AI-powered risk decisioning software provider Provenir believes it has the solution to more sophisticated types of fraud.
Identity theft and synthetic identities will account for roughly half of all financial services fraud cases by 2025. In a global survey of financial services executives, 43% said identifying fraud is a top challenge, yet only 7% report their anti-fraud measures are completely effective.
Provenir said it has collaborated with best-of-breed third-party providers to bring a fraud onboarding solution to market. Provenir’s AI-Powered Decisioning platform guides organizations with readily available data sources that can be integrated into decisioning workflows, AI model creation and monitoring, to continuously optimize fraud risk models, with configurable rules to respond quickly when new threats arise.
Provenir’s platform integrates and manages multiple data sources or end point solutions within one platform for fraud decisioning. This allows organizations to create custom strategies integrating the best-performing third-party data as fraud risks and behaviors change and new vendors and offerings come to market.
The AI-powered risk decisioning platform connects fraud scores, identity checks and device validation, integrating multiple layers of fraud detection into decisioning workflows to mitigate threats at application screening, including synthetic fraud, impersonation and mule indicators. This also eliminates siloed environments between credit and fraud risk teams, to ensure holistic, end-to-end decisioning with a complete view of customers across the entire lifecycle.
“Fraud prevention is a crucial area of focus for today’s progressive financial institutions,” said Sophia Qureshi, vice president of fraud solutions for Provenir. “This requires an intelligent approach that reduces unnecessary (and unwelcome) friction to the customer journey. This underscores the value of having a single integrated, intelligent decisioning platform that can analyze and manage all fraud and credit risk across the customer lifecycle. This helps balance better, more accurate application fraud detection and prevention with reduced friction across the lifecycle while powering sustainable business growth.”
