Suspected Deposit Fraud items worth $330 M identified in one year for a Top 20 U.S. Bank
Overview.
A regional Top 40 U.S. Bank with nearly $85B in assets with core operations that span in 11 states primarily in the Western and Southwestern United States. Coforge is serving this client since 2013.
A leading regional banking client of Coforge BPS faced an $8 million annual loss due to counterfeit checks, lacking comprehensive fraud detection capabilities. With 50,000 daily checks, only 40% of alerts could be processed promptly.
Challenges:
Legacy tool limitations
Time-sensitive processing
High volume of alerts
High volume of alerts
Solution.
Recognizing the urgency to address these challenges, Coforge embarked on a process re-engineering initiative. The key components of the solution included:
Recognizing the urgency to address these challenges, Coforge embarked on a process re-engineering initiative. The key components of the solution included:
Employees were trained across multiple functions to enhance efficiency and speed in fraud detection and verification processes.
Leveraging the global footprint the team was able to reduce TAT by starting much earlier in the day vs. the onshore team.
Leveraging the global footprint the team was able to reduce TAT by starting much earlier in the day vs. the onshore team.
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