow users to utilise National SIRA data when building and visualising networks to identify connections and patterns of risk.

This new development further strengthens Orion’s ability to provide your fraud investigation teams with a highly effective tool to identify organised fraud rings and so stop this emerging threat from impacting your business.

By combining your local SIRA data with National SIRA data, Orion has increased its ability to tap into a wider base of intelligence and allow users to visualise the previously-hidden connections between people that often conceal significant organised financial crime.

Client Case Study

A senior fraud investigator from one of our biggest banking and finance clients discusses how Orion has enabled them to transform their ability to identify and stop organised gangs from impacting their business, resulting in savings of over £3 million in the first six months.

We’ve been an Orion user since its inception, around four years ago, and it has become a critical part of our fraud detection infrastructure. Essentially Orion provides us with the ability to identify, and therefore counter, complex organised fraud rings that we wouldn’t be able to without the network visualisation capabilities that Orion provides to our investigations teams.”

“For example, within the first 6 months of the system being put live we were able to detect significant fraud activity within our branch networks that we just wouldn’t have had visibility of if it wasn’t for Orion’s network detection capabilities.”

“The solution has also been particularly useful for our mortgage fraud investigators who have found Orion invaluable when it comes to helping deal with the threat of intermediary based fraud and for detecting ‘unauthorised introducers’ or ‘ghost broking’ rings.”

“Through Orion our investigators can easily identify the hidden connections between individuals that exposes their fraudulent activity by trying to hide behind apparently ‘clean’ intermediaries or by applying through our direct channels.”

“Now that Synectics have enhanced Orion by allowing it to fully leverage National SIRA data I think the solution will be even more powerful. By widening the intelligence base from which we can draw our network analysis we’ll be able to improve our ability to spot patterns of behaviour much sooner – and therefore be able to be more predictive in addressing and preventing organised fraud.”

“Organised fraudsters are not brand loyal and often go from lender to lender looking for a way in.”

“Now that Orion provides us with intelligence from the whole of the National SIRA database we’ll be able to be better prepared to spot these situations starting to occur, predict the next entry point for a particular scenario, and then put prevention strategies in place to shut them down.”

“Having the ability to see the complex links between individuals, which in a traditional data matching solution would be hidden from view, really has seen a fundamental step-change in our ability to successfully combat organised fraud. So using Orion in addition to SIRA really has transformed our ability to understand what’s happening and why when it comes to preventing organised fraud from impacting our business.”

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