GDS Modellica, leading the fight against fraud in this new post-pandemic cycle

Press Release
GDS Modellica
Financial crime is a significant burden for banks due to the millions lost as a result of outwitting security systems. New tools combine the best “weapons” to tackle financial fraud.
The Modellica Fraud Engine from GDS Modellica is a solution built on the best current practices that provides a comprehensive view of the borrower’s identity to help acquire new customers, combat fraud, ensure compliance and manage risk.
Whilst many things ground to a halt during the pandemic, two things that did not stop were criminal activity and bank fraud. Banking fraud, in particular, is a top concern for the authorities due to the large number of people and businesses affected and the millions of dollars lost each year. According to a joint report by the Centre for Strategic and International Studies and McAfee, cybercrime now moves more money than drug trafficking and represents a cost of more than €530 billion.

As a result of this, financial institutions are very conscious of the need to develop effective strategies relating to IT security, protection and prevention in order to assess risk and understand potential criminal activity before it happens. In their efforts to reduce the impact of COVID-19 and as part of a long-term commitment to innovation, financial institutions have taken numerous steps to guarantee access to secure, flexible banking services, 24 hours a day, 365 days a year. However, this is sadly a golden opportunity for cybercriminals.
Clearly, the pandemic has left a significant mark on trends and investments in the past two years, and financial institutions have focused heavily on digitalising their basic products and services to make up for the lost footfall in their branches. Banks have had to adopt a new comprehensive strategy that looks towards a sustainable future, and this has led to an acceleration in the digital transformation as institutions seek to remain competitive, profitable and solvent. Taking all this into consideration, GDS Modellica believes that these are the nine key trends to keep an eye on in 2022:
GDS Modellica, leading the fight against fraud in this new post-pandemic cycle
In the battle against banking fraud, new technologies do more than just facilitate interoperability. They also provide a series of tools to efficiently detect and prevent such crime. One effective tool is the Modellica Fraud Engine, a solution that combines current best practices and makes decisions based on past behaviour. The Modellica Behaviour Engine (MBE) assesses the borrower’s credit status using their previous history and also considers predictive data based on all of their interactions with the entire company, not just a single relationship. The system also periodically considers the total credit to extend to the borrower and allows limits to be set for each product. Ultimately, security comes first, but the Modellica Fraud Engine offers something more. By being able to integrate different silos within the ecosystem and using multiple online and offline identifiers, the solution is able to provide a comprehensive view of the borrower’s identity. This is an invaluable tool when it comes to acquiring new customers, preventing fraud, ensuring compliance and also allowing an organisation to build trust and improve their security on their digital transformation journey.

GDS Modellica offers decision analysis and machine learning software to help organisations manage risk, combat fraud and build profitable relationships with customers. According to the managing director at GDS Modellica, Antonio García Rouco, “risk management is currently immersed in a dizzying change process, with a new credit concession model moving strongly towards individual assessments, digitalisation and multi-channel operability. At GDS Modellica, we are committed to making our clients’ decision management process easier. We help our clients to make thousands if not millions of day-to-day decisions in an agile, precise and consistent way. Risk management practices are invaluable for businesses and the use of predictive analysis and other techniques when taking decisions doubtless improves return on investment”.
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