Formed in 2000, the Elixir Intelligence database is a risk management service provided by CRIF Decision Solutions Ltd to a closed group of leading UK life insurance companies. The database was built 20 years ago to support compliance with FCA reporting regulations and ongoing information sharing.
Several Elixir Group members offering personal lines were victim to a highly organised fraud.
£8million was detected as fraud when an Independent Financial Advisor turned rogue.
Elixir Intelligence knew it was crucial to move fast, but to carry out an investigation manually was a long process.
Synalogik’s fraud and financial crime experts worked with Elixir Intelligence to outline all the key elements of the investigation – for example, where to search, defining key results and how to draw links between information found – and then set them up as automated workflows. Synalogik then utilised Scout®’s advanced investigations tool to visualise links from the investigation workflows, add further entities, eliminate false positives, and narrow down to the key evidence.
Scout®’s automated collation, analysis and aggregation capabilities across open source, third party and internal datasets, meant it was able to find sufficient incriminating evidence in just 3 hours.
In those 3 hours, it investigated 94 entities, and identified 15 significant business links. In doing so, saved 850 hours compared to a manual investigation.
A police investigation was instigated on the evidence gathered by Scout®.