redefining starfish banks with use cases

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Redefining Starfish Banks With Use Cases


Executive Summary The banking industry has traditionally been a hot target for fraudsters, with access to sensitive customer information. The fraud landscape has been evolving with fraudsters using sophisticated techniques to surpass enterprise security measures, which eventually poses massive threat for banks.

To meet these towering challenges, banks need to have strong defense mechanisms in place that are capable of not only automatically detecting frauds but also preventing them from taking place.


Use Cases

Case 1: ATM transaction from one country followed by a debit card

transaction/Mobile Banking login/Credit Card Transaction for the same CUSTOMER

ID from another country within a defined time duration .

Case 2: Salary Debit within first two days of salary credit, as against the usual norm.

Case 3: Address change followed by inventory issuance like Cheque Book issuance

or Debit Card issuance or Debit Card PIN Issuance or IB Password Issuance within X

time duration .

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Cross-channel Fraud Management (Solution) An ideal cross-channel fraud management solution not just monitors and

prevents fraud on multiple channels but also has the ability to correlate the intelligence gathered from one source system to the events happening on other channel to detect and prevent fraud.

For instance, all the scenarios discussed above could have easily been averted had the bank implemented a unified cross-channel fraud management system.


An Ideal Fraud Management System So, what should be the characteristics of an ideal fraud

management system?

Ability to track patterns : An ideal cross-channel fraud management system should be adept in tracking Cross Channel and Cross Product patterns in real time and cross pollinate the information for better decision making.

Built-in Scenarios : Comprehensive functionality with pre-packaged channel, products and geography specific scenarios.


Highly intuitive Framework : The system should have in place a framework that is highly intuitive, easily configurable and can engage complex-event-processing functions to handle events.

Real-time : The monitoring engine should be powerful & capable of functioning in absolute real-time.

An Ideal Fraud Management System


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