AML Screening & Ongoing Monitoring | Synectics Solutions
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Discover how we have helped solve our clients' challenges across a range of industries

Continuously understand changes to customer risk in real-time

Dispense with inefficient customer remediation monitoring programmes. With Sonar you can build effective, automated risk profiles that are continuously screened in real-time against a variety of leading edge intelligence sources - for your entire customer portfolio.

Through the use of profiling and machine learning techniques our solution will reduce the cost and radically improve the accuracy of your AML customer monitoring and boarding remediation strategy.

More effective and efficient KYC boarding and AML customer remediation

Unite your compliance streams and move away from disparate, inefficient, costly and slow processes. Sonar also enables you to radically reduce the amount of resource required to monitor your customer portfolio and improves your ability to address low, medium or high risk customers much more appropriately through tailored treatment strategies.

Improve your speed to market and approach to customer service and sales

Bring new products to market faster, without compromising on the level of regulatory compliance or financial crime risk assessments you can perform. With an accurate and up to date customer risk profile you will be able to use the intelligence within Sonar to improve customer communication methods, and support wider marketing efforts to cross sell further products more effectively.

Cost-effective customer monitoring

Currently, many businesses carry out their remediation manually – usually on an annual basis.

However, tighter regulations now call for more regular and stringent assessments of the risk levels associated with certain customers. The regulations require organisations to apply better treatment strategies for those who pose a significant threat to the business.

More regular and intelligent screening of customers could end up being costly, onerous and complicated for businesses if processes are not automated. Moreover, financial organisations who carry out irregular, manual, Know Your Customer (KYC) checks now run the risk of failing to meet regulatory requirements and cannot ensure compliance.

As part of Synectics Solutions’ risk management, financial crime and fraud prevention platform, Sonar allows organisations to automate, and more effectively manage the on-going monitoring of customer risk.

Screen against industry-leading risk data

Utilise a multitude of data sets from our data marketplace so that you have full coverage of matching against Politically Exposed Persons, Sanctions and Watchlists, Adverse Media and Ultimate Beneficial Ownership data.

Avoid fines and prosecutions for non-compliance

Obtain a full and accurate understanding of your risk exposure ensuring your remain fully compliant with your regulatory obligations, avoiding any severe financial or reputational damage.

Automate your 
KYC and KYB checks

Move away from manual remediation to an automated approach, enabling you to build complete and accurate risk profiles of your customer portfolios and remain fully compliant with your regulatory obligations.

Apply appropriate treatment strategies

Easily configure bespoke treatment strategies based on your organisation's own risk appetite and adapt them as your requirements change.

Improve experience for
low-risk customers

Significantly improve the experience for your genuine, low-risk customers by removing the friction placed on these customers during stages of remediation, where you would usually rely on their input.

Single intuitive
workflow

Combine intelligence from disparate data sources into a single workflow, allowing customer portfolios to be continually assured and removing the need to manually update outcomes in your other operational systems.

Our applications in action

Our people are helping to shape the future of what’s possible across all of the markets related to your business.
Read some of our case studies here.

Addressing current account fraud using predictive analysis

Synectics Solutions have designed, piloted and deployed over 20 predictive models across 11 Tier 1 banks and insurance companies in the UK to help them improve their ability to prevent fraud, as well as substantially reducing the cost of doing so. To help companies without access to sufficiently relevant target data Synectics has also built a standardised predictive analytics fraud Business Need Optimise fraud prevention capability and reduce costs when launching new Current Account product. Solution Deployment of a standardised predictive analysis model in addition to SIRA fraud prevention solution. Benefit Ability to identify almost 70% of fraudulent applications while only investigating around 15% of referrals. Uplift in identification of fraud. Reduced false positives. Estimated savings of over £2 Million per year when product goes onto the market. Customer Challenge Synectics Solutions recently worked with a well-known financial brand to help them deploy a successful fraud prevention solution, despite the client having no relevant product historical data in the geography they were launching in. The client wanted to ensure that when it launched its new Current Account it was optimising its fraud defences by utilising both the National SIRA fraud database, in conjunction with Synectics Precision predictive analytics capabilities. The following case study records the results of the proof of concept in preparation for the clients product launch. Background Predictive analysis has become a widely used tool in financial services in the drive to improve fraud detection, and reduce investigation costs. However, many organisations struggle to deploy a viable predictive analytics programme because of a lack of sufficiently relevant or accurate target data, to build truly effective models. Because of Synectics unique position, as custodian of the National SIRA fraud prevention database, the company used its data science capabilities, and ability to leverage the National SIRA database, to successfully build a standardised product specific predictive fraud prevention model to identify fraud - despite the client’s lack of sufficient in-house data. Building the solution Over 2 million historical current account applications were utilised to train the target model, which included adverse fraud data from National SIRA. Over 25 data features were then used to build the model, including personal applicant details along with additional data features only available from within National SIRA, such as historical adverse flags. Once built Synectics comprehensively tested the model with the client in a proof of concept to prove its effectiveness. Results The Precision Standard Current Account model was able to identify and prioritise fraud investigations to such a high degree that only 10% of referrals prioritised for investigation captured more than 50% of the adverse/fraudulent applications. This represented a huge advantage for the client’s fraud team who would now be able to accurately reduce their investigative workload by a huge margin and still be certain of stopping most of the applications that were not just false positives. Synectics estimates that this level of improved prioritisation and uplift in identification of fraud also achieved represents a likely financial benefit of around £2 Million over the course of the first year of deployment alone for the client. Despite having no historical data footprint for this type of financial product we were able to use the Standardised Precision Current Account model to give us a major boost in identifying actual fraud, as well as improving efficiency and the ability to prioritise our fraud queues when our product goes onto the market” Client Head of Financial Crime “Some clients aren’t able to take advantage of our full enterprise Precision models due to various limitations such as lack of historical data, so it’s great to see our standard Precision models enabling clients like this to deploy otherwise unachievable day one fraud defences.” Rob Bevington – Precision Product & Data Science Manager PRECISION STANDARD – CURRENT ACCOUNT MODEL Chart shows improvement in ability of Precision to prioritise and identify fraud beyond a rule-based only fraud solution as a result of the proof of concept pilot. ROC CURVE FOR PRECISION PERFORMANCE {image} Additional Benefits Not only was the Precision Standard model able to radically reduce the workflow of the client’s investigation team, but due to the additional model features deployed there were fraud’s that would not have been identified in a purely rule-based fraud work flow, leading to additional savings including; Faster customer boarding – as good customers not held up in investigation queues. Reduced workload for busy investigation teams. Reduced False Positive Rates on investigations. More effective identification of fraud than standard rules based solution alone.

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How to reduce your post-application fraud referral rates

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Helping the utilities sector save over £3 million in just 3 months by cutting fraud

The UK boasts a highly efficient and successful water industry, one that leads the way in research, training and accessing new water sources. Providing essential energy, water, sanitation and drainage to all households, businesses and organisations up and down the UK, the social responsibilities of utility providers are paramount. As part of their social obligations, all providers offer social tariffs to ensure domestic customers have access to a discounted service should they be struggling financially. This significant payment reduction is a lifeline for those who genuinely need it, protecting them from entering debt and ensuring continued provision of such essential services. However, these social tariffs can be abused and many customers are mistakenly or fraudulently receiving reduced charges when they are not entitled to them. A PROBLEM FOR PUBLIC SERVICE PROVIDERS To identify the scale of this problem Synectics Solutions worked with a number of the UK’s water companies in 2019 over a period of three months. The water utility providers it worked with covered rural and inner-city areas of the UK. Each of the companies in the pilot were experiencing problems such as: Customers dishonestly obtaining discounted services Failing to declare residency to avoid paying for their service entirely Declining to update their provider when their circumstances changed Without the intelligence in place to flag these potentially fraudulent claims or errors, these companies were exposed to considerable fraud and error and millions in lost revenue. The method that these organisations were deploying previously to address this problem involved using credit reference agency (CRA) data. The annual cost of these procedures for each company was several million pounds annually, and yet the problem continued to be an issue. "One of the reasons this fraud was not being identified through these measures was because a customer’s claim for a discounted service, or a zero-rated account, cannot be accurately verified through credit reference agency matching alone.” “This process in isolation doesn’t provide the data landscape needed to find the explicit qualifying criteria to confirm a genuine claim.” A POWERFUL PARTNERSHIP IN FRAUD PREVENTION To address this problem Synectics worked with the UK Government’s Cabinet Office and took the opportunity to use the National Fraud Initiative (NFI) intelligence database to help these companies understand and identify the scope of fraud or error that they were suffering. The NFI provides an invaluable database of up-to-date insights and offers 19 different data sets against which to match. This vast solution has already helped over 1200 public sector organisations to identify over £1.7 billion in savings from fraud and error. HOW THE NFI AND SYNECTICS SOLUTIONS HELPED DELIVER A TRANSFORMATIVE APPROACH TO FRAUD DETECTION Over three months, Synectics used the NFI data to help analyse those customers who were in receipt of the following tariffs: Back on Track Tariff This scheme offers six discounted bands and is for customers who are experiencing financial difficulties Pension Discount Customers over the age of 65 may be eligible to financial support from their service provider Single Person Discount Customers who live alone and are entitled to a reduced charge Unoccupied Property Properties declared as vacant can carry no usage charge The pilot showed that 45% of the discounted and void customer accounts that were flagged for investigation by using the NFI intelligence were fraudulent. For those companies in the pilot this represented £3 million worth of fraudulent or incorrectly awarded discount claims. Along with customers unlawfully obtaining discounted tariffs, undisclosed residency also posed a significant problem for the water companies. In fact the pilot discovered that over 74% of the void accounts referred for investigation from just one company were fraudulent. The NFI intelligence, and expert data analysis provided by Synectics, highlighted that significant numbers of customers had failed to notify their water provider of a change in circumstances or provided them with false information to retain or gain their discounted service. The significant amount of fraud found confirmed that standard CRA checks, without the added layer of intelligence offered by the NFI data, could not sufficiently detect this fraudulent activity – exposing providers to potentially millions in lost revenue. ADDITIONAL BENEFITS OF THE PILOT In addition to the enormous opportunity to reduce fraud and error other opportunities also became available as part of the pilot for those companies to: Improve their customer on-boarding processes Greater staff efficiency Better customer satisfaction levels This pilot was firm evidence that utility companies need to transform their ability to address these issues by harnessing better intelligence sources to compile a much more accurate data footprint of their customers’ household composition and circumstances. 45% in the amount of fraud detected when using NFI data The ability to take advantage of the wide variety of intelligence provided by the NFI data could help all utility companies to implement a much more sophisticated and cost effective method to reduce their fraud and error cases. £3million saved in fraudulent claims for discount tariffs Synectics’ ability to build analysis and investigation software, its trusted infrastructure and the strategic relationships built with multiple intelligence providers, such the NFI, can help the utilities sector to reduce its exposure to fraudulent activity – and also help support their social responsibilities by clearly identifying customers who are genuinely entitled to a discounted tariff.

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Our innovative thinkers are helping to shape the future of what's possible across all of the markets related to our business

Find all of our white papers and thought leadership articles by clicking here.

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To better understand the capabilities of Sonar, our AML screening and ongoing monitoring solution and how it will benefit your organisation, please get in touch.




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Our bespoke three stage risk management, financial crime and fraud prevention platform:

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Configure and customise your platform with a comprehensive range of advanced and highly successful Apps to suit your specific needs.

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