Revolutionizing Fraud Detection: How Automation Transformed Risk Management for a Major US Bank
Customer Overview
Our client is a well-established US bank specializing in residential mortgages. With over 4,000 mortgage specialists operating across 47 states, they required a robust solution to address inefficiencies in their fraud detection processes.
The Challenges
The client faced several challenges with fraud detection, including issues that impacted the effectiveness of their current systems:
- Extensive losses due to an increase in fraudulent activities.
- Inefficient and error-prone data retrieval, reading, and compilation from multiple sources.
- Time-consuming data transfer and entry from third-party systems.
- Frequent slips of fraudulent applications through manual verification stages.
- Need for immediate and effective enhancement in loan risk review coverage.
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The Solutions
To tackle these challenges, we implemented a comprehensive automation strategy:
- Integrated the client's Loan Origination System (LOS) with MSuite to automate data validation and reduce human intervention.
- Ran automated checks regularly using MSuite's automation tool to eliminate risks associated with manual processes.
- Gathered additional data and performed thorough risk monitoring on tax returns, W-2s, pay stubs, and undisclosed property/mortgage details.
- Developed and executed streamlined custom workflows to optimize the client's fraud detection performance.
- Maintained an internal knowledge base to enhance the identification of fraudulent activities.
Results Achieved
The implementation of our solution brought substantial improvements, including enhanced performance and measurable results:
- Automated fraud detection processes, ensuring 24x7 operations.
- Comprehensive increase in loan risk review coverage.
- Reduced fraudulent applications by 100%.
- Decreased loan risk review time by 80%.
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Revamp Your Fraud Detection Method Today! Discover How Our Automation Can Optimize Your Processes and Boost Efficiency.
