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How Quinnox’s AI-Driven Fraud Detection Improved Identification of Suspicious Transactions with Over 90% Accuracy.

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About the Client

The client is a leading UK-based global bank operating across Retail and Commercial Banking, with a presence across multiple continents.  

 

Business Need

The organization faced an increasing number of fraudulent transactions that were slipping through their existing security measures. They struggled to: 

    • Identify complex fraud patterns across multiple data sources. 
    • Reduce false positives while ensuring legitimate transactions weren’t blocked. 
    • Improve the speed of fraud detection to minimize losses. 
  •  

The Quinnox Solution

Quinnox implemented an advanced AI-powered Fraud Detection System with the following key features: 

    • Machine Learning Models: Developed predictive models trained on historical transaction data to identify suspicious patterns. 
    • Real-time Monitoring: Integrated with transaction systems to flag potential fraud in real-time. 
    • Anomaly Detection Algorithms: Leveraged unsupervised learning techniques to uncover hidden fraud patterns. 
    • Intelligent Rule Engine: Combined AI insights with business rules to improve accuracy. 
    • Visualization Dashboard: Provided actionable insights through an interactive dashboard for risk analysis and investigation. 

 

Business Benefits We Delivered

  1. Enhanced Fraud Detection: Improved identification of suspicious transactions with over 90% accuracy.
  2. Reduced False Positives: Minimized unnecessary alerts, enhancing customer experience. 
  3. Faster Response Time: Real-time monitoring enabled proactive intervention, reducing financial impact. 
  4. Improved Compliance: Ensured alignment with regulatory requirements and risk management protocols. 
  5. Scalability: The solution adapted to growing transaction volumes with minimal performance impact. 

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