Predictive Analytics Preventing Fraud - Precision | Synectics Solutions
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Discover how we have helped solve our clients' challenges across a range of industries

Turn data into actionable intelligence with a fully-hosted predictive modelling solution

Apply sophisticated predictive insight techniques across your data landscape and make fast, customer focused decisions that have been fully-evaluated against a multitude of risk, reward and compliance scenarios.

Reduce false positives and prioritise your remediation and investigation caseloads

Precision is proven to reduce false positives and enhances your ability to prioritise risk, remediation and other investigation caseloads so that you do not waste time needlessly investigating good customers.

A complete data science service and much more than just a software service

Precision offers a fully serviced data science solution that gives clients direct access to in-house data science experts to help them create, deploy and evaluate the most appropriate data science techniques to meet their requirements.

A web based solution that puts control in your hands

Access, customise and report on the performance of your predictive models at any time, to speed up your ability to successfully test, deploy and modify the most sophisticated models:

Powerful but simple-to-use online access

All the statistical models, predictive scores and performance reports in Precision can be accessed via and easy-to-use, intuitive web-based user interface.

Cost effective predictive insight

A privately hosted 'Software as a Service' (SaaS) solution with all the analytical capabilities and data science expertise you need without the investment in costly hardware or IT resource.

Integrate Precision with your own systems

Flexible API technology allows Precision's predictive scoring capabilities to be seamlessly integrated with your own systems.

Highly configurable to suit your needs

Customisable models ensure that any decision parameters or predictive scores are produced in line with a client's business strategy.

Batch and real-time
data

Capable of accommodating both batch and real-time data processing, responses can be incorporated into all customer engagement decision points.

Blend multiple data sources and leading-edge techniques

Incorporating a multitude of data sources and statistical models to enable clients to leverage the widest possible base of intelligence when creating their predictive models.

Precision Solution Options

We offer two levels of service designed to ensure the best fit for your needs.

Precision Standard

With unique access to the National SIRA database our ‘Precision Standard’ models offer the ability to leverage over 300 million rows of intelligence within National SIRA to quickly launch an effective solution.

This service is ideal for organisations looking to launch new financial products where they don’t have a local (product specific) data-footprint.

With up to two model recalibrations a year included to ensure ongoing accuracy, the standard solution is a highly cost effective and fast way to improve your real-time fraud screening strategy.

Precision Enterprise

For clients who have sufficient local data to create reliable models ‘Precision Enterprise’ delivers a fully tailored and optimised solution.

With the ability to process vast quantities of data, and make use of our blended data modelling capabilities, the Enterprise Precision solution offers a much more comprehensive data science service that has the scale and capacity to ensure no matter how large your business, you have a predictive analytics capability that’s capable of scaling to meet the needs of the entire organisation.

In addition to unlimited volumes of data that can be screened our Enterprise Solution also opens up access to the wider Synectics Data Marketplace, to offer you the option to adapt your predictive models to a wider range of applications.

Precision Standard Precision Enterprise
Application Volumes <500,000 p.a. Unlimited
Access to our Data Marketplace National SIRA only National SIRA + External Sources
No. Data Models Single only Multiple - Blended
No. Data Features in target model(s) Maximum 50 Maximum 300
No. Model Recalibrations 2 p.a. Multiple
In-flight Model Versioning No. Yes
Historic Data Required No Yes
Advanced Functions No Yes - Anomaly Detection

Our applications in action

Our people are helping to shape the future of what’s possible across all of the markets related to your business.
Read some of our case studies 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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How to address your repeat fraud offender problem

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Helping the Utilities Sector save over £3 million in just 3 months by cutting fraud

The UK boasts a highly efficient and successful water industry, one that leads the way in research, training and accessing new water sources. Providing essential energy, water, sanitation and drainage to all households, businesses and organisations up and down the UK, the social responsibilities of utility providers are paramount. As part of their social obligations, all providers offer social tariffs to ensure domestic customers have access to a discounted service should they be struggling financially. This significant payment reduction is a lifeline for those who genuinely need it, protecting them from entering debt and ensuring continued provision of such essential services. However, these social tariffs can be abused and many customers are mistakenly or fraudulently receiving reduced charges when they are not entitled to them. A PROBLEM FOR PUBLIC SERVICE PROVIDERS To identify the scale of this problem Synectics Solutions worked with Sagacity and a number of the UK’s water companies in 2019 over a period of three months. The water utility providers it worked with covered rural and inner-city areas of the UK. Each of the companies in the pilot were experiencing problems such as: Customers dishonestly obtaining discounted services Failing to declare residency to avoid paying for their service entirely Declining to update their provider when their circumstances changed Without the intelligence in place to flag these potentially fraudulent claims or errors, these companies were exposed to considerable fraud and error and millions in lost revenue. The method that these organisations were deploying previously to address this problem involved using credit reference agency (CRA) data. The annual cost of these procedures for each company was several million pounds annually, and yet the problem continued to be an issue. "One of the reasons this fraud was not being identified through these measures was because a customer’s claim for a discounted service, or a zero-rated account, cannot be accurately verified through credit reference agency matching alone.” “This process in isolation doesn’t provide the data landscape needed to find the explicit qualifying criteria to confirm a genuine claim.” A POWERFUL PARTNERSHIP IN FRAUD PREVENTION To address this problem Synectics Solutions and Sagacity worked with the UK Government’s Cabinet Office and took the opportunity to use the National Fraud Initiative (NFI) intelligence database to help these companies understand and identify the scope of fraud or error that they were suffering. The NFI provides an invaluable database of up-to-date insights and offers 19 different data sets against which to match. This vast solution has already helped over 1200 public sector organisations to identify over £1.7 billion in savings from fraud and error.

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

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

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