Data agnostic, automated search across third party, internal, and open sources datasets in near real time concurrently.
Investigating Bounce Bank Loan fraud is incredibly time-consuming. Our solution enables banks to automate investigations into both individuals and business, saving up to 85% of your time.
Scale and complexity of Bounce Bank Loan Scheme Fraud
OCGs created vast networks of individuals and businesses, engaging in fraud targeted across all the Bounce Bank Loan Scheme lenders.
Manual identification costly and time-consuming
For banks, identifying each and every one of their customers from the vast networks of OCG individuals and businesses involved in Bounce Bank Loan fraud, is incredibly costly and slow, while OCGs are moving vast to dispose of the funds and their assets and to register insolvencies.
Multiple data sources necessary
Banks need to carry out further investigations on those identified customers to establish fraud or money-laundering and build a case – a process requiring multiple data sources, slowing teams down further and reducing their ability to recover fraudulent loans.
Our solution, Scout®, is a unique data aggregation platform capable of clashing datasets at scale and aggregating across Synalogik, open-source, proprietary and internal data sources concurrently, allowing you to create search and risk assessment workflows and automate all your Bounce Back Loan Scheme fraudulent loan investigation requirements.
Scout® performs data collection in a fraction of the time it takes for users to manually log in and out of multiple data sources and investigation tools, even when looking at thousands of investigation points.
Scout® gives the bank two precious commodities in the effort to detect Bounce Back Loan fraud: Data and Time. Using Scout®, investigators can find data, at scale, quickly, giving decision makers all the information they need to make decisions fast.
Save up to 85% of your team’s time
Complete hours of work in minutes
True single intelligence environment – Along with Synalogik datasets, internal data and open-source intelligence, Scout®’s third party integrations include Companies House, CIFAS, Creditsafe, DVLA, DVSA, Equifax, Land Registry, LexisNexis and TransUnion datasets.
Synalogik datasets – Synalogik datasets include standard, enhanced and premium personal identifiable information (PII); global commercial data; PEPs and Sanctions; credit application; disposable phone and email; credit address links; CCJ and bankruptcy; land registry; and compromise checker, among others.
Create any number of high customisable search and risk assessment workflows capable of assessing risk of any level of complexity and drawing together data sources relating to people, addresses, telephone numbers, email addresses, companies, vehicles and IP addresses.
Scout® WorkBench allows users to carry out complex further investigations by visualising links between entities and providing the ability to select and investigate any one of them further at the click of a button. Our data clashing functionality allows users to compare datasets to identify commonality.
Include variable data like Companies House to monitor your customers, reassess at periodic points, and then proactively identify customers whose patterns of behaviour are moving towards offending.
The generation of reports in less than sixty seconds allows you to make decisions more swiftly and improve your opportunity to catch up with fraudsters.
Standardised, concise reports with all sources referenced enable your analysts to make better decisions.
Automation of cross referencing and drawing links across disparate datasets reduces the errors that can occur when doing this manually and improve accuracy.
Scout® overcomes the problem of returning too many results from open-source searches with tools to create highly targeted automated searches around keywords, proximity, time-frame and document type.
Our sophisticated cleansing technology reduces false positives by allowing you to evaluate potential targets from multiple data sources by prioritising on name spelling, date of birth or even location.
Scout® ‘s data aggregation and automation tools are already delivering significant enhanced due diligence and fraud investigation R.O.I across financial services, gambling, insurance and many other sectors.Learn How Scout® Works
For a Bounce Back Loan investigation, learn how Scout® saved approximately 3 months of effort for the 6 person team and identified the highest risk business to engage with first.
With the un-precedented levels of fraud and vast network of OCGs, banks have been left with several extremely difficult challenges if they are to maximise ROI from the scheme. In this blog we explore how technology can be used for both identifying fraudulent individuals and businesses, and then carrying out further investigations requiring multiple data sources.