Fraud Detection

 

Enabling you to identify, prioritise, and investigate fraudulent activity with continuously learning AI.

 

As financial crimes like fraud get more sophisticated each year, so too must the intelligence needed to combat them. It’s a cat-and-mouse game that causes most systems to go out of date fast, forcing investigators to do much of the automatable work manually and causing report backlogs to increase every day.

When both the problem and the solution are continuously evolving, you need a new kind of AI that continuously updates so you can stay one step ahead.

LEARN MORE

 

Fraud - Who is it for_

 

Problem

Fraud is an industry-wide problem that now accounts for nearly 40% of all crimes. In the UK alone, insurers detected 89,000 dishonest insurance claims in 2021, valued at £1.1 billion, with motor insurance claims being the most common.

Crimes are getting more advanced every day and it's harder than ever to identify fraudulent behaviour. 

 

Solution

Mind Foundry builds customised fraud detection and prediction solutions based on our customers' specific requirements that can't be met by any off-the-shelf solutions. The Mind Foundry Platform empowers claims experts to identify, prioritise, and investigate fraudulent activity. 

The solution accelerates the investigator’s ability to generate reports and close cases by integrating with external data sources, like Guidewire, and ingests years of data, including millions of unstructured documents underpinning fraud ring detection. It automates the prioritisation of each case, using new and previously learnt features, including hand-written notes, phone numbers, registrations and more.

The most relevant claims get flagged and prioritised in an investigations dashboard, so our customers can resolve them in order of the likelihood that they contain actual instances of fraud. Other search features uniquely relevant to the fraud case are available in the handler's view, accelerating the ability to close each investigation quicker, accompanied by reports, supporting evidence, and investigator notes, all of which were previously accessed through a disparate set of tools or not accessible at all.

As new patterns emerge, using a Continuous Metalearning capability, the solution automatically and continuously integrates data back into the model to improve performance over time rather than suffer model drift, misalignment, or other modes of failure associated with model deterioration over time. New risks can be effectively governed while enabling the model to learn new types of fraud in production, meaning no manual retraining is needed to continuously adapt, optimise operations and learn with AI.


Benefits our customers have seen

  • Increased referrals retained by the fraud department by 800%, so handlers spend less time on false positive cases. 
  • Increased the detection of fraudulent claims by 120% compared to the legacy systems.
  • Savings of 2% - 4% on capped indemnity spend.

Fraud Problem Solution 4-1

 

 

Read our case study with Aioi Nissay Dowa

Hear what our customers have to say

 
Testimonial

Fraud Detection Fact Sheet-2

 


Download our fact sheet to explore how AI can revolutionise your fraud detection.