DigiCatch – Fraud Risk Solution Qorus Banking Innovation Awards 2023

Existing Business Problem: Vulnerability to fraud in digital savings account opening process due to feeble fraud risk solutions. The issues identified: use of stolen and synthetic identities, automated account openings using bots and emulators, customer consent-driven misuse of KYC details, as well as the occurrence of anomalous transactions and AML activities o Objectives: Onboarding checks on the system & categorization of accounts into different color codes based on its risk factor. Detection of fraudulent accounts & blocking high risk accounts. Automation of Triggers for AML Transactions based on Machine Learning Outputs. Post-onboarding checks & continuous monitoring of medium risk accounts. o Innovative Details: Analyzing an extensive range of data points during an account opening journey & assessing risk associated with it using: 1. Identity Verification through IP Address Analysis 2. User Behavior Analysis. 3. Tracking of various device/system features and settings. 4. Location Spoofing Detection through Geographical Data Triangulation. 5. Revoked Mobile No. & Email Verification 6. Adhering to Regulatory Compliance. 7. Detection of Anomalous patterns in Transactions and Customer Behavior