Modus AI Fraud Prevention
Fraud Investigation Co-Pilot for Financial Orgs
- Helping banks uncover fraudsters’ modus operandi. Faster.
Fraud is a hard problem to solve
- Fraud Losses: (just from credit cards) ~$40B every year globally. ~$130B when accounting for lost revenue, overheads, etc.
- Fraud investigation team’s crucial role: new fraud strategy development process is only as good as the insights/patterns captured during investigation
- Evolving modus operandi of fraudsters: Banks have to play catch-up with fraudsters. Therefore, early detection of novel fraud patterns equals $$$ saved
Banks are struggling at Fraud Investigation
- Human limitations: Manual, time consuming process. Too many signals and datapoints for a human to process
- Scale issue: Volume of suspected fraud accounts for investigation increases linearly with portfolio size. Cannot increase investigation team size at the same rate. Also, training costs and churn among investigators are too high
- Efficiency (quality of insights) suffers: especially in the event of a fraud attack. Shallow investigation results in missed opportunities. Incorrect investigation decisioning leads to regulatory and reputational risk
Our Vision
- Novel fraud MO (modus operandi) detection on Day-3 vs Day-15, saving $ millions, esp. during fraud attacks
- Reduce the investigation time per account from ~40min to ~5min. Deeper insights, improved fraud reports at a fraction of the cost per investigation case
- Enable credit card growth from 1M to 10M customers with zero incremental Investigation/Ops costs (training & headcount)
Product Description
- Fraud investigation Co-Pilot: automatically detect fraud red flags in any account. Give investigators a head-start by highlighting the key warning signals
- Account-level Suspicious Activity Report (SAR): Perform anomaly detection using ML models & graph embeddings. Use LLMs to write fraud investigation reports
- Aggregated Investigation Insights (AII): accumulate insights from confirmed fraud cases to piece together the Fraud MO (precursor to new fraud strategy models & rules)
About the Team
- Founder: IIT Kanpur grad, 3 years of experience building 0 --> 1 Fraud Prevention AI capabilities for one of the biggest banks in the US
Contact
Email: contact@modussecure.com