{"id":193,"date":"2023-05-06T21:27:01","date_gmt":"2023-05-06T21:27:01","guid":{"rendered":"https:\/\/rembrandt.virtuabrands.com\/?p=193"},"modified":"2023-05-06T21:27:01","modified_gmt":"2023-05-06T21:27:01","slug":"why-real-time-ai-can-detect-bank-fraud-better-than-fraud-teams-alone","status":"publish","type":"post","link":"https:\/\/rembrandtai.com\/news\/why-real-time-ai-can-detect-bank-fraud-better-than-fraud-teams-alone\/","title":{"rendered":"Why Real-Time AI Can Detect Bank Fraud Better Than Fraud Teams Alone"},"content":{"rendered":"
If your institution lost more than $500,000 to fraud last year, you\u2019re not alone. In fact, a recent survey of 251 financial institutions showed a shockingly high 70% of them lost over $500K to fraud in 2022; and 71% had to increase spending on fraud mitigation as a result of 2021\u2019s losses.<\/p>\n
2023 will likely be worse.<\/p>\n
But these growing losses are not the fault of fraud teams at banks and credit unions. Clearly, many FIs believe they\u2019re doing the best they can to fight back, but the problem lies in the antiquated tools they\u2019ve been using. Tools that do not use artificial intelligence to detect fraud in real-time.<\/p>\n
Today, with banks and credit unions losing incredible amounts of institutional and depositor capital\u00a0to fraudsters, and fraud teams unable to keep up with the volume of new incursions, it\u2019s high time to not only spend more appropriately on fraud mitigation, but to rethink the entire fraud detection process, and turn those fraud costs into fraud savings.<\/p>\n
RembrandtAi, the world\u2019s most advanced, customizable, real-time artificial intelligence fraud detection and prevention solution is the answer. Simply put, when used in conjunction with your fraud team, there is no better Ai fraud detection software anywhere. Period.<\/p>\n
Now, because of the nature of digital banking, p2p payments, and the upcoming introduction of real-time FedNow transactions, banks and credit unions will undoubtedly see fraud costs grow even higher this year.<\/p>\n
In order to fight back in the most advanced way possible, your fraud team will need Ai fraud detection software. Or, more specifically, the real-time fraud detection and prevention capability that RembrandAi can empower them with.<\/p>\n
Why real-time fraud prevention?<\/p>\n
Well, most fraud teams, especially those not using RembrandtAi\u2019s real-time capabilities, often only discover fraud in post transactional batch data. Or, well after the fraud has occurred, and monies transferred out. This is one major reason why we\u2019ve seen an astronomical percentage of institutions losing $500k or more last year.<\/p>\n
You see, antiquated legacy fraud solutions, many of which were designed back in the 1980\u2019s, do not allow for real-time fraud detection and prevention.<\/p>\n
RembrandtAi, on the other hand, does!<\/p>\n
In fact, RembrandtAi has already been responsible for saving the institutions who\u2019ve implemented it, hundreds of millions in fraud losses. Yes, hundreds of millions.<\/p>\n
And now, it can help do the same for yours.<\/p>\n