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Navigating the New Frontier of Fraud Detection with Quantexa
Fraud threats are advancing. Quantexa’s Decision Intelligence Platform delivers the scalability, flexibility, and intelligence that banks need to stay protected.
As financial fraud grows more complex, banks face mounting challenges to protect their assets, reputation, and customers in an increasingly digital world. Today’s fraudsters are constantly adapting their tactics, exploiting new vulnerabilities, and pushing banks to stay ahead of their next move. For financial institutions, a reliable, intelligent fraud prevention solution isn’t just a nice-to-have—it’s essential. But what should organizations be looking for in a solution?
According to the latest Chartis Research report on Enterprise and Payment Fraud Solutions for 2024, a robust fraud prevention platform must be scalable, adaptable, and deeply integrated within an organization’s ecosystem. Chartis also recognized Quantexa as a category leader in fraud prevention, highlighting these exact qualities. Quantexa’s Decision Intelligence (DI) Platform not only offers advanced data and analytics capabilities but also addresses a broad range of fraud typologies and integrates seamlessly with existing systems—a critical advantage for banks facing the complex, interconnected nature of modern fraud.
Explore why leading financial institutions rely on Quantexa to stay ahead of the fraud curve—and how the platform can bring a new level of confidence, insight, and efficiency to a fraud prevention strategy.
Broad and advanced fraud detection capabilities
Quantexa’s DI Platform is designed to address a number of fraud typologies, making it a versatile solution for banks to tackle a wide range of potential threats. This will enable banks to rely on a central platform that will help users manage a wide range of fraud risks effectively.
The platform has successfully been deployed at a number of banks across the globe, helping them to detect over $3 billion of fraud to date and enabling them to significantly reduce investigation times.
The Quantexa platform empowers these banks to apply a unified lens across fraud
types, channels, and products, while leaning into advanced data and analytics.
Global financial institutions are using Quantexa’s Decision Intelligence Platform to manage a wide variety of enterprise fraud risks, including:
Complex investigations
Scams and mules
Lending fraud (both pre- and post-application)
Internal fraud
Supply chain integrity
Anti-Bribery and corruption
One of Quantexa’s key strengths, as highlighted in the Chartis report, is its advanced analytical capability. The platform resolves and connects internal and external data, and then employs sophisticated algorithms and machine learning techniques to detect patterns and anomalies that may indicate fraudulent activity. The models it deploys are not only customizable but are also fully transparent meaning each decision is explainable. By leveraging these advanced analytics, banks can identify and respond to fraud attempts with more speed and confidence than ever before.
However, analytics alone aren’t enough. Quantexa’s advantage also lies in its ability to scale and adapt to meet each bank’s unique demands.
Scalability and flexibility
In the ever-changing landscape of financial fraud, scalability and flexibility are paramount. Quantexa’s Decision Intelligence Platform is designed to scale with your institution’s needs, whether you’re a fintech, a small regional bank, or a multinational financial institution. The platform’s flexibility allows banks to easily adapt to new fraud threats and regulatory requirements, ensuring continuous protection as the fraud landscape evolves.
According to the Chartis report, institutions are moving “beyond the limitations of pre-packaged solutions” toward platforms that “balance customization and scalability.” Quantexa leads this charge, offering comprehensive, customizable capabilities across various fraud typologies, industries, and geographies. This flexibility means your institution gains tailored fraud detection solutions that fit your unique operational needs, no matter where you operate or how your requirements evolve.
Seamless integration and user-friendly interface
In today’s complex financial landscape, banks require fraud prevention solutions that integrate seamlessly with existing systems and deliver insights without adding technical complexity. Chartis highlights the need for platformization, which it defines as the “shift from siloed tools and point solutions to a unified environment for managing all anti-fraud activities."
Quantexa excels in its ability to integrate with existing systems and third-party data sources. By adopting a “fusion approach” that combines internal and external data, Quantexa enhances the effectiveness of existing tools within a bank’s tech stack, dynamically incorporating new data to generate richer, more accurate insights.
This interoperability is crucial for banks that need to incorporate fraud detection capabilities into their broader risk-management frameworks. This may include areas such as financial crime, cybercrime, and credit risk. By seamlessly integrating with various data sources and by better orchestrating the existing tools, Quantexa enhances the richness and accuracy of its fraud-detection insights and closes the gaps between siloed tools that are open to exploitation by fraudsters.
Equally important is ease of use. In their recent Buyer’s Guide for Fraud Detection Technology in Banking, Gartner recommends that CIOs “adopt a holistic approach to fraud detection by sharing data internally within a cyber-fraud fusion team and, as possible, using a vendor that can act as a single point of contact or orchestrator for the majority of the fraud portfolio.”
Quantexa’s platform offers a user-friendly interface with low-code/no-code configuration options, enabling banks to tailor fraud detection models to their unique needs without extensive coding expertise. This intuitive design empowers fraud teams to respond to threats rapidly, adjust models as fraud patterns evolve, and integrate these models smoothly within broader risk management frameworks. By balancing advanced functionality with ease of use, Quantexa’s platform ensures that banks can act decisively, without unnecessary complexity.
Landscape of traditional counter-fraud solutions:
Often underpinned by Data Science Programs, Customer Education Programs, Manual First Party Fraud Checks and Specialist Call Centers
Fraud losses are getting through and continuing to mount with far more impact onto customers currently
Many unconnected systems and processes with separate responsibilities across many different teams
As the fraud threat landscape has evolved the typologies are more complex. Greater context needs to be incorporated into the analysis to provide meaningful outcomes with acceptable false
Partner with a trusted leader
As Chartis highlights, a “holistic view of customer behavior enables financial institutions and vendors to detect fraudulent activity that might be missed by focusing on a single channel.”
This single-customer view (or counterparty, supplier, or even employees) is precisely what Quantexa delivers by applying its Decision Intelligence Platform, leveraging entity resolution and graph generation, and then running analytical and AI models to turn the data into insights for enhanced decision-making, thereby protecting banks from the ever-growing and challenging threat of fraud.
According to the Chartis report, Quantexa boasts high customer satisfaction ratings, a reflection of the firm’s deep subject matter expertise, and the platform’s effectiveness and reliability in real-world applications. Banks that choose Quantexa can be confident in their selection, knowing they are partnering with a trusted leader in fraud prevention and detection.
Explore the full potential of Quantexa’s Decision Intelligence Platform by reading the latest Chartis Research report on Enterprise and Payment Fraud Solutions.
