Comarch Fraud Detection

Problem

Every financial institution in contact with customers, partners, service providers and vendors is exposed to abuse and fraud. It is estimated that insurance companies around the world lose about 10% of all paid out compensations as a result of fraud. The traceability of insurance crimes is 5-10%, resulting in massive losses in the industry. Losses result from the unfairness of both customers and partners. The implementation of modern tools that can detect suspicious transactions and highlight them to the relevant departments and employees is a necessity. Increasing customer requirements and the complexity of business processes requires highly flexible and parameterized solutions.

Challenge

Prevention of fraud, swindles and cheating requires defining models for evaluating requests, transactions, damage notification, etc. It allows to identify and detect the misuse of non-standard situations. Models are defined by experts and tailored to the requirements set up by the insurance company. In the process of detecting fraud historical information is used, which is of particular importance in the identification of all types of irregularities.

Solution

Comarch Fraud Detection analyzes a wide range of entities that may participate in frauds and abuses. It takes place on the basis of external information and defined rules of detector:

• black list search
• activity analysis
• transactions attributes analysis
• historical transaction repository analysis

In the case of heterogeneous information sources in the identification of abuse, Comarch Fraud Detection allows you to use any external data, such as the results of the analysis, expressions of the damage, external data sources, internal databases, transactions made, the history of the use of financial services, etc.

Business and Operational Benefit

Key benefits and advantages of Comarch Fraud Detection:

• support of proactive preventive measures, and consequently increasing confidence in the institution
• elimination of dishonest partners and a variety of solutions usage, including
• underwriting evaluation, debt classification, rating companies, etc.
• strengthening competitive advantage