Fraud prevention system for the bank

Customer

• An international commercial bank.
• 120+ branches.
• 540,000+ retail customers and 50,000+ legal entities.

About the project

The bank decided to create a new online banking platform (web and mobile versions) for private and legal accounts, which functionality would be increased by 4 times. During the planning stage of the bank's new platform, the issue of implementing a fraud prevention system arose. This project was expected to serve almost 1 million users. Our team was tasked with synchronizing the launch of the anti-fraud system with the opening a new online banking platform.

Challenges

1. There was no defined and approved data structure for work.
2. It was necessary to link all operations in the context of one customer (identity).
3. Develop an architecture that provides 99.999% fault tolerance (downtime = 1 minute per year).
4. Fraud risk (social engineering and account hijacking).

Solution

01

The architecture created by our team provides that if one of the platforms (data centers) is unavailable, the service continues to work without delays (the architecture ensures uninterrupted service operation).

02

The service does not stop even during regular updates (no downtime).

03

Separate practical training for administrators and analysts has been implemented.

Results

• Our 5 specialists implemented the project in 5 months.
• Developed and implemented a data structure that allowed us to combine customer profiles in different roles (individual entrepreneurs, sole proprietors, legal entities).
• Reduced the level of fraud by 70%.
• Reduced reputational risks for the bank by 90%.
• The speed of applying countermeasures to new fraud decreased from 5 days to 5 minutes.

Feedback

Head of the Anti-Fraud Department

This was the only project in our Bank in 2020 completed on time, successfully, and within budget.

To this day, the system has been operating flawlessly for 2.5 years without any interruptions. After the implementing of the anti-fraud system, the bank requested the development of a control system for a new channel — international payments. The project was successfully implemented in 2 weeks.