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Tuesday, April 23, 2024
HomeNewsBehavioural Analytics and AI keep User Bank Accounts Safe from Fraud

Behavioural Analytics and AI keep User Bank Accounts Safe from Fraud

Nordic financial software developer Inventi launches Digital Banking Fraud Prevention System as a stand-alone product. The platform protects banking customers on online and mobile banking platforms. The fraud prevention suite is aimed at mid-sized European banking institutions and is already in use by one of the leading Nordic banks.

“Our fraud prevention system began as a custom development project. Yet with excellent customer feedback and steadfast performance in preventing such threats as authorized push payment or account take over, we have decided to launch our fraud prevention suite as a dedicated product. Considering stringent European banking regulatory requirements, we clearly see an opportunity in the mid-range of fraud prevention software market, where affordable and easily scalable solutions are lacking. In addition, our FPS offers an unbeatable degree of customization to fit specific customer workflows and threat scenarios” – says CEO of Inventi Zilvinas Kybartas.

Inventi fraud prevention system operates in real-time analyzing every online customer transaction. The platform applies customer-centric behavior analytics, including such factors as geographic location, device fingerprinting, types of transactions, transferred amounts and many more factors to build up a customer profile to identify ‘business as usual’.

The platform also uses a vast database of time-proven scenarios for fraud identification, as well as machine learning functionality to spot suspicious behavior.

The fraud prevention system then assigns a fraud probability score for every banking transaction. Depending on the customer requirements, following actions can be undertaken, including flagging the transaction, blocking it outright, requiring a multiple-factor authentication or adding a cool-down period before the transaction can be authorized.

“Built on a scalable microservices architecture, Inventi fraud prevention system can handle 200-500 transactions per second without any effect on the end-user online banking experience. The platform can accommodate higher numbers per customer requirements” – added Zilvinas Kybartas.

According to Mr Kybartas, with processing speeds of 300-500 ms per transaction, Inventi fraud prevention system is fully compliant with SEPA Instant Credit Transfers.

The platform offers an analytical dashboard with 360 degree view for incident resolution, including all relevant customer history, previous and related incidents.

“Working with anti-fraud officers in the development stage has helped us to create an easy-to-use and fluid interface, with all relevant information efficiently presented for smooth incident resolution” – adds Zilvinas Kybartas.

The platform also offers a ‘dry-run’ operations mode. It puts the platform into pre-production, where it can analyze real-world customer data, assign fraud probability scores, yet not take any further action.

“This helps with adding new threat scenarios or customer analytical data buildup to better understand user behavior and is usually the first part of our platform deployments” – notes Zilvinas Kybartas.

Chris Crespo
Chris Crespohttp://nordicfintechmagazine.com
Chris is a Founding Partner and Chief Editor at Nordic Fintech Magazine, where he simplifies complex financial ideas into easy-to-understand content. With nearly 20 years of experience in management consulting and financial services, including leadership roles with some of Europe's largest banks, he offers profound industry insights. Previously serving as the Chief Futurist at the largest bank in the Nordics, Chris has sharp views on the Future of Financial Services, Money, Disruption, and Ethical AI in Finance. He is also a guest lecturer at Stanford University, Singularity University and Copenhagen Business School, where he frequently discusses the future of Money, Finance, and Entrepreneurship in Financial Services. As a Behavioral Economist, Chris is passionate about studying how human behavior and decision-making relate to risk. He also delves into the connections between psychology, leadership, and technology within financial services.