Tools to tackle Payments Fraud
Detect and prevent new fraudulent payments patterns
The threat landscape for global payments has grown in reach, volume and complexity. Recent breaches across correspondent banking networks highlight the ever- increasing threat of payments crime and the particular vulnerabilities to SWIFT, Real-Time Gross Settlement and Wire payments. The adoption of instant payment schemes presents further fraud prevention challenges.
Truly effective Fraud Protection requires solutions that do not merely respond to past patterns of attack, but ones that deploy highly advanced predictive and anomaly aware technology – detecting and preventing new fraudulent payment patterns in real-time.
The PelicanSecure Fraud Prevention solution uses Machine Learning Artificial Intelligence technology to analyse patterns of behaviour to identify and flag subtle anomalies that are indicative of fraud. Natural Language Processing disciplines are also utilised, capable of converting unstructured narrative fields into structured information – with the ability to identify parties and purpose and perform profiling analysis.
A.I. Powered Fraud Prevention
Pelican’s AI based platform uses multiple techniques including rule based and AI machine learning to understand, predict and act in real time to detect fraud. This comprehensive hybrid approach incorporates additional Supervised, Unsupervised and Reinforced learning.
The sophisticated Rule Engine enables the quick incorporation of known fraud scenarios and provides a foundation of payments fraud protection.
Fraud Prevention features
- Supervised Learning reinforces the rule engine – a powerful classification model built on historical transactions with the ability to self-calibrate the results post-review by a Fraud analyst.
- Unsupervised Learning provides supplemental security – with cluster and anomaly detection to uncover and learn new fraudulent techniques in real time, providing the highest levels of payments fraud protection.
- Reinforced Learning reduces false positives - this stage analyses the behaviour of the operators processing alerts to understand and learn to continuously reduce the false positives.
- Payments Fraud detection for High Value, Funds Transfer and Instant Payments in real time
- Uses NLP and Machine Learning to detect and prevent payments fraud
- Comprehensive Hybrid Approach incorporating Rule Engine and Supervised, Unsupervised and Reinforced learning
- Specialist with 20 years experience in high-value payments and correspondent banking processes
- High throughput/ low latency, with accredited support for real-time schemes
- Additional payment types such as ACH also supported
- Can be configured for other fraud scenarios such as bribery, corruption and identity theft
- Continually reduces false positives - specialised machine learning techniques are also applied to understand operator behaviours and learn from them to automatically reduce false positives
Payments Fraud Solution benefits
- Detects and catches fraudulent transactions before payments are processed
- Minimise false positives - AI capabilities deliver industry leading low FPR
- Comprehensive alerts dashboard and explanations so officers can make decisions efficiently - improving investigation times by up to 80%
- Reduce operating costs and enterprise risk by using a single AI based platform for TBML, Sanctions Screening, Real time AML, and Payments Fraud
- Engage in new business sectors and geographies with the confidence of fraud protection along the entire payments chain
- Continuous increase in accuracy and reduction in false positives by use of machine learning technologies and self evaluation and feedback
Find Out More
PelicanSecure Brochures & Datasheets
Please use the Download button below to access the full library of PelicnaSecure information resources, including datasheets covering Payments Fraud, Real-Time AML, Sanctions Screening and Trade Based Money Laundering detection.
Related Resources & Information
Webinar: The dark world of U.S. payments fraud.Learn More
Article: How to outpace criminals in the cyber arms race.Learn More
Article: Effective strategies to combat payments fraud.Learn More
Webinar: Payment fraud—Innovation in the banking ecosystem.Learn More
Solutions: Compliance integration. Comprehensive corporate financial crime compliance.Learn More