Check fraud of ~$45MN saved for a Top 40 U.S. Bank.

Challenges.

The key business challenges encountered by the client included:

• Reduce check losses from counterfeit checks (~$8M annually)
• Reviewing fraud alerts before making payments for approximately 50,000 checks issued daily.
• Limited capacity to process alerts within the required time limit

Solution.

Coforge implemented a comprehensive solution to address the client's collections challenge, including the following key strategies:

• Process re-engineering focused on prioritizing critical queues and cross-skilling resources for improved efficiency and speed.
• Leveraging time zone benefits by starting operations five hours in advance, providing the bank with output ready at the start of the day
• Checking eight critical parameters on each check copy after a check-fraud engine has flagged exceptions.
• Reduction of verification turnaround time (TAT) from 14 hours to 7 hours
• Screening checks issued by bank customers and checks issued by other banks for fraud.
• Continuous improvement and expertise gained by the Coforge BPS team, resulting in a 15% reduction in escalations for bank verification.
• Detection of approximately $45M of potential fraud from over 2,200 alerts in 2022, and over $100M from 10,000 alerts over the last four years
• Achieving a verification accuracy of 99.37%

The Impact.

The implemented solution delivered substantial value to the client, including:

• 50% reduction in verification TAT from 14 hours to 7 hours
• Detection of approximately $45M of potential fraud from over 2,200 alerts in 2022, and over $100M from 10,000 alerts over the last four years
• Coforge established as the preferred partner, delivering value for the bank for the past 10 years and receiving a 5/5 rating on a C-SAT survey.