Telefónica Tech Ventures powers Fraud.com
Fraud.com has been launched to deliver a fraud prevention solution to tackle the growing problem across the telecoms sector.
Backed by Telefónica Tech Ventures, the platform aims to streamline fraud detection and prevention, and reduce criminal activity by combining three systems into one end-to-end solution.
The company's products - Udentify, aiReflex and fcase - give businesses an integrated way to detect, manage, and report fraud within their organisations more efficiently.
“It’s both an exciting and a daunting time to be working in the field of fraud detection and prevention," said Emre Sayin (pictured), founder and CEO of Fraud.com.
"On the one hand, the growing threat to businesses and customers is worrying; on the other, the pace at which technology is developing to address more sophisticated attacks, such as deep fakes, is inspiring.”
All three products in the platform use the latest AI, face & voice verification, and liveness detection technology to support the end-to-end user journey.
Specifically, Udentify uses AI to prove someone is who they say they are; aiReflex is a fraud prevention suite that helps identify and prevent complex fraud scenarios; and fcase ties all the products together, acting as a centralised automation hub.
“We knew there was a market appetite for a platform which harnessed the latest technology and provided an accessible and easy way to implement a fundamental fraud protection framework,” said Sayin.
“Businesses understand the financial, legal and reputational risks posed by fraud, but fragmented approaches to fraud management or sub-standard systems means that often the protection isn’t there for their customers and their organisations.
As businesses tend to have separate systems or teams to handle each stage of fraud detection and prevention, Fraud.com combines these unique functions into one, creating efficiencies in terms of cost, resources and outcome.
In addition, better management of fraud prevention and operations management has a direct impact on customer loyalty.
“It can be tempting to think fraud is only a problem for banks or payment operators, but the reality is far wider," added Sayin.
"Any organisation that needs to verify customer identities, handle transactions – including telecoms organisations – is vulnerable to fraud, and as the fraudsters become more sophisticated, so must the systems that stop them.”
Fraud.com operates across various sectors, including telecoms, fintech, banking and financial services, insurance, gaming and healthcare.