Set Up a Fraud Detection Platform for Transactions

Solution

Quantiphi helped them set up a fraud detection platform for transactions at Point of Sale. Salient features of our solutions included:
–Client onboarding/ Risk Scoring: Conduct historic screening of a new client across millions of data items to feed into their risk score
–Real-time Monitoring: Screen millions of clients transactions across billions of data items in real-time to identify sanctions, politically exposed accounts, and adverse media.
–Threat Investigations: Connect the dots via an all-source investigations tool for exploring screening results.
–AI-driven Anti Money Laundering: Verify applicant identity, maintain verification records, and flag in real-time when a person appears on any suspected criminal list.
–Anomaly Detection: Deploy self-learning ML models trained to recognize well-known fraud patterns as well as to adapt to new, unknown fraud techniques.

Result

The new platform had real-time fraud flagging and benchmarking capabilities, API Endpoints for fetching risk scores, and explainability for flagged transactions. In addition, it has a rule engine and API Endpoints integrated with the current pipeline