Discovery Bank – Case study POC

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.

JOMA Agency Partners with Discovery Bank to Combat Fraud

Challenge

Discovery Bank needed a robust solution to combat the growing threat of financial fraud. They required a system that could analyze transactions across various channels, identify suspicious activity in real time, and alert their team for intervention.

Solution

JOMA Agency developed a proof-of-concept (POC) for a live fraud prevention platform. This platform integrates with Discovery Bank's data warehouse and the national treasury data warehouse, enabling real-time analysis of transactions. It can identify and alert the fraud prevention team of 26 different fraud types, including geo-fraud and duplicate account/card activity.

Result

The POC showcases a user-friendly interface with customizable filtering options for in-depth analysis of suspicious transactions. The platform also offers visual insights through map clustering, facilitating the identification of potential fraudulent patterns. This empowers Discovery Bank to proactively combat fraud, safeguard its customers, and build trust within its client base.

• Reduced Fraud Losses: Real-time detection and prevention can significantly reduce financial losses due to fraudulent activity.
• Improved Customer Experience: Faster transaction processing and fewer false positives lead to a smoother customer experience.
• Enhanced Security Posture: A proactive approach to fraud management strengthens the overall security posture for both banks and merchants.

Additional Considerations

• Data Privacy: We ensured compliance with data privacy regulations when collecting and analyzing customer data.
• Scalability: The system would be scalable to handle high volumes of transactions and adapt to new fraud tactics.
• User-Friendliness: The system would be user-friendly for both banks and merchants, providing clear alerts and actionable insights.

From The Client

"JOMA Agency's commitment to collaboration throughout the development process was invaluable. Their clear communication and willingness to address our feedback ensured a smooth and successful project. We are confident that this innovative platform will play a key role in safeguarding our clients and fostering trust within our growing bank."