Scale by the Bay

A Reactive Fraud Monitoring Engine for I...

2018 is a challenging year for European banks and their fraud management capabilities. In November, the introduction of SEPA Instant Credit Transfers will mean that the time allowed for transferring money to payment beneficiaries will have to be reduced from one business day, as it is currently, to a maximum of five seconds.  This dramatically reduces time for fraud detection.  Around the same time, the Revised Payment Service Directive (PSD2) will oblige banks to give access to third-party providers of financial services to customers' accounts through open APIs.  This introduces new fraud risks and the possibility for fraudsters to come up with new modus operandi.  All this takes place in a context where the General Data Protection Regulation (GDPR) is adding new constraints to the way customers' data may be accessed and used.  This presentation describes the architecture of a new fraud monitoring engine (FraME) for BNP Paribas Fortis bank to detect and react to fraud attempts in real