Securing Financial Transactions: How a Large UK Bank Enhanced Fraud Detection with Advanced Analytics

Challenges.

• Increasing need to detect and prevent complex fraudulent activities.
• Evolution beyond simple rule-based analytics for filtering suspicious transactions.
• Building a robust fraud analytics ecosystem.

Our Solution.

Coforge implemented a comprehensive machine learning (ML) based solution, leveraging advanced technologies for accurate fraud detection:

• Deployed ML algorithms to accurately predict scams and reduce fraud-related losses.
• Utilized Hadoop Ecosystem for faster processing and ingestion of large datasets.
• Employed PySpark for AI/ML-backed algorithms to build complex fraud detection rules and uncover hidden correlations.
• Implemented Cloudera to automate data processing and manipulation from multiple sources.
• Conducted efficient feature engineering using domain knowledge to derive artificial features.
• Created an interactive dashboard to visualize rule performance for stakeholders.

The Impact.