The Financial Conduct Authority (FCA), Synthesized, and a fraud prevention vendor have developed an initiative that plans to create new solutions to detect and prevent fraud and scams exacerbated by the Covid-19 pandemic.
Synthesized engaged in the FCA’s DataSprint, aimed at developing synthetic datasets to be used by participants in the Digital Sandbox Pilot, jointly launched by the FCA and City of London Corporation. The objective of the collaboration was to solve the challenge of building a better synthesised transactional bank fraud model.
Synthesized, who are pioneers in automating all stages of data provisioning and data preparation, applied its AI data synthetisation technology. This was able to create a synthetic version of the original fraud dataset supported by the fraud prevention vendor.
The result of this collaboration produced a safe-to-share synthetic dataset that will allow participants of the Digital Sandbox Pilot to analyse fraudulent digital banking transactions and apply this knowledge to better detect fraudulent activity in their own environments.
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