Check Fraud Detection
Check Fraud Detection
Financial institutions are using sophisticated methods to predict and identify fraud to cut losses. As the technology is evolving the fraudsters are identifying unprecedented opportunity to defraud financial institutions.
Limitations in technology make it difficult to identify all fraudulent activities in the numerous daily financial transactions. Identifying and resolving such cases promptly is essential for businesses, and human intervention is often required to deal with such exceptions.
Outsourcing is a game changer for small, medium, and large businesses to meritoriously manage their requirements and business functions while cutting costs by reducing the False Positives and mitigating risks by reviewing the suspicious items.
At NIIT Technologies, we not only cater to the need of advance infrastructure, but we also provide a set of skilled and experienced staff to review the KYC process and alerts raised against Forgery, Counterfeit, Paperhanging, or Check Kiting. The NIIT Technologies Fraud Detection Team proactively captures and flags potential cases across various fraud types. With the increased number of frauds and accuracy requirements, we have collaborated with our Artificial Intelligence team and created a check fraud detection solution which minimizes the human efforts and increases the productivity of the process. The Financial Institution is then able to take appropriate steps to prevent financial losses due to fraudulent activities. NIIT Technologies not only aims to be a vendor, but also a trusted partner. This has been imbibed in our work ethic and the long standing relationships built with our customers - big and small.
NIIT supports to identify check fraud which is happening here from the long run. While treasury professionals should continue to prompt vendors and clients to move to safer and cheaper payment methods, they must take checks seriously. That means investing in the proper protections to thwart would-be fraudsters.
- Know Your Customer process
- Anti-Money Laundering process
- Customers’ details validation for payment disbursement
- Data Entry of the Checks Received
- Scanning the Checks for Critical Information
- Validation of the Checks
- Transaction Validation of the Checks
- Manage Recurring Check Payments, observe trends to reduce false positives and share the analysis with the clients to build analytics in the systems
Benefit Delivered : -
- Improved operational performance & reduced client’s cost by implementing our consulting framework ProcessGymTM
- Increased efficiency by consolidating and centralizing functions
- Project done for Kite processing resulted in 33% efficiency gain
- Reduced false positive by using experience and learning of our team
- Multiple check frauds detected to reduce the client loss of around $15 million
- Reduced escalations to onshore resulting in 40% effort savings for client
- Escalation % has been decreased from 40% to 12% which result in reduce duplication of work for client by reducing the false positive
- Consistently achieved 5+ sigma quality since inception
- SOP Management – SOP for all the process has been streamlined by calibration between operations, quality and onshore experts
- Knowledge management framework coupled with strong competency development capabilities to help customers overcome the challenges of skill shortages
- Flexible and evolving engagement models
- SOP Management – SOP for all the process has been streamlined by calibration between operations, quality and onshore expertsEstablished LEAN / Six Sigma, Operations culture at client organization through our proprietary framework ProcessGymTM
- Providing a wide range of best-in-class solutions and effective services that are spread across the digital services value chain such as Data Analytics
- Strategic alliances with key technology solution providers to offer niche innovative solutions to clients