Financial Services have been changing a lot in last years, switching from the physical world, to the online one. In the last years lots of online insurances and banks services arose, allowing to ask an estimate for a loan, for instance, filling in a precompiled form.
In addition, many providers appeared, working as search engines through which it is possible to fill in a form and obtain different offers from different financial services providers: these latters receive the forms and control them with usual techniques.
Thanks to all fintech start-ups, the switch from the physical world to the online one, brought a lot of benefits to financial services operators, that were able, using this new channel, to reach thousands new potential customers.
The whole industry developed, as well as financial crime did refining their techniques to fraud financial institutions all over the world.
New online frauds techniques were added to the traditional ones: trough a simple phone call, a famous British hedge found lost millions pounds. Card Skimming, identity theft and document falsification, fictitious loan are just examples of the challenges that they have to face everyday.
Recent studies showed that cyber crime costs the global economy $575 billions per year.
For this reason financial services have to be provided by both traditional fraud detection systems, and innovative online fraud prevention system that are able to intercept a potential fraudster before the loan or insurance request is completed and approved.
Unfraud is able to fulfil these needs with specific products, all compliant with privacy regulations. It is based on Artificial Intelligence that is able to discover automatically behavioural patterns of fraudsters, continuing learning and adapting to new frauds as long as they appear.