Payments

Mobile Payments Fraud Detection by Siren

Online Payments Fraud Analysis

Empowering commercial banks online payments fraud analysis, containment and remediation efforts

The ability to analyse data to detect fraudulent behaviour in the payments industry has always been of value, but it has become paramount with the arrival with the massification of online payments. This case study highlights how commercial banks and payment service providers, in this case, one of Germany's largest commercial banks; can identify past fraudulent activity, mitigate the effects of ongoing events and enhance their ability to prepare and handle future threats by conducting investigative research across previously siloed and un-related data sets.

THE PROBLEM

Vast amounts of data generated by multiple fraud detection systems with no way to actively explore and leverage this data

One of the top 5 commercial banks in Germany, with over 10 million active customers and performing payments fraud risk analysis over hundreds of thousands of operations on a daily basis, needed a way to gain insight into their vast amount of data generated by their existing fraud detection ecosystem. Moreover, this customer required a state of the art search engine functionality across data-sets with an easy to navigate UI that would leverage the existing expertise and capabilities within their payments fraud detection team.

THE SOLUTION

Siren Fraud Intelligence

Deploying the Siren Platform, and in particular the Siren Investigate UI, over the customers existing infrastructure the online payments fraud detection department was able to consolidate into a single repository the entirety of their online transactional records for the past 5 years enabling the fraud analysts to identify patterns and trends that the team was previously unaware off.

THE OUTCOME

Complete cross-dataset visibility of fraudulent activity and enhanced state of readiness for future events

By having full visibility and interconnection across data sets of the banks online transactional records without having to engage in an IT infrastructure overhaul, the fraud detection department has been able to detect past and ongoing fraudulent behaviour, contain current threats and proceed with the persecution of the culprit that provoked the incident or string of incidents.

Furthermore, the bank for the first time has been able to shift their strategic approach from a reactive stance to a proactive approach. Having the ability to visualise and identify patterns and trends in real-time on their transactional records has enabled the department to identify vulnerabilities and the subsequent future potential threats, thus radically enhancing readiness state and response times to events as they arise.

“Through the use of the Siren platform, I obtained so many powerful insights from data originated from audits and inspections of clinical trials. Siren was a complete game changer for me.”
Johnson & Johnson, Analytics Lead
“Built on real big data technologies. Clearly much more interesting than anything I have seen before.”
Head of Corporate Security, Fortune 50 Company
“As we rolled out a global data transformation program Siren really brought the value of centralised Data Management to life for our business domain experts. Siren's fast, intuitive Investigative Intelligence gave them the wow factor.”
Tier 1 global pharmaceutical firm, Data Management Executive
“In law enforcement we never know what analysis and questions we are going to need to answer in the future. Siren gives us the flexibility to react as we need to as events unfold. We are very excited about the impact this has on real world investigation.”
European law enforcement agency, Operations Manager
“We are building central global business process telemetry across systems, applications, process workflow and transaction flow. Siren enables that global Investigative Intelligence across all these related domains faster than anything else we tried.”
Tier 1 Wall Street Bank

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