Fraud analysis in online banking with Siren

Analysis, monitoring and fraud investigation of online payments are among the daily work of financial institutions. With the advent of online banking, detecting fraudulent behaviour has become an even greater challenge. The use case below, from one of the largest banks in Germany, describes how the platform of Siren can help financial institutions identify fraudulent activity and map future threats.

Problem definition
As one of the five largest commercial banks in Germany, it handles 10 million active customers and hundreds of thousands of transactions that are analysed for fraud risk. The bank has multiple fraud detection systems that generate a large amount of data, but do not provide the ability to visually examine the data and turn it into actionable insights. The desire is to be able to investigate this data with advanced network and query functionalities from a user-friendly interface and within the current expertise and capacity.

Solution: Siren Fraud Intelligence
The Siren Platform has enabled the fraud detection department to quickly consolidate all of their online transaction records from the past 5 years into a single database. This allowed fraud analysts to identify connections, patterns and anomalies that the team was previously unaware of.

The result
By combining the different data sets of transaction files and providing insight without having to overhaul the existing IT infrastructure, the fraud detection department was quickly able to detect past and ongoing fraudulent activity, contain current threats and prosecute the perpetrators.

In addition, the bank has succeeded in changing its approach to fraud from reactive to proactive. The ability to visualise and identify patterns and trends in transactions in (near) real-time allowed the department to identify and act on vulnerabilities and resulting future potential threats.

Session Digital Experience 2021
Are you curious how the Siren platform can help you in the fight against fraud and other crime? Then be sure to follow the session ‘The latest and greatest on Big Data Analytics’ by Siren during Digital Experience 2021. During the session, Giovanni Trumanello will show you what Siren can do for you and will discuss some use cases. Want more information about Digital Experience? Click here.