Predictive Analysis Helps East Coast Based Financial Corporation Increase Fraud Detection by 30% & Reduce False Alarms by 50%
The Financial Institution’s Challenge
A leading financial services institution in North America wanted to deploy an automated fraud detection solution that matched existing fraud detection rates and reduced false detections.
The Clovity Solution
Clovity’s plug and play predictive analysis is able to ingest large amounts of related and unrelated datasets with over 500 million transactions and more than 1000 columns of information, including transaction details, account, products, history, market information, demographics, etc.
Within a month, Clovity’s plug and play framework was customized to the client’s requirements. Post deployment, they noticed an increase in fraud detection rates, which allowed them to predict fraud rather than simply detect it near post-facto.
The financial institution is now able to detect frauds within seconds and study them in a deeper sense. The frauds, fraudsters, and fraudulent accounts are now under a stricter scanner that has led to improved bottom lines, lower legal costs, and better regulatory relationships.