How TODO1 Services mitigated transactional fraud using KNIME
An anti-fraud profiler to deal with transactional fraud mitigation in the digital interactions between financial institutions and customers.
Financial ServicesData ScienceFraud & Risk Management
100%improvement in fraud detection rates
100 millisecondsaverage fraud detection time
650+ milliontransactions managed with no downtime
TODO1 built an anti-fraud profiler to deal with transactional fraud mitigation in the digital interactions between financial institutions and their customers.
The requirements:
- One platform to accomplish everything, including REST API support
- Self-documenting to ensure transparency of processes
- A good price
The challenges:
- Fraud data is hard to get
- Real-time responses are difficult to achieve (<100ms)
- Downtime was not an option
The set-up:
- Running load balancer
- 4 x KNIME Server Large
- Rabbit ML
- 2 x KNIME Executors
The results:
With the system in production in the cloud and fully operational within 3 months it accomplished:
- 650+million transactions with no downtime.
- Overall improvement of +100% fraud detection rates
- Round trip median time of approx. 100 ms. (That’s impressive!)
