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ComplyAdvantage Introduces AI-Powered Solution to Combat Payment Fraud

ComplyAdvantage, the financial crime intelligence company, is stepping up its efforts to combat payment fraud with the launch of a new AI-powered solution. Fraud Detection, equipped with machine learning algorithms, aims to identify and prevent transaction fraud in today’s digital landscape.

The rise of technology, including instant messaging and new forms of remittance like P2P and real-time payments, has provided criminals with numerous avenues to defraud individuals. Recognising this challenge, ComplyAdvantage has developed Fraud Detection to address transaction-related fraud.

Oliver Furniss, chief product officer for ComplyAdvantage, emphasises the urgency of the situation, stating: “Fraudsters are fast and creative, always looking for new vulnerabilities they can exploit. That’s why fraud is one of the most commonly experienced crimes affecting people every day, causing billions in losses to consumers and businesses. Banks and other financial institutions are constantly playing catch-up. Fraud Detection gives them an effective new way to monitor the millions of transactions they process every day and stop criminal activity in its tracks.”

Detecting fraud

With a focus on catching all major payment fraud scenarios, Fraud Detection has the capability to identify over 50 prevalent fraud typologies faced by banks and financial institutions on a daily basis. It encompasses various fraud categories such as Account Take Over (ATO), Authorised Push Payment Fraud (APP), Synthetic Identity, and Relationship Fraud.

Moreover, the capabilities of Fraud Detection enable the identification of ”unknown unknowns’, uncovering fraud typologies that do not fit into existing rule-based scenarios.

When businesses receive alerts regarding suspicious activity, Fraud Detection provides a comprehensive explanation, streamlining the resolution process for flagged transactions. For instance, a transaction might be flagged due to a failed password attempt or because it occurred at an unusual time or location for the customer. This feature sets ComplyAdvantage’s Fraud Detection apart in the marketplace.

Using the solution

Holvi, the digital banking service for small businesses, has incorporated Fraud Detection into its holistic approach to detecting financial crime risk with the support of ComplyAdvantage.

Valentina Butera, head of AML and AFC operations at Holvi, highlights the importance of staying ahead of criminals.

“The convenience of digital banking benefits customers and criminals alike. Technology is developing fast, but so are fraudsters,” said Butera. “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.”

Furniss added: “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.” With Fraud Detection, ComplyAdvantage aims to empower financial institutions with a robust tool to safeguard their operations and customers against the pervasive threat of payment fraud.”


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