Why Real-Time AI Can Detect Bank Fraud Better Than Fraud Teams Alone

If your institution lost more than $500,000 to fraud last year, you’re not alone. In fact, a recent survey of 251 financial institutions showed a shockingly high 70% of them lost over $500K to fraud in 2022; and 71% had to increase spending on fraud mitigation as a result of 2021’s losses.

2023 will likely be worse.

But these growing losses are not the fault of fraud teams at banks and credit unions. Clearly, many FIs believe they’re doing the best they can to fight back, but the problem lies in the antiquated tools they’ve been using. Tools that do not use artificial intelligence to detect fraud in real-time.

Today, with banks and credit unions losing incredible amounts of institutional and depositor capital to fraudsters, and fraud teams unable to keep up with the volume of new incursions, it’s high time to not only spend more appropriately on fraud mitigation, but to rethink the entire fraud detection process, and turn those fraud costs into fraud savings.

RembrandtAi, the world’s most advanced, customizable, real-time artificial intelligence fraud detection and prevention solution is the answer. Simply put, when used in conjunction with your fraud team, there is no better Ai fraud detection software anywhere. Period.

Now, because of the nature of digital banking, p2p payments, and the upcoming introduction of real-time FedNow transactions, banks and credit unions will undoubtedly see fraud costs grow even higher this year.

In order to fight back in the most advanced way possible, your fraud team will need Ai fraud detection software. Or, more specifically, the real-time fraud detection and prevention capability that RembrandAi can empower them with.

Why real-time fraud prevention?

Well, most fraud teams, especially those not using RembrandtAi’s real-time capabilities, often only discover fraud in post transactional batch data. Or, well after the fraud has occurred, and monies transferred out. This is one major reason why we’ve seen an astronomical percentage of institutions losing $500k or more last year.

You see, antiquated legacy fraud solutions, many of which were designed back in the 1980’s, do not allow for real-time fraud detection and prevention.

RembrandtAi, on the other hand, does!

In fact, RembrandtAi has already been responsible for saving the institutions who’ve implemented it, hundreds of millions in fraud losses. Yes, hundreds of millions.

And now, it can help do the same for yours.

Receive a Full Demonstration on How RembrandtAi Can Assist Your Fraud Team in Uncovering Transactional Frauds, in Real-time, By Clicking HERE

By its nature, RembrandtAi has far more analytical and processing prowess than human fraud teams. Unfortunately, the human eye is not as adept at spotting fraud as Ai is, and the legacy fraud solutions used by fraud teams are highly limited, outdated, and obsolete.

While many suspicious activities are spotted by human fraud teams, these activities are most often noticed well after transactions have occurred; and are rarely detected as they’re happening.

RembrandtAi can detect unusual transactions in real time, and alert fraud investigators of this activity, in real time.

Our customers tell us every day that having RembrandtAi is an essential part of being fiscally responsible, putting the best available technology to work to safeguard depositor interests.

Leading banks and credit unions that have deployed RembrandtAi demonstrate that legacy batch systems used by some banks have no place in a modern, member centric financial services world.

While you can’t control external fraud forces, you can control your level of preparedness and reduce or potentially eliminate fraud with RembrandtAi.

Keep in mind that although RembrandtAi can be fully automated, it is purpose designed to work alongside human fraud teams, not eliminate them.

In fact, it was developed to eliminate legacy fraud solutions and the poor fraud detection results they offer, while greatly enhancing the capabilities of human fraud teams.

What are False Positives Costing You?

Banks and credit unions maintain and continually obtain very large and ever-growing databases of transactions. Many of which may be flagged as fraud in batch data analysis.However, recent research found that many FIs, especially those using legacy solutions, have a false positive rate above 90%.

As stated earlier, 71% of financial institutions had to increase spending on fraud mitigation last year. The cost of investigating false positives is partly to blame.

You see, investigators are spending a lot of time and a whole lot of money looking into “fraud” that was, in fact, a legitimate transaction; all the while causing friction between the institution and its depositors.

To speed up the process, lower false positives and reduce investigatory costs, Ai fraud detection software from RembrandtAi is the solution.  It not only helps reduce real fraud losses and false positives, but as a result you’re less likely to interfere with legitimate transactions, keeping the relationship with your depositors on a much stronger footing.

Remember, institutions who’ve implemented RembrandtAi have reduced fraud costs by hundreds of millions of dollars.

With the likelihood of fraud costs growing even higher this year, now’s the time for yourinstitution to deploy RembrandtAi as well. It works hand in hand with your fraud team to deliver the most advanced Ai fraud detection and prevention system ever developed.

If you’re at all skeptical about its remarkable capabilities, we urge you to participate in a full demonstration. Simply click here to schedule your demo and begin reducing your fraud costs, perhaps faster than you ever thought possible.