According to WPI, loan fraud is set to cause 45€ billion in losses by 2023!1 As the phenomenon accelerates with the digitization of financial services, "traditional" approaches are no longer sufficient to effectively counteract fraud.
The opportunity to earn a quick buck with fraudulent activities is opening up avenues for organized crime, including money laundering that can be related to terrorist financing. Consequently, failure to identify fraud threatens the global economy, countries, and all citizens. Both businesses and governments alike are facing challenges in identifying fraud in such an environment. With fraudsters acting fast, institutions must keep pace.
Compared to simple rules, ML-based solutions generate 10 to 20 times fewer false positives and achieve relevance rates of up to 40%, with no additional staff required.2 ML models can use an unlimited amount of data, cross-reference, and calculate the relative influence of various variables with unprecedented accuracy, relevance, and speed. To curb fraud, lenders must have systems in place to monitor the behavior of all merchants and the applications those lenders submit. Bleckwen provides the support needed to help lenders stop merchant fraud.
The future of the fight against fraud lies in specialized AI and ML solutions, with a deep understanding of the banking business and the fraudsters' strategies. Solutions that understand your business and industry, limit your risks, and maximize your ROI. Companies that are already familiar with AI/ML and are accompanied by partners able to help them anticipate and integrate the new rules will undoubtedly be the best positioned to adapt to market evolutions
Proven results & guaranteed fraud savings
Tailored for your business
Easy to integrate with rapid time to value