FiVerity, a provider of intelligent solutions for cyber fraud detection in financial institutions, has introduced a collaborative artificial intelligence (AI) platform to combat fraud.
The new machine learning (ML) solution detects and prevents cyber fraud for national banks and credit unions.
The platform uses pattern matching than consumer personally identifiable information (PII) to identify fraudsters.
The FiVerity platform acts a central resource to the new collaborative AI platform.
Financial institutions will submit customer account data – excluding any consumer PII – to the platform for risk assessment.
FiVerity founder and CEO Greg Woolf said: “We are very pleased to see our machine learning solutions detecting more than 35% of previously undetected SIF on a stand-alone basis at financial institutions, which can only improve through industry collaboration.”
Additionally, FiVerity has selected the National Cyber-Forensics and Training Alliance (NCFTA) as its research partner.
The partners will jointly issue a security bulletin to combat synthetic identity fraud (SIF).
The bulletin has been entitled as “Advisory on Synthetic Identities used by cyber-criminals to infiltrate financial institutions”.
Currently, in its initial pilot phase, the solution is being tested with nearly 20 banks and credit unions, in addition to NCFTA.
NCFTA CEO Matt LaVigna said: “Public-private collaboration, and better communication and information sharing between financial services companies, industry regulators, and law enforcement agencies is the only effective way to fight SIF and other rapidly evolving types of cyber fraud.
“The FiVerity Platform seeks to bring several great weapons to this fight. It gets everyone past the old PII roadblock, and it leverages but greatly improves upon legacy rules-based methodologies.”