Fraud Detection Architecture
Our fraud detection and prevention system utilizes artificial intelligence (AI) and machine learning (ML) to identify possible fraud instances before they occur. The system consists of the following key components to identify, mitigate, and prevent fraud.
1. NLP-Based Customizable Rules Engine: All the transactions are screened for potential fraud via this customizable rule engine. A fraud rules engine allows to implement logic to manage fraud and risk on your platform. The rules engine allows the creation and prioritization of rules to be used in managing fraud.
2. AI-Based Fraud Detection: The transaction is again screened via the AI-based supervised engine to identify the fraud and reduce the false alerts. Once the transaction is identified as potential fraud, it is forwarded to a case worker to take the necessary action. The resultant action is used as a feedback mechanism to further harden the system and improve accuracy.
The system also provides actionable dashboards and reports for the organization to evaluate and fine tune the business.