Fraud detection process in finance & banking

Enabling a solution for Fraud detection process using RPA

  • Fraud Detection plays an important activity in today’s digital world. Be it online or offline workflows, big companies face the threat of Fraud practices within their organization. Data protection is very crucial especially if the company is customer-centric.
  • Robotic Process Automation (RPA) is a cutting-edge solution for Fraud Detection. It can provide system security insights systematically and periodically. It can monitor with the help of various tools and mechanisms to detect any unusual activity and a bot can be made to work continuously to identify such tasks.
  • With bots handling unusual activity, it can immediately notify and alarm the concerned authority using IoT- integrated systems. Automated locks are one such example that can be implemented through RPA in banking. By identifying the threshold levels, the company can design and alert the program by mapping the level internally using AI and machine learning. Accounts and Credit card Management activities can be highly monitored through bots to check for any fraudulent practices in the system.

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