The Challenge
The Client's Problem Statement
A leading financial institution was facing a significant increase in sophisticated fraudulent activities, leading to substantial financial losses and a decline in customer trust. Their existing rule-based systems were slow, generated a high number of false positives, and were unable to adapt to new fraud patterns quickly.
The primary goal was to improve the effectiveness of risk management operations while reducing the daily staff workload. This involved addressing several key areas:
- Monitor transactions in real-time to identify and take action on suspicious activity.
- Accurately assess the threat level in relation to customer impact.
- Handle a variety of transaction types across multiple channels, including web and mobile.
Our Solution
Predictive Analytics for Fraud Management
Unicornis AI partnered with the institution to develop and implement a custom predictive analytics solution. Our solution enabled the bank to use a business rule management system to create a more flexible and proactive solution. The BRMS-based solution assists client managers in the detection and daily handling of risks, reducing staff workload. The new solution also moves the bank from an event-driven approach to a client-driven approach, providing more relevant information for decision-making.
The Results
Transformative Outcomes
The implementation of our AI-powered fraud management solution delivered transformative results. It significantly enhanced the institution's security posture and operational efficiency by providing several key benefits: