Fraud Prevention Solutions in Enterprises

Why Enterprise Fraud prevention?

The ultimate goal of those tasked with preventing losses to fraud or other financial crime is to stop it from penetrating their company’s defences in the first place. It’s widely accepted that this approach is far more effective than detecting it once it has already penetrated your organisation.

Additionally fraud teams are being tasked with making sure that the systems and processes they have in place to protect their business don’t adversely affect the ‘good customer’ journey and make them uncompetitive. Quite a challenge in an age when various types of financial crime are a growing problem that is also becoming more complex and difficult to address.

TACKLING FINANCIAL CRIME

9/10 fraudulent applications for all financial products are made online

DETECTION TO PREVENTION

Prevent losses associated with financial crime by integrating data matching, network analysis and predictive analytics

A GROWING CONCERN

Identity fraud is a growing issue as the nature of fraud and financial crime evolves

Benefits of deploying an enterprise fraud prevention system

In order to be successful, companies need to adopt a multi-layered approach to addressing fraud that helps them identify and address the complex nature of criminal organisations, or individual opportunists, who are looking to perpetrate fraud - without compromising competitiveness.

By integrating services like data matching with network visualisation and predictive analysis it’s possible to achieve a fraud prevention and detection matrix that delivers a defence capable of dealing with the most challenging aspects of financial crime to prevent fraud and predict risk much earlier.

Easy Integration

Software as a Service (SaaS) means low cost of implementation and easy integration into existing systems

CROSS SECTOR INTELLIGENCE

Access to comprehensive cross sector fraud data to reduce losses and increase your intelligence resource.

Customisation

Easily customisable workflow and analysis allows for high level of customisation to suit defined risk strategies.

Sophisticated Workflows

Effectively manage and address referred investigations with a highly configurable and comprehensive data matching and workflow management tool.

NETWORK VISUALISATION

Automatically identify and track network and organised crime with Orion.

PREDICTIVE INSIGHTS

Prioritise risk and reduce false positives much more effectively by using Precision’s predictive analytics capabilities.

EXPERT DEPLOYMENT

Deployment and integration support with Synectics expert change management and implementation team.

HIGHLY CONFIGURABLE

Consultancy from our Financial Crime Intelligence team can provide expertise in the configuration of your enterprise fraud solution.

THIRD-PARTY DATA

Improve your ability to mitigate fraud risks through data enrichment with a host of third-party intelligence sources.

SYNECTICS ENTERPRISE FRAUD SYSTEM

By integrating Synectics Solutions modular enterprise fraud prevention systems financial services providers including; retailers, banks, insurers and telecommunications companies have access to a truly leading edge fraud prevention solution that has the ability to address the most challenging types of fraud.

The Synectics Enterprise Fraud System delivers a cost effective capability that reduces losses, increases efficiencies, improves fraud detection rates, creates no disruption to existing systems, and has a positive effect on your organisational key performance indicators.

SIRA

SIRA and the National SIRA database offers one of the most comprehensive and up to date fraud detection and prevention solutions available. Leveraging the analysis that the National SIRA database provides means that clients are able to derive some of the most accurate cross sector fraud insight when vetting their customers.

Precision

Precision’s enhanced suite of data modelling and predictive analytics capabilities allows you to leverage the latest in data science, and enable your team to become better at identifying fraud, reducing false positives - ultimately becoming much more effective at predicting risk before it impacts your business.

Orion

Orion is a proven network visualisation solution that has been built with fraud detection and prevention at its core. It has a range of out-of-the-box functionality that will quickly get your investigation team able to deal with and prevent complex, organised fraud quickly and effectively.

We have discovered that the machine learning, risk scoring and prioritisation capabilities of precision could help reduce our losses to fraud by as much as 60%, whilst at the same time reducing the number of investigations by 50%.

Gareth Bentley, Financial Crime Manager

Our thinking

Read a range of articles and reports, all crafted by the experts at Synectics Solutions, where you can uncover the latest insights and trends in your sector, and understand how developing technologies are shaping today’s organisations.

CONTACT US

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Enterprise Fraud System

DEALING WITH FINANCIAL CRIME EFFECTIVELY REQUIRES AN ENTERPRISE LEVEL SOLUTION