Presentation at the Big Data Summit 2016: With Big Data, the crime on the track – Fraud Detection System of Postbank

The globalization of markets and an increasingly networked world pose financial service providers with new challenges in the field of Risk and Fraud. The combat and prevention of fraud is thus increasingly becoming the focus of banks and insurance companies.

Stefan Balkenoholl, Head CC Channels, Services and Sales, Deutsche Postbank
Foto: Andreas Schwarz

Thomas Widmann, Founder and CEO, WidasConcepts GmbH
Foto: Andreas Schwarz

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One can say here that the creativity of criminals knows almost no bounds – new variants of fraud keep coming to light. Be it at online banking, money laundering or insurance fraud, the actual costs go far beyond just the financial loss. So banks and insurance companies are required to not only protect the assets of the customer and to prevent their own financial drawbacks, but to also safeguard the trust of customers and their own reputation.

The German Postbank, one of the largest private banks in Germany and leader in tele- and online banking, was also faced with the task of counteracting against an increasing number of fraud-attempts and protect their customers against criminal acts.

Based on the latest Big Data concepts and technologies a customized solution was designed, developed and integrated within a few months, tailored to the requirements of Postbank as well as their existing system- and architecture landscape. The approach here: a rule-based Fraud-and Anomaly Detection, which analyses the payment transactions in real-time. This is done on the one hand over the various channels that are available to the customer, but on the other hand also with the aid of a plurality of detectors and information-sources/references. This real-time analysis allows a pre-processing of suspect-cases as well as a direct alerting. A variety of reporting and monitoring options are available as follow-up.

Fraud attempts can now be successfully detected and be prevented to a very large extent. This way the Postbank creates a safe and trustful environment for the daily financial transactions of their customers. The intelligent Big Data concepts open up further options: The tech-departments benefit from a variety of new information and analysis on customers and products from the system and can thus generate valuable knowledge.

WidasConcepts GmbH is instrumental in support as a longtime partner of Postbank and expert in Big Data and Internet of Things in the conception and development of the Fraud Detection System. In this presentation, Stefan Balkenholl, Head, Competence Center Channels, Services and Sales, Deutsche Postbank and Thomas Widmann, CEO, WidasConcepts GmbH have thrown light upon the professional and technical value-adds of the joint project.

Learn more about Fraud Detection. Contact us – we look forward to an in-depth conversation.