Germany based INFORM is a management solutions provider that is famous all over the world for its cutting edge software that offer digital decision making. Using a variety of technologies at its disposal, the firm offers management and decision making for the logistics industry, supply chain, lean manufacturing, workforce management, aviation, automotive and fraud prevention.
Modern tools for modern solutions
INFORM uses some of the most advanced methodologies to create digital solutions regarding decision making, detection and proactive handling.
Operational Research is done using advanced analytical methods and associated algorithms to mine data and obtain insights for forecasts, be it supply chain, manufacturing or even workforce management.
Transferring human-like capabilities to machines, Fuzzy Logic gives INFORM solutions an edge as it allows accurate decisions to be made from imprecise or uncertain input.
Agile Optimization is an arsenal in INFORM’s bag that enables its clients to deal with complex management strategies and keep businesses on track in real time.
With tons of data generated, it can be difficult to comb through it to make proper decisions. INFORM uses machine learning to harmonize data and then create predictive models so businesses can make informed and better decisions.
Of course, today AI is the most important tool and INFORM also leverages artificial intelligence. Using a hybrid approach with machine learning, automated reasoning and intelligent control, INFORM is able to create software systems that have all the intelligence needed to make human-like decisions and even learn from its past acts.
RiskShield: Fraud prevention done right
Fraud and risk prevention is a highly evolving area. Bad actors are on the constant lookout for new and innovative means to bypass regulations, laws and technology to syphon money. This puts an immense pressure on both governments and financial institutions to keep up.
RiskShield by INFORM offers an innovative, efficient solution approach. A customizable, flexible tool that monitors omni-channel data ranging from banking, payments and cards and processes through its market leading hybrid AI to detect malicious activities.
RiskShield sets itself apart through some nifty characteristics:
- Patented Fuzzy Logic and intelligent profiling for human-like approach towards data.
- Real time detection engine to flag suspicious activities under 20 milliseconds.
- Customizable fraud detection rules with simulation feature for extensive testing before deployment.
- Case investigation workflow for smoother and quicker actions to block fraudulent activities.
- Advanced analytical and reporting dashboard for a quick overview and analysis.
With extreme flexibility and adaptation, RiskShield can be used in a number of different scenarios. From simple online banking to card issuing and ATM related frauds to merchant PoS protection. RiskShield is also adaptable and can be used by other finance related firms for different purposes like AML compliance, insurance claims and handling, medical and healthcare and even telecommunications.
A look into the future of AI in fraud and risk prevention.
Looking at the future of fraud and risk prevention, with the advancements in artificial intelligence, we can now predict and prevent fraudulent activities before they even occur. RiskShield’s AI is one of the game changing technologies for risk management professionals in 2023. This also shows that the use of AI in fraud and risk prevention is vast and growing. Financial institutions are using AI to detect and prevent crime, while online businesses are using it to identify and prevent fraudulent activity.
Financial Institutions: AI is being used by financial institutions to detect fraudulent activities such as money laundering, credit card fraud, and insurance fraud. AI systems can analyze large amounts of data quickly and accurately to identify patterns that may indicate fraudulent activity. This allows financial institutions to take proactive measures to prevent crime before it happens.
Online Businesses: Online businesses are using AI to identify fraudulent behavior such as fake reviews, account takeover, and click fraud. AI systems can analyze customer data to identify patterns that may indicate fraudulent activity. This allows businesses to take proactive measures to prevent fraud before it happens.
Risk Management: AI is also being used in risk management to help organizations identify and manage risks associated with their business operations. AI systems can help organizations assess risks associated with new products, technologies, or business processes. This information can then be used to develop strategies for managing these risks.
Looking at all these real world applications, it will be safe to say that the future of AI in fraud and risk prevention is very promising.
How much more is Riskshield influencing this market?
Detecting frauds and risks is one thing, but doing it in a way that is faster, efficient and proactive is another game totally. This is where RiskShield takes center stage. So it can help against financial crime prevention, raise red flags for suspicious activities, and minimize losses and other protections.
In addition to that it helps to optimize risk scoring by scouring the available data and flag possible issues without interrupting ongoing activities. While increasing detection rates, RiskShield ensures false detections are reduced, thanks to its multi-channel approach towards data.
Using business intelligence and predictive analytics, the solution can help detect fraudulent activities that firms may not even be aware of. Reducing human intervention, pre-programmed decisions can be executed when any suspicious activity is detected.
Conclusion
AI-powered fraud and risk prevention technologies are becoming increasingly sophisticated and effective. Organizations that invest in these technologies can expect to see the benefits of improved security, better customer experience, cost savings and increased profits. As AI gets smarter each year, we can only expect to see greater advancements in its ability to detect fraud quickly and accurately. As we embrace this innovation from INFORM’s RiskShield, we look forward to seeing what 2023 has in store for us when it comes to using Artificial Intelligence for fraud and risk prevention purposes.
