Large Indian bank improves Fraud Detection and Management

A large Indian bank wanted to investigate a case related to fraudulent siphoning off funds from customers' accounts. TCS helped the bank identify the origin of the fraud with digital evidence, and also in achieving improved fraud detection capabilities.

About the Client
Client is an Indian multinational banking and financial services company. It offers a wide range of banking products and financial services to corporate and retail customers, including investment banking, life insurance, venture capital and asset management.

Business Challenge
In response to a few customer complaints, the bank decided to investigate the observed fraudulent transactions. Additionally, the Banking Regulatory Authority of India – the Reserve Bank of India (RBI) issued a notice to the bank to conduct a third party investigation/forensic audit to look into the security measures undertaken and submit a report within a stipulated timeframe.

TCS’ Solution
TCS first identified and collected the relevant digital evidence. This data was then processed and analyzed using data mining techniques to determine any existing patterns. To prevent recurrence of such incidents, we recommended security measures and controls to be implemented. We also advised the bank on real-time electronic discovery services to analyze the different types of data available on the bank's servers. This allows the bank to proactively monitor the data for fraudulent patterns and trends.

The bank has been able to identify the source of the fraud and comply with the RBI regulation. By identifying the missing security controls and recommending the implementation of a robust security mechanism, we have helped the bank mitigate fraudulent transactions in the future.

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