Market Challenges
Financial fraud continues to be a pressing issue globally, with losses exceeding $500 billion in 2023, reflecting a 14% increase from the previous year. Failure to detect money laundering accounts for the largest portion of these losses. With imminent Federal mandates related to faster payments, the US fraud risk has the potential to grow 20X over the next few years.
Despite significant advancements in technology, many current fraud detection systems struggle to effectively combat the rising tide of financial fraud. Several key factors contribute to their ineffectiveness, including reliance on predefined rules, high false positive rates, reactive nature of detection, and siloed data, making it crucial for organizations to reassess and realign their strategies.
Market Opportunity
Market Opportunity
The global expenditure on financial crime tools is expected to cross $40 Billion in 2024. Additionally, over 100 countries including the US are yet to implement cross border real time payments presenting a huge opportunity to revamp financial fraud detection systems.
Our Solution
Our Solution
Our solution leverages a proprietary data and behavioral analysis framework, underpinned by Hidden Markov Model technology and advanced data labeling and cataloging techniques, including SMOTE analysis. We offer a unique platform designed to enhance fraud prevention and compliance while safeguarding data privacy within and across financial institutions and payment processors. Our solution directly addresses critical challenges faced by global financial institutions, SMB banks, and payment facilitators, including mule account activity, first-party fraud, account takeover losses, and elder abuse.
BliinkTM Approach
The BliinkTM solution addresses the key issues in Fraud, AML and CFT delivering
Significant reduction in false positives
Business Operations driven policy management
Real-time Omni-channel, cross-border financial fraud detection
Compliance adherence
Adaptive Learning
Behavioral analysis
Ability to operate at scale with unparalleled speed and accuracy