Selling Fraud Detection Software

Customer Acquisition Strategy for E-Guard

Business Opportunity:

* The total frauds reported by Corporate India have grown exponentially in recent past and was to the tune of Rs. 5200 crores in 2010-11 [fig 1]. Out of these, total frauds reported by banks alone were Rs. 3000 crores.

* About 66% of banks reported frauds in excess of Rs. 10 crores in last five years [fig 2]

* Nearly 60% of the companies do not use any type of information technology tools to detect fraudulent trends and anomalies in data.

* 75% of frauds are either perpetuated by employees or with employees’ support.

* 41% of companies in India don’t have a formal fraud risk management policy.

* Only 47% frauds are detected by internal audit.

* Most products in the market detect frauds post their occurrence and there is no product available in the market to red flag a fraud before its occurrence.

About the product:

E-guard is developed after a thorough research by a team of clinical psychologists, retired police and intelligence officers. The behavior of employees involved in frauds were mapped and packaged in software which has undergone extensive testing.

Key features & Benefits:

* Scan emails and usage pattern of Information Technology resources by employees

* Trigger an alert of any unusual activity, thus is proactive

* Privacy of employees ensured

* Continuous improvement in its knowledge base based upon frauds detected, changing employee psychology and trends

* 24 X 7 support

* Real-time

* Compatible with all platforms

* Customized

The Strategy:

Frauds, both in numbers and values, are increasing exponentially in the Banking and Financial Services sector. Frauds in banks account for a larger share in the total frauds committed. The entire marketing team would be divided into three groups. First one would be the Banking Team and the other two would be Non Banking Team and the Core Team.

The Banking Team would focus purely on Banking and...