Provenir Unveils AI-Powered Fraud Prevention Platform to Tackle Evolving Financial Threats
As the financial services industry embraces digital transformation and consumer demands evolve, fraudsters are increasingly deploying sophisticated methods. In response, Provenir, a global leader in AI-powered risk decisioning software, has launched a cutting-edge fraud prevention platform. This platform leverages advanced decisioning tools and analytics to enhance fraud detection capabilities while minimizing customer friction.
According to projections, identity theft and synthetic identities are expected to contribute to approximately half of all financial services fraud cases by 2025. Despite this growing threat, a recent global survey revealed that only 7% of financial services executives believe their current anti-fraud measures are entirely effective. Recognizing the need for more robust and flexible fraud solutions, Provenir is committed to empowering businesses with tools to combat emerging fraud threats effectively.
Provenir’s AI-Powered Decisioning Platform is designed to help organizations navigate the complex fraud landscape. By collaborating with leading third-party providers, Provenir offers a comprehensive fraud onboarding solution. The platform enables organizations to stay ahead of fraud threats by integrating easily accessible data sources into decisioning workflows, facilitating AI model creation and monitoring, and enabling rapid responses to new threats through configurable rules.
Managing and integrating various third-party data sources for effective fraud screening can be challenging. Provenir’s platform simplifies this process by consolidating multiple data sources within a single platform. This flexibility allows organizations to create custom strategies that adapt to evolving fraud risks and emerging vendors.
The AI-powered platform seamlessly integrates fraud scores, identity checks, and device validation, incorporating multiple layers of fraud detection into decisioning workflows. This holistic approach ensures comprehensive decision-making with a complete customer view across their lifecycle, effectively countering threats such as synthetic fraud, impersonation, and mule indicators.
Sophia Qureshi, Vice President of Product Management, Fraud Solutions at Provenir, emphasized the importance of fraud prevention in today’s financial institutions, stating, “An intelligent approach that reduces customer friction is essential. A single integrated decisioning platform that manages all fraud and credit risk helps balance accurate fraud detection with minimized friction, supporting sustainable business growth.”
To showcase the capabilities of its fraud prevention platform, Provenir will host a webinar on June 27. The webinar will highlight steps for achieving accurate fraud detection and prevention while reducing customer friction. Attendees will have the opportunity to learn about Provenir’s integrated, intelligent decisioning platform and its fraud solution.
For more information about Provenir’s AI-powered fraud prevention platform and to register for the webinar, please visit Provenir’s website.