'The real power is that AI can actually predict or detect patterns of behavior and suspicious activity that would take a lot longer for traditional methods to uncover.'
While statistics vary year by year, there was a 79 percent increase in document fraud in 2022. Such a number doesn't come as a surprise to Inscribe fraud analyst Daragh McMeel. A rise in fraud rates often occurs when the economy travels an uncertain and difficult path.
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TransUnion's unveiling of seven verticals, called 'global solutions lines,' was the latest step by the information and insights company as it continues to expand beyond its traditional business as a consumer credit reporting agency.
Through the partnership the two companies will provide services for fraud protection; a key service from the partnership will be risk scores through the LexisNexis Risk Defense Platform which provide companies with a risk measure based on behavioral biometrics analyzed during the application process; BioCatch has been actively developing new solutions involving behavioral biometrics and has secured over 23 patents related to fraud protection. Source
ThreatMatrix announced its 2016 financial results with substantial growth in new financial institution customers; firm's business has been increasing traction, reporting $15 billion saved in fraud losses for its customers in 2016; revenue growth rates continue to be 50%; in 2017 the firm is planning for global expansion with an additional data center opening in in Reykjanesbaer, Iceland. Source