Formica Fraud is a fraud detection solution, based on artificial intelligence, that helps companies detect, prevent and monitor fraudulent activities using personalized workflows and machine learning. You can analyze millions of transactions every day to protect your customers and your business.
With customizable business flows developed according to your needs, you can reduce capital losses and protect your reputation. You can optimize your company’s performance and conversion rate by reducing stressful and inefficient fraud monitoring on your employees and teams by leveraging AI.
FORMICA FRAUD – TUTORIAL
FORMICA FRAUD – FEATURES
- Simplify monitoring processes: enhance efficiency while maintaining accuracy. Optimize workflows, ensure transactions are thoroughly and promptly reviewed, reduce false positives, and focus on real threats using AI and ML.
- Visualize relationships: uncover connections between individuals, accounts, transactions, or devices. Detect unusual links that may indicate potential fraudulent activities. Focus on high-risk transaction patterns and save time.
- Generate transaction scores: define complex rules with functions, operators, and third-party data. Orchestrate risk processes to meet 100% of business needs for real-time fraud prevention.
- Create custom AI algorithms: tailor monitoring mechanisms to your business model. Implement a hybrid system combining rules and AI or a fully AI-driven monitoring system based on your specific needs.
- Reduce 3DS redirection: optimize payments by assigning a risk score during the onboarding phase. Verify specific information such as email, phone number, physical address, IP address, using Mastercard enrichment and social media scanning.
- Evaluate rule performance: analyze the efficiency of PSD2 performance on the platform and gain actionable insights. Adjust monitoring criteria based on unique risk profiles to ensure efficient oversight.
- Balance security and user experience: reduce friction and increase revenue by analyzing customers’ historical transaction patterns. Determine if customers need to undergo 3DS, ensuring an optimal balance between safety and user convenience.
- Streamline customer onboarding: validate customers during onboarding to enhance their experience. Verify details like email, phone number, physical address, IP address, using Mastercard enrichment and social media checks.
- Accelerate account opening procedures: for businesses such as credit applications, cards, and digital banking solutions, leverage advanced automation and verification techniques to quickly onboard clients while maintaining robust security measures.
- Track changes in real time: monitor variations across devices, locations, IPs, and more. Data is processed instantly and validated against multiple factors. Identify counterparties in transactions to ensure a secure and reliable process.
- Enable proactive risk mitigation: detect potential risks and ensure compliance. AML Sanction Screening provides comprehensive screening of individuals and entities against global watchlists.
- Validate customers to ensure compliance: generate scores based on customer fingerprints, such as email, phone number, physical address, IP address, using Mastercard enrichment and social media scans.
- Monitor money laundering risks: use AI-powered algorithms to analyze large datasets and identify hidden patterns that may suggest suspicious activities.
Conclusion
Formica Fraud is an artificial intelligence solution that analyzes multiple data sources and processes them all together in real time. It can also protect your customers, reduce charges and increase user satisfaction.
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| Usability: 9 /10 | Speed: 9 /10 | Features: 8 /10 | Support: 8 /10 | Pricing: 6 /10 |
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