Financial Fraud Prevention: Automatic Analyses Protect Assets & Reputation
It is imperative to detect financial fraud scenarios early and notify customers before unwanted transactions can occur. The prerequisite for effective fraud prevention is reliable investigation. This is very challenging with extremely large data flows.
Rules Monitor Business Transactions and Uncover Financial Fraud
Possibly fraudulent actions can be recognized using rules. When credit applications are monitored with pre-defined rules, business transactions that do not correspond to those rules are quickly detected. The backgrounds of these transactions are then investigated.
Bodies of rules also give banks and insurances the foundation for detecting possible fraudulent actions. The Fraud Detection System integrates reviews in the relevant application process and analyzes data entered for indications of possible financial fraud. Application review is critical to fraud prevention because this is the point where at which possible damage can be prevented before it occurs.
The financial fraud prevention software contains a wealth of rules that offer the following advantages:
- Rules can be created for specific sales channels, branch banks, product groups, and more.
- Automatic comparisons can be performed during the application process with existing data inventories, historical application data, previously detected instances of fraud, and external data inventories.
