Download Large Indian bank improves fraud detection and management A reputed Indian bank

Large Indian bank improves
fraud detection and management
A large Indian bank wanted to investigate a case related to fraudulent siphoningoff funds from customers' accounts. We helped the bank identify the origin of the
fraud, and collect and analyze digital evidence. The bank has now improved fraud
detection capabilities, and can hence meet legal and compliance requirements.
About the Client
TCS' client is an Indian multinational banking and financial services company. With
a global presence in a number of countries, it offers a wide range of banking
products and financial services to corporate and retail customers, including
investment banking, life insurance, venture capital and asset management.
Business Challenge
Managing and minimizing fraud across a wide range of products including loans,
credit cards, and debit cards is a key priority for a bank. In response to a few
customer complaints, a leading Indian bank decided to investigate the observed
fraudulent transactions. Additionally, the Banking Regulatory Authority of India –
the Reserve Bank of India (RBI) issued a notice to the bank to conduct a third party
investigation/forensic audit to look into the security measures undertaken and
submit a report within a stipulated timeframe.
In order to maintain its reputation and safeguard the interests of its stakeholders,
the bank decided to engage with a consultancy services firm to conduct the
investigation and identify the source of the fraud. This would enable increased
regulatory compliance and reduce legal risks arising out of fraud incidents.
The bank chose TCS owing to our expertise in providing proactive, reactive and
predictive fraud management and forensics services to corporates, governments
and investigation agencies across the globe.
Client
A reputed Indian bank
Industry
Banking and Financial
Services
Offering
Fraud Management and
Digital Forensics
www.tcs.com
Keeping in mind the bank's challenges, we first
identified and collected the relevant digital evidence
from both the live systems – database servers
containing financial data and shut-down systems –
laptops and desktops of select employees.
We used a suite of tools including Forensic Tool Kit
(FTK), log parser, CIRT Network forensics software
and Nuix's eDiscovery, to conduct a thorough
investigation and collect details of the fraudulent
transactions. This data was processed and analyzed
using data mining techniques to determine any
existing patterns. The IP addresses of the computer
systems used for these transactions and the account
numbers to which the funds were transferred were
traced. Based on the IP addresses provided by the
TCS team, the client's internal IT team could identify
the employees involved in the fraud. The collusion of
the employees with external personnel was also
identified based on the forensic analysis of the
corporate e-mails. To prevent recurrence of such
incidents, we recommended security measures and
controls to be implemented. We also advised the
bank on real-time electronic discovery services to
analyze the different types of data available on the
bank's servers. This allows the bank to proactively
monitor the data for fraudulent patterns and trends.
Results
The bank has been able to identify the source of the
fraud and comply with the RBI regulation. By
identifying the missing security controls and
recommending the implementation of a robust
security mechanism, we have helped the bank
mitigate fraudulent transactions in the future.
We also suggested upgrading the business rules in the
bank's existing fraud management framework, in
addition to implementing a whistleblower mechanism
for proactive and reactive fraud management.
With these measures, the bank ensures compliance with
the regulations prescribed for fraud investigations by
the RBI. The bank can now protect itself from future
legal risks as well as safeguard the interests of its
customer base.
Contact
To know more, please contact [email protected]
To know more about TCS' Enterprise Security & Risk Management
(ESRM), please contact us at [email protected]
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About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, consulting and business
solutions organization that delivers real results to global business,
ensuring a level of certainty no other firm can match.
TCS offers a consulting-led, integrated portfolio of IT and IT-enabled
infrastructure, engineering and assurance services. This is delivered
through its unique Global Network Delivery ModelTM, recognized as
the benchmark of excellence in software development. A part of the
Tata Group, India’s largest industrial conglomerate, TCS has a global
footprint and is listed on the National Stock Exchange and Bombay
Stock Exchange in India.
For more information, visit us at www.tcs.com
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