The Problem
Suspected fraud but unable to to identify the problem
A regional US Bank suspected they had a fraud problem but could not substantiate the suspicions. The existing fraud alerting system was not telling the Bank anything untoward was happening. They were not able to identify any particular issue on accounts. The Bank’s management was afraid this was a systemic problem which would escalate in time.
The Solution
Siren implemented by a top 4 consulting firm
A Siren partner, a top 4 consulting firm specializing in fraud analytics, was called in by the Bank to get to the bottom of the issue. Several clues pointed to internal threats as the source of the fraud, but evidence was circumstantial. The consulting partner implemented Siren in a number of weeks to provide detailed fraud analytics on internal staff behaviors. This involved loading transactions, devices logs, IP addresses, emails addresses and invoice records.
The Outcome
A knowledge graph showing fraud rings internally and externally
With Siren’s unique ability to join disparate data sets and visualize in a knowledge graph Siren enabled the Bank to discover insider fraud active in their network. Patterns emerged of internal staff collaborating with external parties. These patterns were not apparent with legacy fraud alerting systems but Siren’s knowledge graph gave internal investigators unprecedented insight into how and when collaboration was taking place prior to funds being transferred illicitly.
