Credit Services

Problem:
The Finance Market has been suffering great losses resulted from counterfeits mainly for Fraud Application, that is, frauds using fake or third parties documents. All prevention process has a high cost of checking since the process was manual and slow.

Strategy:
Perform a large number of validations of consistency and veracity of information when filling in the proposal in association with the validation of Federal Revenue Office’s information and external bureau's by making the process safe and fast.

Methodology:
Using the filling in system of existing proposals, the store employee accesses an online system comprising:
1)A Windows / Intel-platform databases including all information from customers and proposals history.
2)Smart comparison of names and addresses using proximity percentages between the values;
3)Mechanisms allowing consultations to several internal or external databases, and to Internet sites;
4)A decision engine configurable by the fraud prevention area to apply the fraud and validation rules.
The employee gets the proposal from the system after 2 to 5 seconds accompanying by the results of consistencies and information validations in external bureaus. Problematic proposals are taken out from normal processing.

Results were obtained both from frauds reduction and quality of information provided. When the system was started up, it was observed that 20% of proposals were rejected due to the employee's misspelling. An effort for the employees' awareness led to a substantial improvement in the quality of information filled in. A significative quantity of frauds is avoided by using the system, 12%, and in 35% of proposals the submittal of home address and telephone proofs are no longer required. The client was allowed to reduce the number of analysis and prevention positions, in addition to the savings from frauds being avoided.