Recent breaches across financial industry highlight the ever-increasing threat of payments crime and the particular vulnerabilities to SWIFT, real-time gross settlement, and wire payments. The adoption of Open Banking and 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.
That’s why our AI-powered Fraud Prevention solution uses Machine Learning technology to analyse patterns of behaviour to identify and flag subtle anomalies that are indicative of fraud. We also use Natural Language Processing disciplines, capable of converting unstructured narrative fields into structured information, to identify parties and purpose and perform profiling analysis.
Identify complex fraudulent cases
Identify complex fraud scenarios through cutting edge technology of AI, behavioral profiling and biometric analysis.
Reduce operating costs and risk
By using a single, AI based, robust and integrated platform for financial crime compliance.
Continually increase accuracy and reduce false positives
Through AI-powered technologies including machine learning and NLP.
How it works
AI-powered fraud prevention
Our AI-based platform uses multiple techniques to enable you to predict and act in real-time to detect fraud. The approach incorporates supervised, unsupervised, and reinforced learning.
Our sophisticated rule engine provides the foundation for payments fraud detection, enabling quick incorporation of known fraud scenarios.
- 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.
For high-value payments, domestic/cross-border transfers, and instant payments.
Detect and prevent payment fraud using supervised, unsupervised and reinforced machine learning-based models.
Detect account take over, malware, device anomalies, emulators and network anomalies.
Effective fraud risk management
Detects and catches fraudulent transactions before payments are processed, consequently avoiding financial loss and reputation damage.
Improves investigation times by up to 80% using a comprehensive alerts dashboard and explanations.
Reduce cost to compliance
By using a single, AI-based, robust and integrated platform for financial crime compliance.
Low false positives
Minimise false positives by leveraging AI cutting-edge technologies. Machine learning continually increases accuracy for continuous false positive reduction.
Engage in new sectors and geographies
With the confidence of fraud protection along the entire payments chain.
Enterprise-level scalable solution for businesses of all sizes.
Find Out More
Built for simplicity and scalability, you can integrate Pelican in as little as four weeks. Reach out and our global team will help you find the right solution for your business.
Related resources & information
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 >