Enterprise Security

Fraud Detection

FASYL offers you Fraud Detection Solutions with four key benefits

  • Fraud detection in Real Time as anything less is a window for the criminals to get away.
  • Analytics to enable your Bank to detect fraudulent patterns of behavior efficiently using data-mining techniques, associations, clustering, forecasting, and classification to analyze the customer data in order to identify the patterns that can lead to frauds. The output of this analytics includes a customer score, which determines how the activity corresponds to the customers’ actual behavior, and a transaction fraud score, which determines the fraudulent nature of the transaction and reduces the impact on your customers.
  • A Workflow which allows analysts to consolidate and, in many cases, automate the remediation process.
  • A Rules Engine that links the analytic scoring to an action based on the currently available information. It answers questions such as: What do I do after an unusual transaction is detected? How do I compare the strategies (sets of rules) to each other to determine which are optimal and which are no longer necessary?

Cyber Security

With the increasing number and frequency of sophisticated attacks on the Banking sector, the need to develop a comprehensive Cyber Security Programme, outlining the right levels of governance, risk and compliance standards is a top priority for all Banks. FASYLs approach for Cyber Security and fraud is to shift from a Walled-Garden approach to a Holistic one, which does not just focus on using Technology, but also includes People and Process.

Our Holistic approach ensures the Bank focuses on

  1. Managing a constantly changing threat landscape

    • Criminals stopped going after simple, low-value monetary amounts and shifted to high-value payment platforms. The reason they did that was a lot more yield on the crime they committed. We also saw a shift toward business email compromise. We also saw a number of breaches affecting the financial sector that led to fraudulent messages.”
  2. Quickly identifying False positives

    • In the fraud space, the biggest issue for banks is “false positives” in its anti-money laundering (AML) monitoring systems. This means issues being flagged that aren’t actually fraudulent activities, taking up valuable analyst time. One of FASYLs key drivers is the use of electronics and AI have to go hand-in-hand with the best humans to reduce False Positives.
  3. Identifying the Big Breach

    • By ensuring that staff trust and feel comfortable using the systems developed and avoid the examples of Tesco Bank which was hit by an attack which saw 20,000 compromised users lose money from their accounts.
  4. Ensuring that the Bank does not miss a Breach

    •  Most CIOs and CEOs greatest night mare is that of “did we miss something? Where you look back at the logs and it is right there. “This failure of the system to alert to a potential breach is a major part of the FASYL cyber security strategy.
  5. Driving Cross-industry collaboration

    • The days of banks keeping their cyber strategy a closely guarded secret are over if there is to be any progress in combating today’s cyber threats. A lot of the threats we see today exploit the ecosystem, they don’t look for an individual link in the chain, they look for weak points in the end-to-end chain, so the response means we have to work together as an ecosystem.”
  6. Scenario testing

    • FASYLs believes that scenario testing and exercises are one of the best ways for organisations to protect themselves from cyber threats, especially when they are conducted across the industry.