Fintech Startup Real Time Financial Fraud Detection

Background

A Risk Management Company that offers technology and intelligence services to protect community banks and credit unions from financial fraudulent activities was in growth phase and was looking for a scalable platform to handle the increase in scale of data to be processed. Real-time detection of fraudulent activities helps its customers avoid the negative circumstances created due to financial crime.

Challenge

Some of the key challenges in existing solution were:

• Inability to handle increase in number of data sources
• Need to ingest from real time data sources
• Mandated compliance requirements
• Complicated business rules
• Aging infrastructure and solution was unable to keep up

Discussions with client revealed that there was a need to implement a data processing platform with Big Data technologies. A few immediate benefits include easy horizontal scaling to accommodate increased volume of data, a single modern platform and being able to handle multiple workload types (batch, streaming). Apart from these immediate benefits, the following expanded possibilities exist once a big data platform is put in place and adopted as a corporate strategy:

• Real time Event Processing
• M2M event processing
• Advanced analytics, Data science to monetize and leverage value from data
• Machine learning, not just Business Intelligence
• Recommendation engines
• Predictive analytics at global scale
• Geospatial analytics
• Anomaly detection (not just fraud)

Solution

pSolv rapidly implemented a solution with following key features:

• Ingest and process both real time and batch transactions
• Metadata driven Real time ETL
• Multitenancy
• Advanced predictive analytics

Outcome

• pSolv delivered though leadership, solution architecture and an accelerated outcome
• Customer was able to identify financial crime in real time
• The solution scaled horizontally
• The solution offered flexible and user friendly business rules configured by business users
• Set a strong foundation to realize strategic goals outlined above