Fraud Detection - Digital Solutions, IT Services & Consulting - Payoda

Fraud Detection

Our fraud detection services are powered by Artificial Intelligence (AI) and Machine Learning (ML) technologies that support both cloud and and on-premise operations.

As technology advances, unfortunately, so do digital crimes. However, with the monumental advancements in technology and the increasing use of digital services in financial transactions, fraud has become one of the largest negative contributors to corporate balance sheets. At Payoda, we combine our knowledge of the financial and insurance sectors with our expertise in advanced analytics, artificial intelligence, and machine learning to ensure the industry is protected from all kinds of fraud, from Know Your Customer (KYC) to payments and insurance claims.

Fraud Detection in Banking

AI is our magnet to find the needle in your haystack. It uses pattern recognition, path analysis, and deep learning techniques to analyze millions of transactions and identify likely fraudulent ones. AI can also ensure bank activities are compliant with regulations and standards, keeping banks out of legal hot water.

  • Seamless user experience
  • Manage risks by significantly reducing false positives
  • Detect anomalies through connected data analysis

Insurance Claims Fraud

Detecting insurance fraud is more difficult than ever because of the complexity of fraud patterns and the small number of known frauds in typical samples. We use behavioural analytics to enhance insurers' ability to distinguish genuine from fraudulent claims. We add a graph database query with machine learning to check for organized fraud patterns in claims.

  • Proprietary machine-learning algorithms
  • Reduce P&C claims fraud on average by 23%
  • Proven cost savings of 12%

Financial Crime and Risk Management

Our fraud detection services protect your sensitive data by tracking suspicious transactions that may lead to criminal activity. Our deterrent system is adaptable to ever-evolving and sophisticated financial crimes such as money laundering, cyber-attacks and account takeovers as our AI is built to remain flexible and ever vigilant.

  • Risk identification, analysis and control
  • Employing Behavioral analytics to create a “normal” activity baseline
  • Using Know-your-customer (KYC) data for potential red flags

Financial Statements Fraud

Our Machine learning approach makes a very nuanced distinction between normal and fraudulent activities and finds way more signals than a human analyst can do. Payoda provides a forensic accounting paradigm based on business intelligence to address fraud detection in financial statements.

  • Our ML technique learns about your scope, operations and industry experiences in financial fraud
  • Flags ongoing transactions not fitting the learned pattern
  • Assigns a fraud detection score with great accuracy

Utilize our real-time fraud detection services to help your business reduce losses while ensuring digital trust and safety.

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Role of AI and ML in Insurance Fraud Detection

Insurance frauds have been in existence ever since the inception of the concept of insurance. False claims and incorrect statements in subscriptions cause the insurance companies to lose several millions of dollars every year. An FBI report states that the total value of insurance fraud is approximated to be more than $40 billion per year. The loss on fraudulent insurance claims last year reached $34 billion in the U.S alone.