We are pleased to announce Dan Dica has been appointed the new CEO of Lynx. Lynx is a software company that specializes in AI-based fraud and financial crime prevention solutions.Dan will oversee Lynx’s businesses to take them to new heights growth and global success, turning Lynx into a global leader in AI for fraud and financial crime prevention. […]
We have taken very careful design decisions all with the aim of enabling customers to address any type of fraud they face. That means we can ingest any data, generate any feature and provide you with the best machine learning models for identifying fraud and any rule. We have state of the art in-memory databases, algorithms, and low level code in our solution which makes it lightening fast whilst keeping the costs down. So what does a next generation AI solution look like?
We’re in a transition period where society is almost expecting Artificial Intelligence services as part of their daily lives. There is great value shown in uses such as the large language models of ChatGPT4.0. However in Fraud Prevention solutions there is hesitancy to trust machine learning models, due to many reasons:
These are very valid reasons and you the reader are right to be cautious in using AI in fraud prevention solutions.
Today I aim to provide information that will help answer some of the questions you might have about AI and build trust in Lynx Fraud Prevention.
First let me explain that not all solutions that “utilise AI” or “use Machine Learning” actually use it, or at least use it in a meaningful way.
Ultimately, any solution that makes use of AI should be able to confidently perform a proof-of-concept and outperform any rules based solution. To give you an idea, Lynx Fraud Prevention outperforms known leading rules based solutions by a factor of up to 100.
That means 10 times less alerts with 10 time better accuracy, meaning we give you less alerts and catch more fraud. We will gladly prove this to you in a POC, as will any vendor that is truly using AI in their solution, as it’s simple to do.
So how do we utilize AI in the Lynx Fraud solution?
We have taken very careful design decisions all with the aim of enabling customers to address any type of fraud they face. That means we can ingest any data, generate any feature and provide you with the best machine learning models for identifying fraud and any rule.
We have state of the art in-memory databases, algorithms, and low level code in our solution which makes it lightening fast whilst keeping the costs down.
So what does a next generation AI solution look like?
Not only do we do this, we also return a result to the calling application in just 25 milliseconds and enable you to blend this score, if you wish into a rule.
This means you can use the score on its own, as many of our customers do. And/or if you want to, you can blend the score with rule logic to reduce the amount of false positives received from the rule. Remember this will reduce false positives by a factor of up to 100. That’s up to 100 times less work for you and your team for the same amount of fraud identified.
What does a legacy AI solution look like?
Lynx fraud prevention can identify and stop the following attacks:
We do this by understanding your users better than the competition. We deeply understand the device, user behaviour, locations, travel, spend, patterns of interaction, their associated beneficiaries, how much money they typically transfer/ spend and when.
We were born out of data and data science. We live and breathe data, algorithms, insight and intelligence. We ensure that:
We’re confident that we’re able to stop the attacks you face and have been doing so for the last 20 years. Don’t take our word for it have a look at other financial institutions that love our solution.
We’re the AI Solution you’ve been patiently waiting for since they came onto the scene.
So why don’t you reach out and ask for a proof of concept today, you won’t be disappointed.
Let us assist you in the fight against fraud and financial crime.
