Purpose: application fraud detection and prevention.

Banks need Scorto™ Fraud Barrier to:

  • Identify fraudsters as early as possible
  • Automatically check against internal and external blacklists
  • Reduce operational costs by automation
  • Detect sophisticated fraudsters with advanced analytics
  • Constantly improve your fraud detection methods
  • Reduce serious fraud losses and write-offs generated by fraudulent applicants to the minimum
  • Bad debts, as well as collection and recovery costs, can be reduced by avoiding overrated risk segment assignment for unfair applicants who put false information in application
  • Fraud identification should not compromise customer service and speed of decision making

Concept and Key tasks:

  • Setting and adjusting custom fraud-detection rules and policies
  • Easy integration of any data sources for data verification and checks (blacklists, credit bureau info, etc.)
  • Developing custom fraud detection scenarios based on the rules
  • Investigating suspicious cases, analyzing application assessment results and making decisions
  • Eliminating fraud through predictive modeling and scoring
  • Automation of fraud detection and investigation workflows and decision flows

Value Proposition

  • Easy to manage user interfaces for minimal resource requirements and operational expenses
  • Incredibly intuitive and easy to use
  • Proven to eliminate fraudulent activity (and ultimately bad debts)
  • No limit in terms of number of users, or number decision/workflows
  • Use of various technologies (such as AI) enable the tool to be self-learning
  • Automatically assigns cases for investigation and assigns score based on likelihood of Fraud

Examples of Industries and Applications:

  • Banking and Finance:
    • Elimination of Application Fraud
    • Targeting of Identity Theft
    • Identifying Internal Fraud
  • Insurance:
    • Identifying of application fraud
    • Identification of claims fraud
    • Tracking of legal actions and assignment to debt recovery
  • Public Sector
    • Identification of potential law-breaking activities (violation of corruption laws, etc.)

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