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Modernization of Fraud Detection System for a European Banking Institution

scalosoft.com

Financial services

Business services

Rising Fraud Rates and Inefficient Detection Processes

The client is facing escalating fraud losses due to increasingly sophisticated fraud schemes and a significant rise in fraud rates observed by both businesses and consumers. Existing fraud detection systems are inadequate to effectively address these threats, leading to financial losses, reputational damage, and regulatory compliance challenges. The need for automated transaction verification and information transfer on suspected fraud is critical.

About the Client

A large international banking group providing a wide range of financial services to consumers, businesses, and other entities across multiple subsidiaries, primarily in Poland.

Project Goals

Enhance fraud detection capabilities through automated transaction verification.
Reduce financial losses due to fraudulent transactions.
Improve the efficiency and effectiveness of fraud detection processes.
Meet regulatory requirements related to fraud prevention.
Automate information transfer on suspected fraud to prevent transaction processing.

Functional Requirements

Real-time transaction monitoring and analysis.
Automated rule-based fraud detection.
AI-powered fraud detection capabilities (machine learning).
Automated transaction verification process.
Automated information transfer of suspected fraud to prevent transaction processing.
Alerting and reporting on suspicious activity.
Integration with existing banking systems (e.g., core banking system, transaction processing system).

Preferred Technologies

REST APIs

Kafka

Spring

Oracle

Required Integrations

Core banking system
Transaction processing system
Existing fraud management systems

Non-Functional Requirements

High scalability to handle large transaction volumes.
Low latency for real-time fraud detection.
High availability and reliability.
Robust security to protect sensitive data.
Compliance with relevant data privacy regulations.

Expected Business Impact

Successful implementation of this project is expected to significantly reduce fraud losses, improve operational efficiency, enhance customer trust, and strengthen the bank's reputation. It will also ensure compliance with evolving regulatory requirements and provide a competitive advantage in the financial services market.