Fraud Detection
DetectX® Fraud Detection combines behavioural analysis, real-time transaction monitoring, name screening and the business rules engine, so a fraudulent transaction is stopped before it settles rather than recovered afterwards.
The DetectX® approach
Transactions are analysed as they occur, with risk models applied in line rather than in a nightly batch. That is the difference between blocking a payment and reversing one.
Behaviour is monitored across devices and platforms, so an unusual transaction pattern or an account accessed from an unexpected location is a signal in its own right rather than something noticed after the loss.
- Real-time transaction monitoring
- Risk models applied as the transaction happens, so fraudulent activity is detected and blocked before it reaches the organisation.
- Behavioural analysis
- User behaviour tracked across devices and platforms, which reaches further than a rule on the transaction alone.
- Name screening
- Continuous KYC checking against sanctions lists, PEP registers and blacklists, extended by Adverse Media Search.
- Machine learning
- Models that learn from new data, so an emerging fraud pattern is recognised without waiting for someone to write the rule.
- A framework you configure
- The business rules engine is where the detection logic lives, and the compliance team maintains it directly.
What it changes
Fraud detection is judged on two numbers at once: what it catches and what it stops unnecessarily. Combining behavioural analysis, anomaly detection and risk-based profiling is what allows both to move in the right direction rather than trading one for the other.
- Adaptive models
- Detection evolves with the fraud patterns rather than holding a threshold set against last year's.
- Fewer false positives
- A stopped legitimate payment costs a customer relationship, which is why reducing them is treated as an outcome and not a side effect.
- Existing environment
- Integrates into what you already run, and supports GAFI and FATF recommendations along with Swiss regulatory requirements.
Why DetectX®
Fraud and financial crime are the same customer seen through two lenses, and most organisations buy two systems for them. Here the behavioural models, the screening lists and the alert queue are shared with the compliance modules, so a fraud alert and a sanctions alert arrive in the same place with the same customer history attached.
Regulatory requirements
DetectX® supports the FATF and GAFI recommendations, and is used against Swiss regulatory requirements including GwG, FINMA-GwV, VsB 16, KAG, FinfraG, FidleG, BEHG and KKG.
It also supports MiFID and EMIR reporting obligations, and BASEL II and III requirements.
See Fraud Detection on your own data
A demo runs against a scenario you choose, so the alert volume and the match quality are yours rather than ours.
Request a demo