- “All banking fraud across the Internet, telephone, and in-person banking (people still do that?) – grew 159% in the first quarter of this year compared to the last quarter of 2020. Online banking, which accounts for 96% of all banking transactions, made up 93% of all fraud cases. The analysis reportedly covers more than 12 billion global banking transactions.
- TransUnion, comparing a similar period of time, said that suspected financial services digital fraud attempts increased 149%.
- The startup claims its platform can calculate a risk score in three milliseconds, evaluating thousands of decisions to score a transaction in real time.
- The platform protects financial institutions against funny business involving account openings, transactions, and money laundering.
- Feedzai claims it monitors companies that serve more than 800 million customers in 190 countries, with products protecting half of the populations in the UK and Canada, as well as four of the five largest banks in North America.
- More than 20% of the world’s money flows through the Feedzai platform, according to the company.”
- “‘Where [AI] can be leveraged in the future is by further automating analysis, automating responses and reducing staff’s eye-on-screen time,’ he said. ‘However, with any automation, you must balance that with having trained professionals to guide the tools. While AI and ML [machine learning] are great for replacing pools of personnel performing rote tasks, they will never replace instinct and experience. You still need someone to tailor the tools to your environment and company, and course-correct when needed.’”
- “It can help banks reduce tens of millions of dollars in losses, which will get the attention of every financial services company on the planet.
- But AI, he said, can provide a lot more than that in terms of protecting FIs from risk. It can also make it possible to preserve a delightful consumer experience while layering in more efficient protections.
- There is no magic secret to setting up AI, just a simple process. FIs need to develop the roadmap for the issue they are looking to take on, test, find a partner to help them if necessary, deploy, and then start again with the next objective.”
Vice President, Global Head of Product for Artificial Intelligence (AI) Express
LinkedIn – http://linkedin.com/in/amyndhala
“US-based credit-reporting firm Equifax said it entered a definitive agreement to acquire Kount, a US-based provider of AI-driven fraud prevention and digital identity products for e-commerce retailers, for USD 640 million. Kount said its employees will continue to be based in Boise, Idaho, and will report to Equifax’s US information-products unit. Kount’s software helps retailers catch fraudsters as well as stop hackers from taking over customer accounts.”
“Kount, the leader in digital fraud protection and identity trust, today announced independent research firm Mercator Advisory Group has ranked Kount the best eCommerce Fraud Detection Solution in its vendor comparison, published this month. Mercator analysts assessed more than 40 fraud prevention providers and selected five that offer complete solutions for a detailed comparison across five attributes. Kount ranked highest overall with a 4.58 out of 5, as well as first in two categories.”