Fraud has developed into an industry roughly the size of a Fortune 100 Corporation. The threat is formidable, increasingly sophisticated, and erodes profitability for today's financial institutions. Today's solutions need to focus on Prevention, rather than simply detection. The target is always moving, and timing is critical. The Next Generation of solutions requires the combined power of AI and agility.
The majority of the solutions that are currently in operation in most of the financial institutions across the globe are dated. While built with the then-state-of-the-art technologies, they have dramatically fallen behind today’s breed of Bad Actors, who are increasingly agile and virtually unencumbered in their efforts. The gap is widening.
Financial institutions are recognizing the need for a true, next generation AI solution. They need a program that gives their team a fighting chance against a clever and malleable foe. IBM has introduced an award-winning set of Watson-based programs, including IBM Safer Payments and IBM Insurance Fraud. While they were built to address a very different set of challenges, the common threads are that they are architected to provide easy agile rules upgrading, with a focus on Fraud payments PREVENTION rather than simply detecting the fraud.
SPS teamed with IBM to pilot a Cloud-based implementation of Safer Payments. This approach can allow a lower cost of entry, effectively enabling a wider effective market to leverage the power of the solution. With teams in the US and EMEA, SPS is well positioned to work with banks and other financial institutions across the globe.