Reduce costs and protect payments with NOIRE

In 2023, 48% of consumers were targeted by fraudsters through email, online platforms, phone calls and text messages, with 10% becoming victims of scams, and it is an issue that isn’t going away any time soon. Being a victim of fraud has far-reaching consequences beyond financial loss too as Ben Donaldson, Managing Director of Economic Crime at UK Finance, describes:

“In the first six months of this year ruthless criminals had already stolen more than half a billion pounds from victims through fraud. In addition to the financial losses, these crimes often involve callous manipulation of the victim which can cause psychological and emotional harm. As the UK Finance report shows, criminals are increasingly using social media, online platforms, texts, phone calls and emails to deceive victims into giving up their personal details and their money.”

As fraudulent schemes become increasingly sophisticated, it’s essential for businesses like you to implement all-encompassing prevention solutions to safeguard not just their profits but their customers from the many negative impacts victims of fraud face.

Thankfully, you don’t have to search too far for a robust fraud prevention solution that boasts strong conversion rates, growth and cost reduction. Read on to discover how NOIRE® can help…

The smart and specific solution

By utilising over 10,000 data signals from various sources, NOIRE® can detect and prevent fraud in real-time to ensure a smart, specific and speedy solution that delivers results for all. Our experts have even pioneered industry-specific models, incorporating over 9,000 AI features and 500+ behavioural attributes to guarantee high performance across all sectors.

Our state-of-the-art technology reduces losses and costs as a result by minimising chargebacks, false positives and manual reviews. When compared to traditional models, our incremental models exceed performance by more than 10%.

Prepared for future developments

Advanced AI machine learning paves the way for the employment of incremental algorithms to adapt to new behaviours as trends, times and fraudulent tactics change.

The cloud-based, managed service provides comprehensive real-time fraud prevention in a single layer. This ensures a fully integrated, robust global network of intelligence data with information able to be gathered and accessed from partners and other third parties.

Putting artificial intelligence to work

The latest artificial intelligence tools may be revolutionising the way businesses and consumers interact, but they’re also helping today’s fraudsters target consumers in a whole different way, pilfering their identities and compromising their accounts for more sinister purposes. The result is more than £10 billion in fraud losses during 2023 as reported by the Federal Trade Commission.

Billers must maintain vigilance, ensuring not only awareness of new tactics but also equipping themselves with the latest fraud-fighting tools to safeguard their customers and their financial standing.

To assist you in staying ahead of fraudsters, enhanced capabilities are accessible in a single layer of protection against increasingly sophisticated fraud tactics and schemes. This includes account takeover, identity theft, imposters or triangulation fraud, card testing, and third parties converting ACH payments to high-interchange card transactions.

Fraud prevention that stands the test of time

Our machine learning models have the ability to adapt to new behaviours without the necessity to relearn everything they’ve already acquired. This distinctive technology surpasses traditional machine learning methods. Our proficiency in feature engineering ensures that models receive information in a readily understandable format, guaranteeing high performance, effective fraud detection and the highest standards of efficiency long into the future.

NOIRE® employs cutting-edge artificial intelligence and meticulous customer profiling, alongside identity trust decisions, tailor-made fraud strategies and unparalleled support. This not only boosts acceptance rates but minimises hassle and fraud for authentic customers to foster growth and loyalty no-end.

Swift and hassle-free to roll out

As part of the NOIRE® solution, fraud management is activated through a simple set of configurations overseen by our support, delivering an elevated level of protection for you and your clients.

No IT resources or extra implementations are needed. Our consultants and data scientists collaborate with you to ensure optimal payment conversion and tailored fraud prevention strategies. Customised parameters and thorough risk assessments are crafted to help combat evolving fraud patterns further.

Already trusted by some of the globe’s most renowned brands (including leading retailers, utilities, airlines, telecommunications companies and major eCommerce merchants), our technology stands unparalleled. Our arsenal of tools is backed by depth, breadth and expertise, while our industry-leading performance metrics speak volumes.

For solutions to your fraud detection needs or to find further information, reach out to us at [email protected].