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 It’s a cat and mouse game that cause most legacy systems to go out of date fast, forcing investigators to do much of the automatable work manually, and causing report backlogs to increase every day.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, not behind.

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Fraud - Who is it for_

 

Problem

Globally, fraud accounts for over $5.1 trillion in financial losses each year. For example in the UK, the Association of British Insurers estimate that fraudulent claims contribute an extra £50 to every policyholder’s coverage, each year. In the United States, the FBI estimates that insurance fraud costs the average family between $400 and $700 per year.

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

 

Solution

Mind Foundry's Fraud Detection utilises continuously learning, explainable AI to automatically flag activity that is most likely to be fraudulent. It prioritises flagged activity in an interactive investigations dashboard, so humans are able to resolve them in order of the likelihood that they contain actual instances of fraud.

Our solution accelerates an investigator’s ability to generate reports and close cases with natural language search options for structured and unstructured data, including hand-written notes and phone numbers.


Benefits

  • Improve quality of claims referred for review

  • Reduce potential for error or missed opportunity

  • Reduce manual intervention

Fraud Problem Solution 4-1

 

Hear what our customers have to say

 
Testimonial

 

Watch the video below to learn how Mind Foundry are helping Aioi Nissay Dowa Insurance Europe (AND-E) transform their fraud investigations.

 

 

To find out more about our work with AND-E you can watch the entire webinar here.

Fraud Detection Fact Sheet-2

 

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Download our fact sheet to explore how Mind Foundry's AI is revolutionising fraud detection.