The world of online shopping is constantly evolving, and so are the risks involved. With more people trusting digital payments than ever before, it’s no wonder that fraud and theft have become a major concern for financial institutions. This is where Oscilar comes in.
Oscilar, a fintech company founded by Neha Narkhede and Sachin Kulkarni, is developing an AI-based platform that helps financial institutions protect online transactions from fraud and theft. The company is fully self-funded, supported by $20 million donated by Narkhede and Kulkarni. “Most corporate investments in fraud and risk protection have not kept pace with the growth of e-shopping,” said Narkhede. “In short, current technologies are based on incomplete and outdated information about user behavior.”
Oscilar’s proprietary AI requires far less first- and third-party data about past customer fraud to train machine learning models. The platform integrates aggregated anonymous risk signals from its client network into its machine learning models, which are continuously trained and tested. As a result, they automatically become smarter over time.
Additionally, Oscilar provides risk operations teams with a toolkit to create, test, monitor and deploy new risk models without writing code. This frees these teams from the help of procedural and technical support engineers.
Oscilar allows clients to view the model and define all parameters and data included in the model. Oscilar has people throughout the process and shares the results with the company to ensure good performance and the model works properly.
Oscilar already works with dozens of fintech clients and has quietly brought dozens of engineers with decades of experience from Facebook, Google, Uber and Confluent with deep expertise in building highly scalable AI-based information systems. Oscilar’s public launch will enable the company to engage with an even wider range of potential customers and partners.
As online stores continue to grow, so do the risks associated with them. But with Oscilar’s AI-powered platform, financial institutions can be sure they have the protection they need to keep their transactions safe from fraud and theft.