Prague-based Resistant AI, a company that protects financial services from financial crime, has secured a strategic investment from Experian, a global data and technology company.
Experian is a global data and technology company that focuses on providing data-driven solutions for individuals and businesses.
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The company works to improve lending practices, identify and prevent fraud, simplify healthcare, offer digital marketing solutions, and provide insights into the automotive market.
They use a combination of data, analytics, and software to support these efforts.
The company operates in various markets, including financial services, healthcare, automotive, agrifinance, insurance, and other industry sectors. Experian invests in talented people and new advanced technologies to unlock the power of data and innovate.
“The landscape and sophistication of financial crime have evolved, and it is imperative for financial institutions to leverage advanced technologies that enhance their visibility and responsiveness,” says David Bates, Managing Director of Credit and Verification Services, Experian UK&I.
“This partnership enables financial institutions to effectively combat sophisticated fraud and money laundering techniques, safeguarding not only their operations and reputation but also their customers,” adds Bates.
Experian x Resistant AI collaboration
According to Experian’s latest Fraud and Financial Crime report, the Authorised Push Payment (APP) fraud is the biggest challenge for UK businesses, accounting for 47 per cent of fraud cases.
To help combat this, Experian is partnering with Resistant AI to create a specialised APP fraud prevention solution.
APP fraud often involves money-mule networks and real-time transfers between banks, making it difficult to detect.
Banks and payment providers need better visibility into these transactions, but strict privacy laws make this challenging.
The new solution from Experian and Resistant AI will use advanced AI technology to identify fraud and money laundering in real time.
The solution, available later this year, will work alongside existing transaction monitoring systems, allowing businesses to spot and stop suspicious transactions before they go through.
Additionally, the solution will help detect new types of fraud without disrupting current processes or requiring costly changes.
Resistant AI: Protecting financial services from threats
Founded in 2019 by Martin Rehak, Resistant AI has developed state-of-the-art machine learning techniques to protect financial services from manipulation and attack.
It’s 80+ off-the-shelf AI models can detect advanced fraud and money laundering behaviours, before transactions occur, with full explainability.
As per the company’s claims, customers such as Anna Money, Bank of Valletta, Moneta Money Bank, Finom, and more who use Resistant AI receive actionable insights to 5x their analyst productivity while tripling their detections of novel fraud and financial crimes.
The company’s solutions look for anomalies in documents, transactions, serial fraud, synthetic identities, account takeovers, money laundering, and behaviours.
This provides a 360-degree view of each customer, which can double the number of threats detected.
Martin Rehak, CEO of Resistant AI, says, “Financial criminals are increasingly using AI techniques to innovate and scale successful attacks to a large number of victims. Simultaneously, the boundaries between fraud and AML are disappearing; APP fraud can morph into money laundering in under 5 seconds. This makes traditional rule-based engines with manual analysis rapidly obsolete – the use of AI in financial crime prevention stacks is no longer optional. Our joint offering combines broad data with the best engines to deliver highly accurate, real-time prevention.”
