AI-Powered

AI-Driven Fraud Detection and Prevention
Makes Financial Operations Safer and Reliable

Financial fraud and identity theft can wreak havoc on businesses. Banks and financial institutions are prioritizing AI to safeguard their operations and customers. Recent studies found that,

AI fraud detection identifies 90% of all fraudulent transactions, twice as effectively as traditional methods.

Challenges of Traditional Fraud Detection Methods

Traditional fraud detection and prevention measures fail to address the emerging fraud patterns attempted by contemporary scammers. For example, a global bank was relying on manual verification of handwritten checks to prevent fraud by counterfeiters. It was critical for the bank to speed up check-processing time and lower costs by identifying counterfeit checks faster.

Traditional rule-based fraud detection systems are static and less adaptive to evolving fraud patterns

Rise of complex and sophisticated fraud schemes exploiting technology and vulnerabilities

Conventional fraud detection systems generate substantial false positives, requiring manual review

Manual reviews and post-transaction analysis can significantly delay the identification of fraudulent activities

The Solution:
AI-Driven Fraud Detection and Prevention

The global bank implemented an AI-based solution to identify counterfeit checks in real-time. The new solution significantly improved the bank’s ability to detect and prevent check scams before they happen.
Real-Time Transaction Monitoring:
AI in fraud detection systems helps monitor and validate financial transactions in real-time. Flagging suspicious activities, such as irregular account behavior or potentially fraudulent transactions, AI equips businesses to respond swiftly to threats.
Adaptive Fraud Detection:
Adaptive fraud detection is a novel technique that uses AI along with deep learning and behavioral pattern recognition to preempt financial scams. Adaptive detection helps anticipate perpetrators’ next moves, empowering financial institutions to take adequate safety measures in advance.
Risk Scoring and Alerts:
AI model flags suspicious financial transactions in real-time, assigning a confidence score to each activity, flagging it as good, fraudulent, or needing further review. Real-time alerts help reduce the number of actions requiring manual review.

The Impact of AI-Driven Fraud Detection and Prevention

reduction in fraudulent transactions
0 %
improvement in real-time fraud detection
0 %
annual savings on fraud losses
$ 0 M

Benefits of AI-Powered Fraud Detection and Prevention

Substantial reduction in false positives and increase in fraud detection accuracy

Instant identification of suspicious transactions helps reduce financial risks

Minimize monetary losses by identifying suspicious transactions instantly

Boosts your ability to maintain effectiveness against emerging threats

Ideal for large financial institutions handling massive volumes of data

Ability to detect hidden fraud patterns that humans might overlook

How Can Fingent Help With AI-Based Financial Fraud Detection and Prevention

At Fingent, we make AI work for our clients across industries by streamlining workflows, improving security, accelerating operations, and creating better outcomes.

Custom software solutions leveraging Gen AI, machine learning, and deep learning

Customized data analytics solutions to derive actionable insights and modeling of data

Creation of AI virtual assistants to enable personalized, real-time customer interactions

Advanced AI-based fraud detection that goes beyond traditional CAPTCHA and IP-based detection

Embed AI into your existing portfolio of applications with minimal disruptions and downtimes

Key Takeaways

AI-based fraud detection and prevention makes your financial operations more transparent, compliant, and straightforward.
Proactive fraud mitigation enabled by real-time monitoring of financial transactions
Reduction in false positive alerts allows employees to focus only on genuine fraud cases
Instantaneous decision-making enabled by real-time data analysis and insights generation
Pinpoint unusual patterns of potential fraud, allowing companies to stay ahead of evolving fraud tactics
AI continuously learns from processed data, equipping businesses to combat new scams
Limit exposure to fraud, optimize operational efficiency, and save money, time, and resources

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We make AI and machine learning work for you!

Let’s discuss how AI can help you in fighting fraud
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