Identifying and Preventing Payment Fraud in Real-Time for UPI and Digital Wallet

Hoonartek: Thu, Aug 24, 2023 16:30 PM IST

Fraud continues to be a growing concern globally, with financial institutions facing ever-increasing challenges. The rise of global cybercrime damages, predicted to reach $10.5 trillion annually by 2025 and the prevalence of financial identity theft, which affects over 47% of people in the U.S. alone, highlight the urgency to combat fraud effectively. The emergence of real-time payments presents unique obstacles, demanding swift and accurate fraud detection compared to traditional credit/debit services.

Financial service firms are turning to advanced AI-based systems to combat fraud, with some implementing sophisticated best-of-breed, neural net-based systems that process large data sets in real-time. However, striking the right balance between scale, speed, and cost becomes crucial for these companies. In this highly informative webinar, jointly hosted by Hoonartek and Aerospike, we present Aerospike’s real-time data platform and how it empowers financial service companies to achieve best-in-class results in fraud prevention. Additionally, Hoonartek will demonstrate its role in helping businesses successfully implement these powerful solutions.

In this webinar, you will learn;

* How to power best-in-class AI/ML models to combat financial fraud threats.
* Hybrid cloud/on-premise architectures to keep up with growing real-time transaction volumes, while helping keep costs down and profits high.
* Opportunities to operationalize AI to put best-in-class fraud systems into production at up to 70% savings.

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