Fraud Detection
No matter how random we believe our behavior to be, the truth is that humans are very predictable. This is good news for financial institutions and organizations handling online transactions; artificial intelligence can detect anomalies in those patterns and identify what is likely to be fraud. Consider some credit card transactions that could be a sign of potential fraud: A purchase in New York City immediately following a purchase in Los Angeles, or, A transaction charged with a total value that greatly exceeds a user’s average value In these cases, AI can identify the transactions as potential fraud and initiate a workflow that stops that activity before it’s approved, contacts the owner of the card, and places a hold on any additional transactions until the card owner contacts the card issuer. Skylytics helps protect cardholders, retailers, and card-issuing financial institutions by working to identify fraudulent transaction activity. Simply put: we help prevent fraud and protect brand integrity.