Financial crime prevention and risk management solutions provider Abrigo has launched a new platform, dubbed Abrigo Fraud Detection, to help financial institutions combat fraud faster.
The new platform brings together artificial intelligence (AI)-driven inspection and check image analysis with a fraud decision engine that is said to be smart and configurable.
According to Abrigo, its new hybrid approach safeguards banks and credit unions from financial losses by improving the accuracy of fraud detection, identifying threats missed by traditional tools and manual reviews, and automating fraud department workflows.
The firm stated that Abrigo Fraud Detection accurately discovered 93% of the bank’s total fraudulent check value in a pilot programme with a Southeastern US bank, thereby potentially preventing fraud losses of over $330,000.
Abrigo CEO Jay Blandford said: “Banks and credit unions of every size need transformational tools to fight financial crime amid radically powerful, pervasive, and diverse new threats.
“Abrigo Fraud Detection offers our 2,400 existing customers, and new customers, enhanced fraud detection accuracy and efficiency.
“Our mission is to help financial institutions and their communities thrive, and our new platform does that by detecting sophisticated fraud patterns fast and combating financial crimes that cost millions and impact reputation.”
Abrigo Fraud Detection leverages mobile deposit and fraud prevention company Mitek’s Check Fraud Defender, a nationwide consortium of check fraud data to improve check fraud detection. Abrigo joined forces with Mitek in November 2023.
The new platform also leverages AI and machine learning (ML) image analysis, and Abrigo’s configurable fraud decision engine including step-up authentication capabilities to identify a higher rate of changed items, forgeries, and fraudulent checks.