Banking News

FinTech Launches AI Solution to Combat Cyber Fraud

(11 November 2020 – United States) A leading Financial Technology (FinTech) provider known as ‘FiVerity’ have recently launched an Artificial Intelligence (AI) solution for cyber fraud. The solution utilises machine learning and a collaborative AI platform to effectively detect and prevent cyber fraud.

The new solution will benefit from the engagement of the National Cyber Forensics and Training Alliance (NCFTA) who will function as a research partner. Many banks and credit unions are already using the AI solution to combat synthetic identify fraud. 

“Public-private collaboration, and better communication and information sharing between financial services companies, industry regulators, and law enforcement agencies is the only effective way to fight synthetic identify fraud and other rapidly evolving types of cyber fraud” commented NCFTA CEO, Matt LaVigna. 

“We’re very pleased to see our machine learning solutions detecting more than 35 percent of previously undetected synthetic identify fraud on a stand-alone basis at financial institutions, which can only improve through industry collaboration” commented FiVerity CEO, Greg Woolf.