Alertspeed

18 indicted, $10 million targeted. This is why Alertspeed exists. Fake entities, stolen checks, a web of deceit spanning multiple states. This Iowa case underscores the chilling reality of sophisticated fraud rings operating nationwide. These criminals weren't just individuals, they were a network, leveraging a base of synthetic identities and shell companies. Alertspeed doesn't just see data points, it sees the full picture, accurately, immediately. We connect the dots others miss, exposing the hidden relationships and subtle inconsistencies that betray even the most elaborate schemes. Don't be the next headline. Protect your institution with Alertspeed. #FinancialCrime #FraudPrevention #SyntheticID #Alertspeed News out of Iowa - Defendants allegedly registered false entities with the IRS and state government agencies including the Iowa Secretary of State, opened up bank accounts under the false companies and names and deposited the stolen checks. https://lnkd.in/diqUQRQT

Check Fraud is Exploding - Are You Prepared for the Next Wave? The latest #FinCEN report on #mail #theft-related check fraud paints a chilling picture: criminals are becoming increasingly sophisticated, leveraging technology and insider knowledge to steal hundreds of millions of dollars. From check washing to new account fraud, the tactics are evolving rapidly. Key takeaways from the report include: 💥 The sheer scale - Over $688 million in potential losses linked to mail theft-related check fraud in just six months. 🧠 The sophistication - Fraudsters are using advanced techniques like creating high-quality counterfeit checks and opening fraudulent accounts online. 🗺 The nationwide impact: Every single U.S. state has been affected. At Alertspeed, we're not just uncovering fraud - we're predicting it. Our revolutionary Ennead model doesn't just flag anomalies; it assigns nuanced risk scores to every transaction, account, and party. We see the subtle shifts, the hidden connections, the patterns that others miss. By analyzing the vast network of relationships between parties, accounts, and transactions, we detect fraud in its earliest stages, even those schemes yet to be discovered. #MailTheft #CheckFraud #Fraud #Innovation https://lnkd.in/eB6Gud33

Recent news about reduced fraud reimbursement in the UK is a reminder that financial scams are more than just a monetary issue. As this article highlights, the trauma and emotional toll on victims can be devastating. This underscores a critical point: the fight against fraud requires more than just reactive measures. It demands a proactive approach that empowers individuals and institutions to stay ahead of sophisticated criminals. The current landscape is clearly failing to protect individuals. Alertspeed believes it's time to rethink our approach to financial crime prevention and explore innovative solutions that truly safeguard our financial well-being. https://lnkd.in/dCekbgeW #FraudPrevention #FinancialCrime #RiskManagement #Cybersecurity #Banking #7thOctober

UK Finance Publish Fraud stats for FIs in 2023: #APPfraud is still a monster We're not going to mince words: the latest fraud statistics published by #UKFinance paint a damning picture. #Fraudsters have siphoned off a staggering £1.17 billion through both unauthorised and authorised #fraud. Some stats about APP fraud from the report: ☢ Authorized push payment (APP) fraud losses hit £459.7 million!!! ☢ The total number of APP cases surged by 12% to a shocking 232,429. ☢ The main culprit? Purchase scams—conning people into paying for goods that never arrive. ☢ These #scams saw a 34% rise in cases and a 28% increase in losses, totalling £85.9 million. This is the highest loss and case count ever recorded. ☢ These scams account for 67% of all APP fraud cases. On a slightly brighter note, tests using Smart Data Foundry’s APP synthetic data set, the same data used by the FCA for their APP digital sandbox, showed that our Alertspeed platform detected nearly 89% percent of APP frauds. I think you’ll agree that this is very promising – we’ve worked really hard to optimise and improve our #ML capability. If you're grappling with #APPfraud, please reach out — October 7th is just around the corner…

Social engineering tactics like impersonation and emotional manipulation are the reasons people authorize payments. But it's still fraud. It was always just hard to catch, even in investigation. Harder still to prevent and interdict. It's why not all victims of authorized push payment fraud didn't get compensated. But, the tide is turning! 🎉 The new UK APP Fraud Compensation Law, effective October 7th, 2024, mandates faster response times and a presumption of liability for banks in certain APP fraud cases. It's a step in the right direction to help the victims of such frauds. Alertspeed exists to help the banks prevent such frauds and avoid the losses before they are incurred. #APPfraud #UKbanking #fintech #compliance #AIinFinance #realtimedetection #ProtectYourMoney #SocialEngineering

UK APP Fraud Compensation Law (Effective October 7th, 2024) The new law mandates faster response times and a presumption of liability for banks in certain APP fraud cases. Here's what banks need to do: Timeline: Banks have until October 7th, 2024, to comply with the new regulations. Compliance Steps: ✅ Review Internal Processes: Assess current fraud prevention measures and identify gaps in light of the new law. ✅ Enhanced Staff Training: Ensure staff is well-versed in identifying and responding to APP fraud attempts. ✅ Improved Communication with Customers: Clearly communicate the new regulations, customer rights, and reporting procedures for suspected fraud. ✅ Faster Reimbursement Processes: Streamline the process for reimbursing victims of APP fraud as outlined by the new law. ✅ Investment in Technology: Consider adopting advanced fraud detection solutions like Alertspeed to meet the stricter regulatory requirements. www.Alertspeed.ai #APPfraud #UKbanking #fintech #compliance #AIinFinance #realtimedetection #ProtectYourMoney

We're Making Waves in Financial Crime Prevention! 🏆🏆🏆 Real Time Fraud Interdiction: Alertspeed.ai = ACCURACY + SPEED The AlertSpeed team is absolutely thrilled to announce that Alertspeed has been honored with THREE awards in the prestigious Chartis Research Financial Crime & Compliance 50 for 2024: 🏆Real-time Performance – recognizing our unparalleled speed in transactional real-time. 🏆Risk Scoring – highlighting the precision and sophistication of our risk assessment models. 🏆One to Watch – a testament to our disruptive technology and innovation in the FinCrime space. Chartis Research is renowned for its rigorous analysis of the global risk technology market. Earning their recognition, especially in these competitive categories, is a major validation of AlertSpeed’s commitment to building world-class solutions for financial institutions. The FCC50 report underscores the global fight against financial crime and the sheer number of cutting-edge solutions. To be recognized amongst such outstanding competitors makes these wins all the more meaningful. This is just the beginning. We're dedicated to continuously evolving our technology, helping financial institutions safeguard themselves and their customers in the ever-changing landscape of fincrime. #FCC50 #FinCrimePrevention #RealTimeFinCrime #Alertspeed

We're Making Waves in Financial Crime Prevention! 🏆🏆🏆 Real Time Fraud Interdiction: Alertspeed.ai = ACCURACY + SPEED The AlertSpeed team is absolutely thrilled to announce that Alertspeed has been honored with THREE awards in the prestigious Chartis Research Financial Crime & Compliance 50 for 2024: 🏆Real-time Performance – recognizing our unparalleled speed in transactional real-time. 🏆Risk Scoring – highlighting the precision and sophistication of our risk assessment models. 🏆One to Watch – a testament to our disruptive technology and innovation in the FinCrime space. Chartis Research is renowned for its rigorous analysis of the global risk technology market. Earning their recognition, especially in these competitive categories, is a major validation of AlertSpeed’s commitment to building world-class solutions for financial institutions. The FCC50 report underscores the global fight against financial crime and the sheer number of cutting-edge solutions. To be recognized amongst such outstanding competitors makes these wins all the more meaningful. This is just the beginning. We're dedicated to continuously evolving our technology, helping financial institutions safeguard themselves and their customers in the ever-changing landscape of fincrime. #FCC50 #FinCrimePrevention #RealTimeFinCrime #Alertspeed

📢 #AlertSpeed is thrilled to be named a #FinCrimeTech50 innovator! This recognition underscores our dedication to disrupting the fraud and payments screening sector with superior detection and lower TCO for Tier 2/3 FIs and MSBs. Check out the full list and learn more: www.FinCrimeTech50.com #Fintech #RegTech #FraudPrevention #FinancialCrime #FraudInterdictionSpeed #FraudInterdictionAccuracy P.S. We move so quickly you're going to want to stay abreast of what we are up to. Follow us here on Linkedin and on our website: https://alertspeed.ai/

📢 #AlertSpeed is thrilled to be named a #FinCrimeTech50 innovator! This recognition underscores our dedication to disrupting the fraud and payments screening sector with superior detection and lower TCO for Tier 2/3 FIs and MSBs. Check out the full list and learn more: www.FinCrimeTech50.com #Fintech #RegTech #FraudPrevention #FinancialCrime #FraudInterdictionSpeed #FraudInterdictionAccuracy P.S. We move so quickly you're going to want to stay abreast of what we are up to. Follow us here on Linkedin and on our website: https://alertspeed.ai/