SmartEye

ABSA Hacks 2023 Project for Team Black(18)

SmartEye is a Blockchain-Based Fraud Detection and Anti-Money Laundering System

Overview

Financial institutions currently face significant challenges with their existing fraud detection and anti-money laundering (AML) systems, which often take up to a day to detect and flag suspicious activities. To address this issue, we are developing a blockchain-based smart contract system that enables real-time monitoring of financial transactions. This system is designed to identify potential fraudulent activities and automatically flag suspicious transactions, providing immediate alerts to the relevant compliance and risk management teams for further investigation and action.

Key Features

Our blockchain-based system offers the following key features:

1. Real-Time Monitoring: The system continuously monitors financial transactions in real-time, ensuring that suspicious activities are identified as they occur.

2. Automatic Flagging: Suspicious transactions are automatically flagged by the smart contract, reducing the time and effort required for manual review.

3. Immediate Alerts: Alerts are generated in real-time and sent to the relevant compliance and risk management teams, ensuring prompt response to potential issues.

4. Transaction Type Detection: The system can differentiate between in-bound and out-bound transactions, providing additional context for identifying fraudulent activities.

5. Transaction Filtering: It can generate a list of all transactions and filter them into two categories: fraudulent and non-fraudulent, simplifying the review process.

6. Contract Factory: Our system can be deployed as a contract factory, making it easily customizable and adaptable for various financial institutions' needs.

Usage

To utilize our blockchain-based fraud detection and AML system, financial institutions need to integrate it into their existing infrastructure. Here's a brief overview of how to use the system:

1. Integration: Integrate the system with your institution's financial transaction infrastructure using the provided API or smart contract templates.

2. Real-Time Monitoring: The system will start monitoring financial transactions in real-time as soon as it's integrated.

3. Automatic Flagging: When the system identifies a suspicious transaction, it automatically flags it and generates an alert.

4. Alert Handling: Compliance and risk management teams receive immediate alerts and can initiate further investigation and take appropriate action.

5. Transaction Analysis: Financial institutions can generate a list of all transactions and use the filtering feature to separate fraudulent and non-fraudulent transactions for more detailed analysis.

6. Customization: The system can be customized to meet specific institutional needs, making it adaptable for different financial organizations.

Getting Started

To get started with our blockchain-based fraud detection and AML system, follow these steps:

1. Clone or download the repository containing the system.

2. Review the documentation and installation instructions to set up the system.

3. Integrate the system with your financial institution's infrastructure.

4. Configure the system according to your institution's requirements and preferences.

5. Start benefiting from real-time fraud detection and AML capabilities.

Contact

Thank you for choosing our blockchain-based fraud detection and AML system. We are dedicated to helping financial institutions enhance their security and compliance efforts with this cutting-edge technology.

Contributors

Team Black