ComplyAdvantage, a leader in financial crime intelligence, has announced the introduction of Fraud Detection, a cutting-edge solution utilizing machine learning algorithms to identify and prevent transaction-related fraud.
Oliver Furniss, Chief Product Officer for ComplyAdvantage, stated, “Fraudsters are swift and inventive, always seeking new vulnerabilities to exploit. Fraud is one of the most pervasive crimes affecting people daily, resulting in billions of dollars in losses for consumers and businesses. Fraud Detection equips banks and financial institutions with an innovative way to monitor the millions of transactions they process daily, putting an end to criminal activities.”
Fraud Detection can recognize over 50 of the most common payment fraud scenarios faced by banks and financial institutions, including Account Take Over (ATO), Authorized Push Payment Fraud (APP), Synthetic Identity, and Relationship Fraud. Through the millions of daily transactions, the solution detects and flags these fraud typologies.
Additionally, Fraud Detection’s sophisticated capabilities can identify “unknown unknowns,” such as fraud typologies that do not correspond with current rule-based scenarios. Alerts for suspicious activities come with a comprehensive explanation, streamlining the transaction’s resolution process.
Leveraging AI and machine learning algorithms, Fraud Detection monitors monetary and non-monetary events, searching for patterns that might indicate potential risks. This includes identity clustering, which employs behavioral and personal characteristics to identify accounts controlled by a single individual, for example.
The solution also combines financial and non-financial events with natural language processing and machine learning. This means factors like location and time can be used to identify suspicious transactions in real-time.
Furniss concluded, “Our Fraud Detection solution aids payment providers, banks, and other institutions in establishing a robust first line of defense, safeguarding their customers and alleviating the stress and financial losses caused by criminal activities.”
