A Discovery Bank coloured logo.

Discovery Bank

Discovery Bank is more than just a digital bank; it’s a pioneer in the world of behavioral banking. Launched in South Africa in 2019, it aims to revolutionize the way you manage your money by focusing on improving your financial health.

Project overview:

Financial security is a cornerstone of a healthy relationship with money.

We recently collaborated with Discovery Bank, a South African institution pioneering the concept of behavioral banking. Launched in 2019, Discovery Bank seeks to revolutionize how you manage your finances, focusing not just on transactions but on improving your overall financial health.

Building a Secure Future: Partnering Against Fraud

In today’s digital age, financial security threats are ever-evolving. Recognizing this challenge, we joined forces with Discovery Bank to provide critical support in their fight against financial fraud. Our mission? To develop a cutting-edge solution that would safeguard Discovery Bank’s customers and empower them to manage their finances with confidence.

A Proof-of-Concept for the Future: Introducing the Live Fraud Prevention Platform

The answer came in the form of a groundbreaking proof-of-concept (POC): a live fraud prevention platform designed to leverage the bank’s existing data infrastructure. This innovative platform seamlessly integrates with two key data sources:

  • Discovery Bank’s data warehouse: This internal repository houses a wealth of information on customer behavior and transactions.
  • The national treasury data warehouse: This broader resource provides access to national financial data, enabling a holistic view of potential threats.

By harnessing the power of these combined data sources, the platform facilitates real-time analysis of transactions across various channels. This includes virtual cards, physical cards, and even wearable technology payments – ensuring comprehensive coverage in today’s diverse financial landscape.

Beyond Detection: Intelligent Prevention

The platform doesn’t just identify suspicious activity; it’s designed to take action. It possesses the capability to recognize a staggering 256 different fraud types. From basic tactics like geo-fraud (unauthorized transactions occurring in geographically impossible locations) to more sophisticated schemes involving duplicate accounts or card activity, the platform empowers Discovery Bank’s fraud prevention team with the knowledge they need to intervene swiftly and effectively.

Echo Humans: More Than Just Technology

Our collaboration with Discovery Bank extends beyond the development of this innovative platform. We understands that the success of such a system hinges on a comprehensive approach. We worked closely with Discovery Bank to ensure seamless integration of the platform into their existing workflows, providing training and support for the fraud prevention team to maximize its effectiveness.

A Collaborative Journey Towards Financial Wellness

This project exemplifies the true spirit of collaboration. By combining Echo Humans’s expertise in cutting-edge technology with Discovery Bank’s commitment to financial innovation, we’ve taken a significant step towards empowering individuals to achieve financial well-being. The live fraud prevention platform offers an extra layer of security, allowing Discovery Bank’s customers to focus on their financial goals with peace of mind.

http://echohumans/project-view/discovery-bank-fraud-prevention-platform/

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