Refining Credit Fraud Detection

A Lean Six Sigma Black Belt project was carried out at a leading bank which aimed to reduce the false negative rate in credit card fraud detection by 30% within six months. The project involved analyzing the root causes of missed fraudulent transactions, refining detection algorithms, incorporating additional data points, and using advanced simulation techniques. The outcome was a significant annual reduction of approx. 3.65 lacs INR in financial losses due to fraud, with enhanced accuracy and confidence in the fraud detection system leading to greater customer confidence.