AI-Powered Fraud Detection Solution
Stay Ahead of Fraud with Real-Time Detection with AI-Driven Precision
Overview
Authorized Push Payments (APP) is the fastest growing fraud type. According to Scamcope, a report by ACI Worldwide and GlobalData, Authorised Push Payment (APP) scam losses are expected to rise to USD 6.8 billion by 2027. With the increase in prevalence of digital payments channels, banks need to adopt enhanced vigilance and preventive measures to combat APP fraud. For banks, the effort involved in monitoring fraud instances far outweigh the benefits on account of a large proportion of low value transactions, not to mention navigating complex recovery processes for fraud incident resolution. Manual mode of fraud alert monitoring leads to human errors, resulting in a high volume of undetected fraudulent transactions amounting to US$ 1.48 billion as per Federal Trade Commission, and escalating customer disputes.
Maveric’s solution is built to meet stringent regulatory standards, reducing fraudulent transactions by 70%, significantly lowering bank liability by up to 40%.
Maveric’s AI-Powered Fraud Detection Solution
Our solution can be implemented in 12 – 16 weeks. It commences with a requirement gathering and analysis phase, followed by the design of the architecture and integration points between real-time APP fraud detection solution and NICE Actimize. The connectors are then built, focused on the main fraud detection engine and its integration with Actimize, followed by extensive testing and validation.
AI-Powered Fraud Detection
Machine learning detects anomalies and evolves with new fraud tactics, continuously improving accuracy.
Real-Time Monitoring and Automated Decisions
Instantly analyzes transactions, assigns risk scores, and minimizes manual review with AI-driven decisions.
Behavioural Analytics and Seamless Integration
Assesses risk based on user behavior across channels and integrates smoothly with existing systems.
Effective Case Management and Alerts
Streamlined tools for managing flagged transactions and proactive customer notifications to enhance trust.
Regulatory Compliance and Reporting
Automates compliance and reporting, ensuring adherence to industry standards and smooth audits.
Business Benefits
Enhanced Fraud Detection Accuracy
Achieves 80% accuracy in detecting APP transaction fraud and securing user consent.
Improved Decision-Making
Transparent, explainable AI models accelerate decision making processes.
Operational Efficiency
Doubles agent productivity, leading to significant operational cost savings.
Customer Satisfaction
Proactively addresses inquiries and delivers hyper-personalized experiences, fostering deeper customer loyalty.
Significant Time Savings
Reduces time spent on fraud investigations by 70%, allowing for quicker resolution.
Dynamic Risk Scoring
Provides effective response management based on a wide range of factors.
Regulatory Compliance
Ensures adherence to regulatory standards, minimizing legal risks and penalties.
Seamless Integration
Rapid integration with existing systems ensures minimal disruption and quick deployment.
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The Maveric Edge
Contextualized Solutions
An innate ability to bring together domain, platform, and technology expertise to craft contextual solutions to support transformation programs.
Impactful Delivery Model
A customer centric model geared for high delivery impact.
New Service Line Development
Proven ability to develop and scale new service lines aligned to customer growth areas
Differentiated Engagement
Technical engagement led to customer value creation.
Meet the Experts
Kishan Sundar
Senior Vice President, Chief Technology Officer – Key Accounts
Arindam Ray
Vice President – Central Engagement
Sriram Sivaraman
Associate Vice President – Engagement Anchor
Ready to transform your banking ecosystem?
Contact us today to learn how Maveric’s “AI-powered fraud detection solution” can accelerate your innovation journey and position your bank for long-term success.
