Comarch Fraud Protection - detect and combat frauds efficiently

The fraud problem

Enterprises lose billions of dollars a year due to fraud. Bogus payments, money laundering, loyalty program fraud and cyber security incidents, just to name a few. Enterprises have explored a wide variety of ways to combat fraud, including hiring additional staff which has proven ineffective. It’s time-consuming, and nearly impossible to investigate every claim. The perpetrators of fraud are highly sophisticated, and their techniques evolve quickly, often making solutions obsolete just as soon as they’re implemented.

Our solution

Comarch Fraud Protection is a platform which significantly increases the efficiency of suspicious event detection compared to rule-based methods. The solution is based on machine learning, which is a state-of-the-art approach where Artificial Intelligence (AI) is used for creating models that, based on historical data, can determine the occurrence of suspicious events with high accuracy.

Features

Detect anomalies and classify events

Our fraud detection software recognizes relationships and similarities between data and can detect anomalies – events that do not conform to an expected pattern in a data set

Act in real time

Once an anomaly is detected, immediate action can be taken to prevent fraudulent activities. Our software works in real-time

Monitor and analyze

You can easily analyze fraudulent events, extract insights, and improve your security. Reporting modules allow for an effective investigation of abusive activities. Our AI is transparent and generates explanations for its decisions.

Benefits

Significant cost reduction

Enterprises and government institutions lose billions of dollars due to fraud. By implementing Comarch's solution you can expect measurable benefits - significantly reduced losses due to our state-of-the-art fraud detection and prevention approach.

Increased productivity

Streamlining tasks creates the ability to achieve more in less time. Automated anti-fraud workflow makes your employees more productive by removing the burden of performing routine tasks, reducing the total time it takes to analyze the fraud, and allows employees to focus on more demanding and complex challenges.

Minimized reputational risk

The impact of fraud on the organization’s reputation is undoubtedly negative and can expose the company to astronomical costs. Our solution decreases this risk with its holistic view of various type of fraudulent activity.

Use cases

Money laundering

Improved efficiency: significantly less false alarms, time savings, and improved detection rate
Faster investigation thanks to alert prioritization
Overall cost reduction
No need to replace your existing AML solution

Credit card fraud

Improved credit card fraud detection rate while keeping false alarms at low level
Increased protection of your customers
Real-time detection – immediate action can be taken to prevent fraudulent transactions
Easy integration with your existing solutions through APIs

Cyber Threat Protection

Core feature – security framework, self-monitoring tools, and dedicated security mechanisms
Anti-tampering feature – mechanisms for malware detection and real-time analysis in terms of threats and runtime environment gaps
Cryptography module – user cryptographic material, secure user onboarding, sensitive data storage, encryption and data integrity check
Scoring feature – security scoring based on device type and browser fingerprint, hardware details, or configuration and environment conditions

Fraud prevention based on photo documentation

Eliminating the need to manually process all the images sent by field workers
Securing more revenue and better customer experience, by eliminating cases in which field technicians cheat in their task reports
Easier validation of the correctness of field installations and configurations to further increase service quality, improve service delivery times and ensure customer satisfaction

Loyalty fraud detection

Proactive fraud prevention
Enhanced security of loyalty programs
Improved workload management

Insurance claims fraud

Greater accuracy of claims handling
Loss ratio reduction
Improved productivity of your experts
Seamless integration with any core system

Telco Fraud Detection

Proactive fraud prevention
Reduced manual review workload

How it works

Technology and science behind the solution

For many years, the use of rule-based information systems has been a sufficient, though not too effective, approach to detecting various types of fraud. However, fraudsters eventually began to use more advanced methods that beat rule systems. To effectively prevent and detect fraud, it is no longer enough to apply a set of rules. Artificial intelligence comes to the rescue. Using historical data and machine learning, you can search for unusual events, detect anomalies incomparably more efficiently. What's more, over time and with changing patterns of digital crime, the Comarch Fraud Protection can learn new user behaviors on an ongoing basis. In this way, enterprises can try to foresee the intentions of fraudsters.