Case Study: Bank Zachodni WBK
Business Challenge
Over the last three year BZ WBK has put in place a range of fraud detection and prevention measures. This process was detecting and preventing fraud, however as the business, and correspondingly the size and type of fraud, grew and changed, BZ WBK recognised that its existing process was stretching resources and were not flexible enough to provide effective and efficient protection.
With new channels and products increasing the applications received and changing the fraud profile BZ WBK knew it needed a new approach to tackling fraud.
The Decision Analytics answer
BZ WBK carried out a market evaluation and determined there were a number of suppliers of fraud prevention products. It chose Hunter from Experian following a successful proof of concept as it offered a specialist system that could be quickly implemented. In addition Hunter is already being widely used globally meaning BZ WBK could benefits from Experian’s experience in other sectors and countries.
The Benefits
- Detected more than 90% of fraud attempts during the first year of using the system
- Improved fraud detection efficiency by reducing the number of applications referred
- Reduced suspicious case review time reduced with analysts rapidly accessing all the information and being guided through the investigation process
- Improvement in process quality with a standardised, consistent approach to fraud detection
- Decreased operation costs by with a streamlined automated process
- Minimised impact on genuine customers with accurate screening reducing the number of referrals
- Flexibility and control to tackle new fraud trends and add new products to the system
“In the case of application fraud detection, the most important thing is to pass for detailed review only those applications the credibility of which are in doubt. Hunter has enabled us to do exactly that, effectively identify only those suspicious applications and efficiently investigate and deal with them.”
“Hunter has met our expectations, delivering our objectives of reduced fraud losses and operational efficiencies. The fraud detection process implemented in Hunter allowed detection of more than 90% of fraud attempts during the first year of using the system.”