ComplyAdvantage combats payment fraud with groundbreaking AI solution

ComplyAdvantage combats payment fraud with groundbreaking AI solution

London-based ComplyAdvantage, a forerunner in financial crime intelligence, is stepping up the fight against payment fraud with the launch of its novel AI-powered solution, Fraud Detection.

This pioneering technology utilises machine learning algorithms to identify and curb transaction-related fraud, an ever-growing concern in the age of P2P and real-time payments.

The new solution is a response to the increasing ingenuity of fraudsters and the diverse channels they exploit, leading to billion-dollar losses for consumers and businesses alike. ComplyAdvantage’s Fraud Detection tool arms banks and other financial institutions with an advanced method to monitor their daily transaction volume and halt criminal activity promptly.

ComplyAdvantage is a global leader in AI-driven financial crime risk data and fraud detection technology, aiming to mitigate the risks associated with money laundering, terrorist financing, corruption, and other financial crimes. On the other hand, Fraud Detection is an innovative solution, capable of identifying over 50 prevalent payment fraud scenarios.

ComplyAdvantage’s Fraud Detection provides a comprehensive report when suspicious activity is detected, aiding in the swift resolution of the transaction. This unique feature distinguishes Fraud Detection from other similar products in the market.

Holvi, a digital banking service for small businesses, is one of the entities utilising Fraud Detection as part of their holistic financial crime risk detection strategy.

ComplyAdvantage’s Fraud Detection employs AI and machine learning algorithms to scrutinise both monetary and non-monetary events for potential risk patterns. The tool’s sophistication extends to its capability to identify “unknown unknowns” or fraud typologies that don’t match current rule-based scenarios.

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

Valentina Butera, Head of AML and AFC Operations at Holvi, added, “That’s why selecting Fraud Detection by ComplyAdvantage was a very easy decision for us. We immediately saw that it had the latest machine learning technology and knew that the implementation would be extremely smooth.”

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