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NatWest Bank prevents over £7m worth of corporate fraud by using machine learning to detect suspicious invoice payment activity
janhavi
March 5, 2019
Summary:
NatWest has partnered with Vocalink Analytics to create and deploy a fraud detection system which works by analysing historic payment data to spot new potentially fraudulent payments. The system focuses on invoice payment redirection, which it claims has avoided making over £7M in fraudulent payments.
Problem:
Detecting invoice redirection fraud is akin to finding a needle in a haystack, as there are tens of millions of legitimate non-real-time payments every day,” said Lee Fitzgerald, head of fraud for Commercial and Private Banking at NatWest. 'But while the volume of fraud is relatively low, the values are typically large, so the business impact of this type of fraud can be crippling.