Abrigo Unveils a Cutting-Edge AI-Driven Fraud Prevention System Aimed at Reducing Financial Losses
In Brief
Abrigo has launched its Fraud Detection platform specifically designed for analyzing check images and facilitating inspections to assist financial institutions in their fight against fraud.
Abrigo, a provider of solutions for financial crime prevention and risk management, has rolled out a new platform named Abrigo Fraud Detection. This innovative platform merges image inspection and check analysis with a customizable fraud decision-making engine to help institutions tackle fraudulent activities. AI-powered Despite the surging trend towards digital payment options, checks continue to dominate B2B transactions—81% of businesses still choose to pay via paper checks. This reality compels organizations to stay alert and proactive.
In November 2023, Abrigo forged a partnership with Mitek, a company specializing in mobile deposits and fraud prevention. This collaboration enhances the Abrigo Fraud Detection platform by incorporating Mitek’s Check Fraud Defender alongside Abrigo’s flexible decision-making engine, significantly improving the identification of check fraud.
According to Ravi Nemalikanti, the CTO of Abrigo, 'The Abrigo Fraud Detection system, enhanced by Mitek technology, employs sophisticated computational visual analysis to scrutinize 22 critical attributes of checks, including discrepancies in handwriting and font, guaranteeing accurate fraud detection,' he shared with Metaverse Post. fraud 'Our platform evaluates check images from various sources—like ATMs, mobile applications, and direct branch deposits—comparing features against a nationwide database of check fraud data to flag possible fraud patterns and generate clear fraud risk scores for quicker inspections and decisions,' he added.
Nemalikanti noted that the user-friendly design of the platform allows analysts to review potentially fraudulent checks, referencing past check comparisons in real-time and enabling outreach to customers for transaction confirmations.
During a pilot project with a bank in the southeastern U.S., the Abrigo Fraud Detection solution successfully identified 93% of the bank’s fraudulent check transactions, preventing over $330,000 in potential fraud losses.
Furthermore, according to Nemalikanti, the solution achieves a higher accuracy in identifying fraudulent checks by using Mitek’s AI/ML-enabled analysis that examines 22 significant attributes of checks, integrates data from a national fraud database, and utilizes Abrigo’s dynamic fraud decision-making engine.
Abrigo Strengthens Fraud Prevention with Customized Detection Technologies
As fraudulent tactics evolve and become more sophisticated, it’s crucial for financial institutions to adapt to changing fraud landscapes and deploy effective strategies to avert operational losses. Abrigo’s latest offering strives to minimize check fraud occurrence. fraudulent 'The platform enhances operational efficiency by automating comprehensive fraud detection workflows tailored specifically to the needs of financial institutions, which encompasses data ingestion, inspection, decision-making, and reporting. This approach alleviates the need for excessive manual intervention, thereby reducing costs and proactively mitigating fraud’s impact on both the institution and its clientele,' stated Abrigo’s Ravi Nemalikanti to Metaverse Post.
He further explained that by optimizing operational processes and boosting accuracy, the platform equips financial institutions to better defend against costly fraud attempts and protect their customers, assets, and brand credibility.
Moreover, each institution operates with its own unique risk appetite. The Abrigo Fraud Detection platform uses Abrigo’s extensive expertise with check fraud scenarios, allowing firms to establish customized risk tolerance parameters and tailor workflows accordingly.
According to Nemalikanti, 'Institutions can create specific rules and conditions, like transaction limits, to guide their determination of whether an activity is fraudulent. The inclusion of transparent fraud risk scores and additional data points from check image analysis aids institutions in deciding which transactions merit further investigation.'
Currently, this solution will initially focus on check fraud detection. However, as we move through 2024, the platform plans to broaden its capabilities to encompass other transaction methods, including wire transfers and FedNow.
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Kumar is an established Tech Journalist specializing in the exciting intersections of AI/ML, marketing technology, and fresh domains such as crypto, blockchain, and NFTs. With over three years in the field, Kumar has crafted a reputation for creating engaging narratives, conducting insightful interviews, and delivering thorough analyses. Kumar focuses on producing impactful content, including articles, reports, and research papers for leading industry outlets. With a unique blend of technical acumen and storytelling prowess, Kumar excels at simplifying complex tech concepts for varied audiences in an engaging and clear manner.
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