Understanding NetReveal Payment Fraud

05.08.2024 | Henry Fosdike

A fraud solution allowing financial institutions to minimize fraud losses in real-time 

Stopping payment fraud has never been more important. With SymphonyAI’s NetReveal Payment Fraud solution, financial institutions can minimize fraud losses with real-time fraud detection and prevention, built with advanced AI technology and analytics. 

What is the challenge with payment fraud? 

In 2020, the value of e-commerce losses to online payment fraud globally was estimated at $17.5 billion. By 2022, this had jumped to $41 billion, with $48 billion expected in 2023 (this number is yet to be finalized and confirmed). 

For financial institutions, payment fraud presents a difficult challenge. Online payments are increasing every year as e-commerce increases, in-app consumer spending rises, and more consumers become familiar with sending payments directly to other bank accounts. 

The challenges for financial institutions are clear. They must: 

  • Tackle increased payment volumes with no loss of service 
  • Uncover ever-more sophisticated fraud schemes 
  • Untangle the complexities of cross-channel payments 
  • Stop persistent identity theft  

These difficulties demand financial institutions conduct a comprehensive understanding of risk across all payment methods in the countries in which they operate, to prevent criminal behavior and financial losses. Unfortunately, current methods aren’t necessarily working. Increasing alert volumes make it challenging to prioritize the most critical first, and too many false positives waste the productivity of teams, preventing real risk from being investigated. 

This is where NetReveal Payment Fraud, a leading solution in preventing fraud at source comes in, enabling safe, fast, and frictionless user journeys for your customers. 

What is NetReveal Payment Fraud? 

NetReveal Payment Fraud seamlessly integrates with an organization’s payment ecosystem to provide advanced fraud detection and prevention. Using a combination of customer-driven and machine learning (ML) models to uncover fraud schemes and scams, NetReveal Payment Fraud works by behavioral profiling incoming data, assigning it a risk score and resulting decision, which then enacts a response (hold/release payment) or triages the result for further investigation. 

Providing enhanced AI-driven investigation and fraud management capabilities, the solution can be up and running in weeks. 

NetReveal Payment Fraud’s primary benefits include: 

  • Effective real-time fraud detection and prevention – Significantly reduce fraud losses with low latency detection that identifies and stops fraud across multiple channels and payment types. Hold, block, or release as required with multiple payment sources able to be treated as a single stream and intra-day fraud detection and interdiction available on corporate batch payments (such as ACH in the US) 
  • Holistic view of risk – Share risk and case information across fraud, risk, and compliance functions to get a complete picture of the risk associated with each payment method. Understand customer behavioral data across all channels, lines of business, and lifecycle stages by leveraging your data and maximizing its value through rules-based predictive AI-led behavioral profiling and risk scoring in real-time 
  • End-to-end fraud and financial crime investigations – NetReveal Payment Fraud integrates with the powerful Sensa Investigation Hub, a gen AI-powered investigation platform. It delivers a single, entity-centric view of risk across the entire spectrum of a case including AML transaction monitoring, KYC/CDD, sanctions, PEP and adverse media screening, and fraud. 

NetReveal Payments Fraud is a gamechanger for financial institutions, offering the opportunity to minimize fraud losses with real-time fraud detection and prevention. 

How does NetReveal Payment Fraud help financial institutions? 

Beyond the benefits listed above, NetReveal Payment Fraud offers many other exciting benefits that has seen it regarded as a Category Leader in the Chartis RiskTech Quadrant for Payment Risk Solutions (overall) in 2023. 

Key stats include: 

  • <50ms detection and scoring latency 
  • 55% reduction in false positives 
  • 1.5x increase in fraud found using machine learning 
  • 69% reduction in fraud losses 

Alongside this, NetReveal Payment Fraud also offers: 

  • A library of pre-packaged fraud rules and models – NetReveal Payment Fraud is equipped with an extensive library of out-of-the-box machine learning models for fraud management 
  • Smarter alert generation – Constant monitoring of predefined rules allows for real-time detection of anomalies. The rapid adjustment of pre-set rules and predictive models enable quick responses to emerging situations and improved accuracy and adaptability for better performance 
  • Easy disclosures to regulators – Amid ever-changing regulations, demonstrate enhanced compliance with a fully integrated disclosure and reporting solution that speeds up the processing of fraud investigations 
  • User-centric design – NetReveal Payment Fraud has been designed with the user in mind. Including pre-packaged, configurable components including data acquisition, detection, and enterprise investigation, the solution also offers real-time response and reporting. These flexible configurations allow institutions to seamlessly optimize the balance between detection and investigation. 
  • Entity-based risk evaluation – Efficiently conveying a holistic view of the risk event data associated with a particular entity, NetReveal Payment Fraud transmits risk signals across multiple channels in your organization to ensure a comprehensive and proactive approach to risk management. 
Sensa Copilot makes payment fraud detection even easier 

NetReveal Payment Fraud comes with the Sensa Copilot, a generative AI assistant that allows for faster productivity. Able to pull required data for an investigation faster than a human, it has been proven to accelerate the speed of case work by up to 70%.  

Alongside this, it allows for easy collating of all data required for a report (including the collating of web searches) and will even put together a suspicious activity report (SAR) if required. Not limited to NetReveal Payment Fraud, the Sensa Copilot is also available for teams in AML transaction monitoring, sanctions, PEP and adverse media screening, and KYC/CDD. 

How long does it take to deploy NetReveal Payment Fraud? 

It takes just weeks to deploy NetReveal Payment Fraud in a production environment and this occurs over five distinct stages: 

  1. Documentation – Data mapping documents are provided to identify all required data sources 
  1. Environment available – The Payment Fraud solution is deployed in the hosted environment, ready to load data 
  1. Data onboarding – Customer or test data – it’s up to you – is loaded so that users can familiarize themselves with the solution 
  1. Technical live – Start using NetReveal Payment Fraud as per business as usual and get ready to go live when data becomes available 
  1. Discovery phase – Identify gaps and operational needs to build and prioritize a backlog 

SymphonyAI is dedicated to helping organizations succeed. This is why we offer collaboration, customization, gap and workflow analysis, tech assessments, and training to ensure that financial institutions are using the solution to its full potential. 

NetReveal Payment Fraud’s rapid deployment model allows for financial institutions to get up to speed and begin working with the solution as quickly as possible. Start detecting and preventing fraud losses in a timeframe that suits your organization. 

Interested in learning more? Download the NetReveal Payment Fraud data sheet or get in touch to book a demo. 

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