Industry: Banking / FSI
Solution: Paques Fraud Detection System
Technical Use Case: Data Ingestion, Data Integration, Data Transformation
The increasing number of transactions has brought about a higher risk of potential fraud. To effectively address this issue, banks must enhance their strategies and approaches. Traditional manual data processing methods, which were once considered sufficient, are now recognized as inefficient and ill-suited to handle the demands of modern banking operations. As a result, the banking industry needs to explore more advanced and efficient alternatives to tackle fraud effectively.
Paques Fraud Detection System serves as an advanced solution to counter fraudulent activities. It is designed to analyse financial or banking-related data to detect any potentially fraudulent activities both committed by individuals within the bank institution or external parties. Through the active collection and analysis of data, such as customer profile data, business process data, and system logs, Paques Fraud Detection System can detect even the slightest anomalies that might indicate fraudulent behaviour.
This top-of-the-line system is the perfect solution to help Bank Victoria, one of the commercial banks in Indonesia, to stay one step ahead of the fraudsters while ensuring Bank Victoria stays on the right side of the law by complying with Indonesia’s Financial Services Regulator’s requirements. With this system in place, Bank Victoria can confidently protect its reputation and assets while maintaining the highest levels of regulatory compliance. It’s a win-win situation!
Proactive Fraud Prevention and Dynamic Threat Detection
With the help of Paques’ Advanced Fraud Detection System, Bank Victoria can proactively detect and prevent a wide range of fraudulent activities, including suspicious authentication, incorrect transactions, and dormant accounts. By harnessing the power of predictive and preventive analysis, this system is always on the lookout for anomalies that could indicate fraudulent behaviour. And it doesn’t stop there – Paques’ system is also designed to evolve alongside the ever-changing needs of customers, giving Bank Victoria a significant advantage in the fight against fraud.
A Critical Priority to Ensure Regulatory Compliance
Regulatory compliance is among the top priorities for Bank Victoria. In accordance with the regulation number 39/POJK.03/2019 and Bank Indonesia Regulation number 23/6/PBI/2021 on payment service providers which mandates the implementation of an Anti-Fraud Strategy for commercial banks, the institution has turned to Paques Fraud Detection to analyse all transactions comprehensively and effectively. By doing so, they not only meet the regulatory requirements but also significantly bolster their anti-fraud efforts.
Enhancing Fraud Detection Accuracy through Behavioural Analytics
The upsurge in financial transactions making it increasingly challenging to detect fraud and yet Paques Fraud Detection System manage to differentiate between genuine and fraudulent activity with such accuracy on the back of the deployment of behavioural analytics. Paques’ system captures and compares multiple aspects of a customer’s behaviour and interactions to efficiently identify dubious behaviour and discriminate it from authentic transactions. By leveraging data in this way, Paques’ system enhances the accuracy of fraud detection, providing Bank Victoria with the confidence they need to stay ahead of the game.
