Quasar AI promises to take Banking to the next level.
Overview.
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Legacy fraud detection system: The bank was handcuffed to an outdated fraud detection tool, unable to keep pace with the evolving tactics of counterfeiters, resulting in $8 million in annual check losses.
Time crunch: With a staggering 50,000 checks issued daily and fraud alerts pinging overnight, the bank found itself in a daily sprint to review alerts before the payment rush began, managing to process only 40% of them in time.
Rising fraud alerts: Like trying to plug leaks in a dam with your fingers, the bank faced a surge in fraud alerts, with over $45 million in potential losses detected in just one year, signalling an alarming uptick in fraudulent activity.
“
We needed a turbo boost to revamp our processes and get ahead in the game. We needed a solution that could streamline our processes and free up our team to focus on more strategic tasks.”
Didier Murena.
CEO & Co-founder, Swinz and InsurNode.
Solution.
We knew we had to make some serious changes to how things were done to tackle check fraud head-on. So, we looked at every step of the process and figuring out where we could do things better.
First off, we re-engineered their processes. That basically meant we took a good hard look at how we were doing things and found ways to make them smoother and more efficient. We focused on sorting out the most urgent tasks and making sure we had the right people in the right place to handle them.
By combining technical know-how with strategic changes to how we operated, we set the stage for success right from the get-go.
Legacy fraud detection system: The bank was handcuffed to an outdated fraud detection tool, unable to keep pace with the evolving tactics of counterfeiters, resulting in $8 million in annual check losses.
Time crunch: With a staggering 50,000 checks issued daily and fraud alerts pinging overnight, the bank found itself in a daily sprint to review alerts before the payment rush began, managing to process only 40% of them in time.
Rising fraud alerts: Like trying to plug leaks in a dam with your fingers, the bank faced a surge in fraud alerts, with over $45 million in potential losses detected in just one year, signalling an alarming uptick in fraudulent activity.
The impact.
$45MN
Saved in Fraud Prevention
20+
IT & Digital Transformations.
30+
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40+
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50+
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60+
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Over the last four years, our vigilant watch prevented a jaw-dropping $100 million from slipping through the cracks, handling nearly 10,000 alerts with ease.
In 2022 alone, we stopped a whopping $45 million in potential fraud, thanks to over 2,200 alerts that caught our attention.
But it's not just about the money. We also slashed our verification time in half, from a laborious 14 hours down to a sleek 7. Talk about efficiency in action!
With our expertise and dedication, we've cemented our status as the preferred partner for over a decade. Our stellar performance has ea
