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ComplyAdvantage launches AI-powered solution to fight payment fraud

By Gloria Methri

May 16, 2023

  • Anti - Money Laundering
  • Complyadvantage
  • Financial Crime

ComplyAdvantage, Financial Crime, Artificial Intelligence, Fraud Detection, UK, Anti-Money Laundering, RiskTechComplyAdvantage, the specialist in financial crime intelligence, has announced the launch of Fraud Detection, its new solution that uses machine learning algorithms to detect and prevent transaction-related fraud.

“Fraudsters are fast and creative, always looking for new vulnerabilities they can exploit. That’s why fraud is one of the most experienced crimes affecting people every day, causing billions in losses to consumers and businesses,” said Oliver Furniss, Chief Product Officer for ComplyAdvantage.

“Banks and other financial institutions are constantly playing catch-up. Fraud Detection gives them an effective new way to monitor the millions of transactions they process every day and stop criminal activity in its tracks.”

Fraud Detection identifies over 50 of the most prevalent payment fraud scenarios faced by banks and other financial institutions through the millions of transactions they process every day. The product detects and flags fraud typologies including Account Take Over (ATO), Authorised Push Payment Fraud (APP), Synthetic Identity, and Relationship Fraud.

Fraud Detection’s advanced capabilities can also identify “unknown unknowns,” such as fraud typologies that do not match current rule-based scenarios. When businesses receive an alert to suspicious activity, it comes with a full explanation, streamlining the transaction’s resolution.

Fraud Detection uses AI and machine learning algorithms to monitor monetary and non-monetary events and look for patterns that indicate possible risks. This includes identity clustering, using behavioural and personal characteristics to identify accounts that are, for example, controlled by a single individual.

It also combines financial and non-financial events with natural language processing and machine learning, meaning factors such as location and time can be used to identify suspicious transactions in real-time.

Furniss said, “Our Fraud Detection solution helps payment providers, banks, and other institutions provide a strong first line of defense, protecting their customers and alleviating the stress and loss criminals cause.”

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