Fraud detection

Faster and more efficient
detection of fraudulent cases!

Why fraud detection?

One of the biggest problems for governmental, financial, and insurance institutions is fraudulent claims and transactions. The challenge for banks is to detect fraud as fast as possible and then reduce its impact on the bank and the customer. In 2016 the banking industry in the US suffered $2.2 billion in fraud losses and this amount is rising every year.

According to the Coalition Against Insurance Fraud, fraud steals $80 billion a year across all lines of insurance and more than 60% of insurers say that fraud has increased in the last 3 years. According to FICO one out of three insurers don’t feel adequately protected against fraud.

By utilizing the power of smart algorithms your organization can be better prepared to handle such cases.

what are the benefits?

Faster

Instead of manually checking each record and claim for fraud based on loose rules and personal experience, AI technology is able to do this at a much faster rate using predictive analytics and anomaly detection.

Scalable

Whether you analyze 10 records or 10 million, once you have a fraud detection system you can scale  it as far as you need. The only difference is the computing power that is needed.

More Accurate

AI technology is more accurate than humans. Not only does it uncover non-intuitive patterns and trends too subtle for humans but it can also predict fraud before it happens and is able to identify and respond to never-before-seen threats.

More Efficient

AI technology can easily automate the handling of insurance claims and manual fraud detection strategies. It can run analysis on hundreds of thousands of payments per second and perform risk assessment and fraud detection in real-time

At AI Lab One we have worked on governmental cases for smart fraud detection. Do you think your organization can benefit from this? Contact us for a free AI scan!

GET IN TOUCH

Location

Wilhelmina van Pruisenweg 35
The Hague, Netherlands

Our hours

10:00 – 20.00 
Monday – Sunday

Say Hi

Phone: +31(0)6 36 188 404
Email: [email protected]