"It can be tempting to think fraud is only a problem for banks or payment operators, but the reality is far wider."
The platform, backed by Telefónica Tech Ventures, aims to streamline fraud detection and prevention to reduce criminal activity by bringing three systems under one end-to-end solution.
According to UK Finance, financial fraud losses across payment cards, remote banking and cheques totalled over £738 million in 2020 as criminals become more sophisticated in their attack methods and more products and services are brought online.
Fraud.com products - Udentify, aiReflex and fcase - offer businesses an integrated way to detect, manage, and report fraud within their organisations more efficiently. According to Emre Sayin, Fraud.com’s founder and CEO, these threats and their associated financial losses will only become more severe over time.
Sayin said: “It’s both an exciting and a daunting time to be working in the field of fraud detection and prevention. On the one hand, the growing threat to businesses and customers is worrying; on the other, the pace at which technology is developing to address more sophisticated attacks, such as deep fakes, is inspiring.”
The team behind Fraud.com have been at the forefront of developing leading anti-fraud technology for several years. Each of the three products in the Fraud.com platform use the latest AI, face & voice verification, and liveness detection technology to support the end-to-end user journey.
Udentify uses AI to prove someone is who they say they are; aiReflex is a fraud prevention suite that helps identify and prevent complex fraud scenarios; and fcase ties all the products together, acting as a centralised automation hub.
“We knew there was a market appetite for a platform which harnessed the latest technology and provided an accessible and easy way to implement a fundamental fraud protection framework,” said Sayin. “Businesses understand the financial, legal and reputational risks posed by fraud, but fragmented approaches to fraud management or sub-standard systems means that often the protection isn’t there for their customers and their organisations.
“It can be tempting to think fraud is only a problem for banks or payment operators, but the reality is far wider. Any organisation that needs to verify customer identities, handle transactions – essentially prove someone is who they say they are – is vulnerable to fraud, and as the fraudsters become more sophisticated, so must the systems that stop them.”
Fraud.com operates across various sectors, including banking, financial services, insurance, gaming, healthcare, and telecommunications.
Organisations often have separate systems or teams to handle each stage of fraud detection and prevention. Fraud.com wraps these unique functions into one, allowing efficiencies to be made both in terms of cost, in-house resource and outcome. Better management of fraud prevention and operations management has a direct impact on customer loyalty. Fraud.com is live now. Visit www.fraud.com for more information about the platform.