BA - Fraud Mgmt - Retail Banking

Fraud Management Solution for the Retail Banking

The goal of the project is to provide a professional tool that can prevent, detect and monitor Fraud transactions occurred on Riyad Bank. The system should be able to cover the following areas:

1. Real Time Transaction Monitoring: The ability to monitor card or other transactions in real time to identify potentially fraudulent or suspicious transactions. Monitor Credit, Debit, POS and ATM cards and other transactions.

2. Common Point of Purchase or Compromise (CPPC): This fraud detection involves the monitoring of merchants for unusual activities of behavior to identify high risk merchants and potential points of compromise. Using advanced algorithms, Banks are able to identify at risk cards more quickly and take preventative action to avoid losses.

3. Insider Fraud: Defined as employee activities that result in the employee directly misappropriating Bank funds and potentially collaborating with other employees to achieve this. An example is the routing of Bank funds to accounts owned by the fraudulent employee held under a false identity. Insider fraud can involve a breadth of individuals from across the organization and insider fraud models can use diverse data sources such as employee swipe card access logs and system login data.

4. Collusive Insider Fraud: Involves one or more Bank employees collaborating with non-bank employees to defraud the Bank. It includes behaviors such as the selling of customer details or information about the Bank’s control processes to fraudsters operating outside of the Bank. Example frauds include Bank employees selling products to acquaintances or family with prior knowledge that they have no intent to repay the Bank.

5. First Party Fraud: Defined as activities by customers (non-bank employees) that result in the Bank extending lines of credit (such as loans, credit cards, overdrafts) which the beneficiary cashes in and has no intention of repaying. There are many modes of operation for fraudsters operating in this way, including the use of false identities, cycling cash around accounts to give the illusion of greater liquidity and cheque kiting to name just a few.

6. Third Party Fraud: Defined as activity by individuals or groups that result in the theft of customer card credit, debit, or account information. This is usually followed by counterfeit or card not present (CNP) transaction fraud.

7. Money laundering: Defined as the practice of engaging in finance or financial transactions in order to conceal the identity, source and/or destination of illegally gained money. There are sometimes complex cash cycling networks involved.

8. Mortgage Fraud: This consists of elements of both first and third party fraud where the one-time transaction cost of fraud is very high. Examples include the collusion of third parties to overstate the values of properties and the takeover of an account by a fraudster to transfer deeds and sell a property.

9. Collections Prioritization: This allows a bank to focus its collections efforts on those most able to repay their debts. At the beginning of the customer lifecycle, Riyad Bank should be able to use rich customer intelligence on fraud and ability to repay to assist in Credit Risk Predictions for new and existing applicants.

10. Application Fraud and Identity Theft.

Interested candidates can reach me at vijayram.singh@coreglobalit.com or +91 9652 466 786.