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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] Subscribe to TCS Case Studies TCS.com RSS: http://www.tcs.com/rss_feeds/Pages/feed.aspx?f=c Feedburner: http://feeds2.feedburner.com/tcscasestudies 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 All content / information present here is the exclusive property of Tata Consultancy Services Limited (TCS). The content / information contained here is correct at the time of publishing. No material from here may be copied, modified, reproduced, republished, uploaded, transmitted, posted or distributed in any form without prior written permission from TCS. Unauthorized use of the content / information appearing here may violate copyright, trademark and other applicable laws, and could result in criminal or civil penalties. Copyright © 2014 Tata Consultancy Services Limited TCS Design Services I M I 06 I 14 TCS’ Solution