This is achieved by leveraging real-time data validation and identity verification tools. These AI tools instantly flag suspicious activity and assess risk, allowing agents to quickly approve legitimate transactions while identifying potential fraud.
The automated intelligently built process reduces manual errors while speeding up reviews. This technology ensures that businesses are protected from fraudulent accounts and transactions, while maintaining efficiency and customer trust globally.
Visual of how a Solution works
Company: FinTech Solutions, a global financial technology company specializing in digital payments and lending services.
Challenge: FinTech Solutions has been experiencing an increase in fraudulent account sign-ups and suspicious transactions. Fake accounts are being used to apply for loans and exploit the company’s digital payment platform. These fraudulent activities are causing significant financial losses, increasing manual review workloads, and slowing down legitimate transactions, frustrating genuine customers.
Solution: FinTech Solutions implements Service Objects’ fraud prevention products to enhance their security and streamline their review processes.
For flagged cases, the system provides detailed data insights that help manual review agents at FinTech Solutions make faster, more accurate decisions on whether to approve, investigate, or block suspicious accounts or transactions.
When a new customer creates an account, Service Objects’ real-time identity validation tool checks the information against global databases, instantly flagging suspicious or fake identities. This allows FinTech Solutions to block fraudulent sign-ups before they can exploit the platform.
For flagged cases, the system provides detailed data insights that help manual review agents at FinTech Solutions make faster, more accurate decisions on whether to approve, investigate, or block suspicious accounts or transactions.
Results:
– Fraudulent account sign-ups decrease by 40%, as most are caught at the registration stage.
– The manual review team sees a 50% reduction in workload due to fewer false positives, allowing them to focus on high-risk cases.
– Legitimate customer transactions are approved faster, improving the customer experience and maintaining trust in the platform.
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