Insurance Fraud Detection and Risk Management using i2
Our client in this case, is an umbrella organization for all retail payments system in the country. The organization was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA). Our client connects roughly 1, 98, 953 Automated Teller Machines of 449 banks, while also providing Immediate Payment Service (IMPS) to over 84 other banks, and has conducted 10 million transactions successfully.
“Compromise points” and period of “compromise identification” are services provided by our client to member banks. Once fraud is reported by member banks, our client’s Fraud Risk team analyses the data on the card and other such cards on which fraud is reported to identify common usage points to arrive at suspected compromise points. A series of fraud incidents occurred this year and our client’s role in timely identification of compromise points and flagging to member banks in taking proactive measures was critical and has been well appreciated by the banking community.
● Risk management
● Operative Risk
● Fraud Risk Management
● Settlement Risk Management
● Business Continuity Management
● Duplication or skimming of credit/ debit card information
Solution We Provided:
I-2 Analyst Notebook Premium was put to use by our client and a customized schema was designed keeping in mind their need and usage. It then because convenient for the risk department to quickly co-related transactions between fraudulent and suspicious Debit/credit cards. Analysis of patterns enabled them to quickly find the Automated Teller Machines where the fraud was done and avoid potential fraud in the future. The risk department can now carry out CPP analysis quickly and share the report in a short span of time in the form of both charts and graphical representations and also data. Using I-2 analyst notebook they are just not able to pinpoint details of the fraud but also capable of analyzing and forecasting the same and hence effectively preventing it.
Key Client Benefits:
● Rapidly search multiple data sources simultaneously
● Visualize networks and transactions
● Share intelligence across workgroups
● Rapidly search multiple internal and external data sources
● Find entities, identify relationships and patterns
● Analyze multiple mediums
● Visualize results, see the whole picture
● Perform enterprise-wide e-discovery
● Increase speed and volume of analysis fraud investigation