Fraud Barrier

Purpose: application fraud detection and
prevention

Banks need Scorto™ Fraud Barrier:

• Identify fraudsters as early as possible
• Automatically check against internal and external blacklists
• Reduce operational costs by automation
• Detect sophisticated fraudsters with advanced analytics
• Constantly improve your fraud detection methods
• Reduce serious fraud losses and write-offs generated by fraudulent applicants to the minimum
• Bad debts, as well as collection and recovery costs, can be reduced by avoiding overrated risk segment assignment for unfair applicants who put false information in application
• Fraud identification should not compromise customer service and speed of decision making

Concept and Key Tasks

• Setting and adjusting custom fraud-detection rules and policies
• Easy integration of any data sources for data verification and checks (blacklists, credit bureau info, etc.)
• Developing custom fraud detection scenarios based on the rules
• Investigating suspicious cases, analyzing application assessment results and making decisions
• Eliminating fraud through predictive modeling and scoring
• Automation of fraud detection and investigation workflows and decision flows

Value Proposition

• Easy to manage user interfaces for minimal resource requirements and operational expenses
• Incredibly intuitive and easy to use
• Proven to eliminate fraudulent activity (and ultimately bad debts)
• No limit in terms of number of users, or number decision/workflows
• Use of various technologies (such as AI) enable the tool to be self-learning
• Automatically assigns cases for investigation and assigns score based on likelihood of Fraud

Examples of Industries and Applications:

• Banking & Finance:
  • Elimination of Application Fraud
  • Targeting of Identity Theft
  • Identifying Internal Fraud
• Insurance:
  • Identifying of application fraud
  • Identification of claims fraud
  • Tracking of legal actions and assignment to debt recovery
• Public sector
  
  • Identification of potential law-breaking activities (violation of corruption laws, etc.)