According to statistics, frauds are the culprit of 10 percent of all insurance losses. It is also estimated that up to 15 percent of total claims costs are fraud-generated. The development pace of new fraud techniques is staggering, with ThreatMetrix indicating the overall increase of cybercrime by nearly 100 percent since 2015 across the globe. Fortunately, it doesn’t happen in a vacuum: new counter-measures are on the rise too.
Our AI module allows for automated fraud detection in your claims processes to reduce the number of false positives, and improve the detection rate. The module analyzes historical and ongoing credit card transactions, learning to identify those bearing sings of a fraud. The module also generates ranking of suspicious transactions which can then be analyzed by your employees. The solution can be easily integrated with your existing systems through an API.
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