Complyadvantage Takes On Payment Fraud Using Machine-learning Algorithms

ComplyAdvantage, a leader in financial crime intelligence, has launched Fraud Detection, a new solution that uses machine learning algorithms to detect and prevent transaction-related fraud. Fraud Detection identifies over 50 of the most prevalent payment fraud scenarios faced by banks and other financial institutions, including Account Take Over (ATO), Authorised Push Payment Fraud (APP), Synthetic Identity, and Relationship Fraud. It also has the ability to identify unknown unknowns, and provides businesses with a full explanation when an alert is triggered. Holvi, a digital banking service for small businesses, is the first to use Fraud Detection.