Unit21’s Post

 AI-Enhanced Fraud Analytics Fraud is evolving, and so should the methods to combat it. This initiative uses AI-powered analytics to provide more sophisticated fraud detection capabilities. AI systems can sift through large volumes of transaction data to spot irregularities and patterns that may suggest fraudulent activity. Over time, the AI adapts and learns, becoming better at detecting emerging fraud techniques. By deploying such a system, banks can enhance fraud detection efficiency, reduce false positives, and protect customers from fraud more effectively. #FraudAnalytics #AIForGood, #Digitalbanking

How secure are your payment channels ? Do you know you can mitigate fraud casualties with a real time transaction monitoring solution while you go to bed with 99.9% assurance of not getting bridged? With real time monitoring, SMART VISTA gives you an edge over fraudulent actors by using well set and AI generated commands to monitor transactions that are out of established protocols and legitimate account owner's transactional behaviors. With smart Vista, you are one step ahead of the fraud.

🕵♂️ Tackling identity risk in finserv: Knowledge-based authentication and AI in the fight against fraud [https://lnkd.in/eM_YTmiJ] Fraud feels like one of the inevitabilities of our financial system - if we had a system that was 100% fraud free, it would be so restrictive and buttoned down that it would be almost impossible to use.  And because we still rely on many antiquated systems to confirm the identity of customers, fraud continues to be a major problem.  Passwords still persist as the dominant auth method despite their fragility, and newer, more promising auth methods like Passkeys championed by the FIDO alliance are just beginning to take foot. Maintaining a seamless customer-centric user experience has been a crucial challenge to solve for. Enter knowledge-based authentication (KBA). Hear from Alloy CTO and co-founder ⁠Charles Hearn⁠ on how KBA integrates with diverse data sources, leverages AI and stays "a few step ahead" to provide accurate identity verification in financial services - one of the industry's most stubborn challenges 💪 Listen now 🔗 https://lnkd.in/eM_YTmiJ #Podcast #Fraud #AI #FinancialServices #Converge

💡 CBA Live Takeaways 💡 💳 Virtual cards are key - Visa is seeing 75% of credit card transactions in major cities are completed via virtual wallet, making provisioning of cards to virtual imperative. 👤 AI has a place in fraud prevention - panelists agreed that AI will take over highly repetitive, simple admin tasks for fraud professionals, producing greater operational efficiency leading to more time spent solving complex problems and happier fraud employees. What other takeaways stood out? Let us know in the comments! #cbalive2024 #virtualcards #fraud #ai

False declines, while seen as a necessary cost of fraud prevention, might be costing you more revenue than you realize. Studies show that 33% of customers won't shop at a business again following a false decline, so you're not just missing out on the single purchase, but on that customer's entire lifetime value (LTV). At Corgi Labs, our proprietary AI actively reduces false declines while controlling fraud, so more of your payments become actual revenue. Reach out to our founder at [email protected] today to see how we can help you optimize payments and improve your bottom line!

Detecting payment fraud and scams has been more reactive than it should be. Why is this the case? For a long time, the market relied on basic fraud rules and manual reviews to get by. Even though this process was usually reactive, it was good enough for some time. But AI and machine learning are going to help us catch fraud faster, right? Yes. But even if they do, here's the problem ⬇️ Even when fraudsters get caught, they're really good at landing on their feet. They simply: 1️⃣ swipe some fresh devices 2️⃣ buy a few more fake IDs 3️⃣ get new stolen credit cards… Rinse and repeat. Back in business. And unfortunately, introducing AI isn't going to change that. There's a deeper need that you need to be focusing on, which is: How to permanently ban these individuals from your platform, even if they: ⇢ Have a huge fraud farm full of devices ⇢ Reset devices to factory settings ⇢ Change to all new devices Want to learn how do to this? My team and I will be at the upcoming Merchant Payments Ecosystem (MPE) event in Berlin, March 12-14. If you'll also be there, I'd love to connect! Ping me in a DM or comment below so we can meet up.

As fraudsters use more sophisticated tactics like deepfakes and identity theft, traditional KYC methods are no longer enough. That’s where Arya AI comes in. Arya’s Advanced Identity Verification Suite ensures you stay one step ahead of fraudsters. Powered by AI, our solutions provide secure, seamless KYC and onboarding, giving you peace of mind while protecting your customers and business from fraud. Try the Apps on the platform with your data! https://api.arya.ai/ #identityverification #advancedAI #kycwithAI

To know more about our Aurionpro - Arya.AI capabilities and how we can help augment your current business, drop us a note and we will be glad to give you more details on this.

Utility payment fraud costs are piling up.   Want to know how fraudsters are leveraging AI to attack utilities at scale? Better yet do you want to hear about setting up an proven AI defense that can detect and protect in real time? Join our session Thursday, May 2 at 3:45 at #CSWeek2024.  Stop by the ACI Worldwide booth 1009 to chat with one of our payment and fraud experts to learn more. #csweek2024 #paymentfraud

Mastercard reports the following benefits of ai/automated card fraud detection: ⚫Doubling the detection rate of compromised cards ⚫Reducing false positives during the detection of fraudulent transactions against potentially compromised cards by up to 200% ⚫Increasing the speed of identifying merchants at-risk from - or compromised by - fraudsters by 300%. https://lnkd.in/enDMXNiQ