Fraud Detection

 

According to estimates from the ACFE, cases of fraud cost the worldwide economy more than $400 billion a year. The fraudsters are increasingly using electronic resources in their criminal activities, thereby increasing the amount of fraudulent activity. These “invisible“ and “anonymous“ money transactions make it easier to conceal fraud. However, the actual cost of fraud goes far beyond the actual financial losses. Fraud also affects a company’s reputation.

 

Using customized software solutions to fight fraud is one answer to the risk of financial loss and a damaged reputation. Nearly 85% of all fraud within institutions is committed by insiders, with over 50% of the offenders belonging to the management. Fraud is not confined to any particular region, sector or branch of industry, and nor is it dependent on the size of the organization.

 

SironFD - IT-supported identification of fraud

With SironFD TONBELLER offers a turnkey, cost-effective and safe solution for all finance service providers, for fighting fraud. SironFD is a system-indepenent user solution for preventive early diagnosis, analyses and monitoring of striking financial movements.

 

Rule-based systems offer the compliance representative the possibility to describe behavior patterns known from the past by means of rules (typologies). Rule violations identified by the system (e.g., cash deposits of large, round amounts on newly opened accounts) are listed to the compliance representative for further judgement and tracking down.

You are able to create dynamic profiles for each customer or customer group, based on the behavior up to now. Behavior amendments, abnormalities and typical or similar behavior patterns will be automatically recognized by the system and shown to the compliance representative as risks.

 

SironFD at a glance

  • Pre-defined rules and typologies to offer protection from known fraudulent practices
  • Flexible definition of the indicators of fraud
  • The data stock to be tested can be set up quickly and efficiently by a flexible scoring procedure
  • Dynamic, risk-based modification of KYC/KYE profiles
  • Detection of unexpected/unusual types of behavior (e.g. cluster analysis, time series analysis)
  • Automatic calculation of existing risks (e.g. identification of risk groups)
  • Extensive reporting to compile regular and historic reports, produce suspicious activity reports and carry out individual analysis
  • Audit-proof documentation of all processing stages