Fraud represents a bigger threat to corporations today than ever before. The damages to the corporations from fraudulent activities come not only in immediate financial losses, but in the loss of reputation and damage to customer relationships.
Essex Lake Group has successfully developed customized solutions to protect clients from exploitation by individual or group attacks. They include:
- Fraud detection optimization using real-time analytics and monitoring of transactions, for speedy reaction to new fraud attacks
- Effective fraud prediction using massive amounts of structured and unstructured data
Through deep industry expertise and advanced analytics we can generate superior fraud reduction results for our clients. We are able to recognize legitimate activity at a higher rate than in-house systems alone. This ensures that legitimate transactions are handled with the speed and convenience that consumers and merchants want, thereby maintaining a high level of customer satisfaction and retaining customer loyalty.
Essex experts understand that companies need fraud management systems in place that react swiftly: from microseconds (ATM withdrawals) to 24 hours, to evaluate the transaction(s), detect suspicious activities, gauge the potential impact, and prevent fraudulent transactions. To combat the new types of fraud being created daily fraud mitigation rules must be dynamic, not static: the speed to actions in fraud detection and prevention is critical—identify new fraud patterns, deploy fraud detection strategies and criteria, and prevent fraud events before damages are incurred.
We understand that an integrated fraud defense system must go across channels, products, and lines of business: establish an enterprise-wide fraud management platform and deploy customer-level fraud management strategies that consider the value of the entire customer relationship in the fraud prevention process. To do this we utilize customized applications of advanced pattern-recognition, data aggregation, clustering and machine learning techniques coupled with advanced operational analytics to obtain significant improvement in fraud detection (high fraud hit rate) and customer services (low false positive rate).
We integrate new dynamic fraud rules with client systems to gain near-term fraud reduction through the implementation of quick-hit rules in client’s existing detection system, while assisting the client to make strategic investment in future advanced, analytical based and real-time fraud management system for long term effective fraud management solutions.
Essex can help you develop and deploy customized solutions quickly to minimize your fraud losses while maintaining high levels of customer satisfaction.