OCBC Recovers US$8 Million in Fraudulent Transactions With Its Surveillance System

OCBC Recovers US$8 Million in Fraudulent Transactions With Its Surveillance System

by August 26, 2021

OCBC Bank has recovered US$8 million worth of fraudulent transactions within the first year of the deployment of its Fraud Surveillance System (FSS) that was developed together with SAS Institute, a software analytics company.

In 2020, OCBC reported that more than US$10 million was prevented from falling into the hands of fraudsters through its anti-fraud programme.

The bank received 27 awards from the Singapore Police Force in recognition of its multi-faceted fraud prevention efforts.

Both entities collaborated in a phased deployment of FSS as part of the bank’s Operational Risk Management programme to monitor customer activities and transactions for improved customer experience and operational outcomes.

The bank said that the “FSS uses a combination of flexible data and network analytics, as well as cutting-edge surveillance techniques, to monitor customer activities and transactions”.

The solution’s capabilities include assisting in the detection, investigative remediation, and analysis of customer fraud exposures using multiple analytic techniques including predictive modelling, text mining, and network link analysis, amongst others. This allows the system to proactively identify known and unknown patterns.

According to OCBC, monitoring was done across multiple channels, including ATM, CASA, online banking, mobile banking, wire-transfers, as well as corporate transactions. Additionally, synergies were realised across OCBC’s operations in multiple countries with the FSS.


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