App Store | SIRA
SIRA is the most effective solution to detect and reduce the impact of multiple types of fraud on your business. For over 15 years, it has been successfully deployed around the world by Tier 1 banks, insurers, retailers and telcos.
With unique access to National SIRA, our solution enables organisations to create a single, integrated anti-fraud system that delivers a comprehensive defense unsurpassed by other solutions.
Clients will experience a return on investment in a matter of months by transforming their ability to identify and stop fraud impacting their organisation through the insight and enhanced investigation delivered by SIRA.
SIRA offers leading edge functionality and maximum flexibility to deliver a solution built for your needs:
Advanced application and account opening fraud prevention data-matching techniques.
Sophisticated, automated and dynamic scoring capability allows scores and thresholds to be calibrated just for you to support your fraud strategy.
As a data agnostic provider, SIRA offers access to the widest range of third party data sources to improve your ability to profile customer risk.
Our single point of referral, and access to industry data sources ensures a consolidated and bespoke view of your fraud risk.
Secure access from anywhere in your organisation regardless of geographical location, plus ease of integration within existing systems means no need for deployment of complicated systems architecture or hardware.
A “white box” solution with the ability to configure workflow, decision rules, case management and other functions to ensure alignment with your commercial needs or strategy.
Identify threats, mitigate risks and meet your regulatory obligations.
Powerful, enhanced solution enabling additional information to be logged, updated and subsequently used for management information purposes.
Tracks suspicious activity across mortgage and savings accounts to ensure fraud is promtly stopped in its tracks.
Incorporate fraud risk data into underwriting pricing algorithms in real time.
Help your organisation meet it's commercial and compliance needs.
Access the very latest information on potential high risk applications to enable you to make truly informed decisions across the customer application process.
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.
Hear from one of the leading insurers who improved the speed at which they could board genuine customers without compromising on their risk checks, with our Intelligence Hub. Driving down the cost of risk, improving compliance and the customer journey. Ensuring that customer on-boarding or application and claims processing is as frictionless as possible is an essential ingredient when trying to improve risk and compliance checks. To achieve this, risk analysis solutions need to be able to integrate and communicate with a company’s wider decision systems. Applying real-time configurable business logic to data processing is one function of The Intelligence Hub (part of Synectics’ risk management, financial crime and fraud prevention platform) that is helping one of Synectics Solutions’ insurance clients to integrate its fraud prevention solution (SIRA) with its wider customer decision platforms. Outcome Orchestration is allowing the insurer to create a much more sophisticated, efficient and strategically aligned risk mitigation solution. SITUATION This major insurer first deployed Synectics Solutions’ fraud prevention and detection application (SIRA) in 2013. Since the initial deployment the company benefited from SIRA’s effectiveness and derived marked improvements in its working practices and fraud strategy in the claims space. This helped the organisation save significant amounts of revenue by preventing fraud losses. The company’s SIRA solution was configured to deliver real-time alerts to its fraud management team. These alerts were then prioritised and screened for accuracy using Precision – Synectics Solutions’ predictive analytics and data science service. Due to a growth in customers, the insurer needed to realign its fraud and risk strategies and improve its ability to meet its commercial clients’ compliance thresholds. To achieve this the insurer introduced Outcome Orchestration (part of the Intelligence Hub from Synectics Solutions), to enhance and improve its fraud management capabilities.
ReCheck, from the Cabinet Office National Fraud Initiative (NFI) allows organisations to check existing customer records against the NFI’s comprehensive data sets. This case study demonstrates how ReCheck has enabled a council to proactively check and monitor changes in customers’ personal and financial circumstances, including death, to stop invalid or fraudulent claims. SITUATION Haringey Council is located in North London. It was created in 1965 by the amalgamation of three former boroughs and shares borders with six other London boroughs. Haringey’s economy reflects the borough’s communities - vibrant, diverse, and enterprising. Like all authorities the demand for support in the area of Social Care remains high and monitoring and management of Social Care budgets is vital as the Council demonstrate accountability towards protecting public services.
This case study demonstrates why organisations should come together and share intelligence for collective benefit to combat fraud, risk and financial crime. A collaborative approach is vital when trying tackle potentially fraudulent activity. Fraudsters work across different sectors and so must those seeking to prevent fraud. This case study demonstrates how such a collaborative approach, across public and private sectors, to data sharing is starting to reap significant rewards. SITUATION Leading business insurer, QBE has been working collaboratively with Synectics Solutions for a number of years to combat fraud in the insurance sector. QBE use SIRA from Synectics Solutions – a sophisticated workflow management and data matching tool; and National SIRA – a leading database of known fraud cases, contributed to by over 130 organisations. In recent years, the insurer has sought to increase and enhance its automated fraud detection capacity using new methods and data sources. QBE wanted to identify additional sources of intelligence to help them spot more fraud across insurance applications. The fraud team also wanted to see an uplift in the amount of fraud detected for previously investigated cases, by retrospectively matching to records, previously marked as fraud. In particular, they wanted to look at exaggerated and fabricated, third party motor and casualty claims, to see if there was any correlation between fraudulent benefit and insurance claims.
Find all of our white papers and thought leadership articles by clicking here.
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