- Refine Intelligence has introduced its Digital Customer Outreach for Check Fraud Prevention solution.
- The technology automatically contacts customers whose checks have been flagged as suspicious, and provides a user-friendly digital inquiry process to help customers resolve issues in seconds.
- Refine Intelligence made its Finovate debut at FinovateEurope 2023 in London.
Refine Intelligence launched its Digital Customer Outreach for Check Fraud Prevention solution this week. The technology, which works with all existing check fraud detection systems, will help banks and other financial institutions deal with an increase in check fraud due to both mail theft and the development of advanced counterfeiting techniques.
Digital Customer Outreach for Check Fraud Prevention automatically contacts customers whose checks have been deemed suspicious. A user-friendly digital inquiry process that takes a few seconds to complete enables customers to review the flagged check and immediately verify key issues such as the amount and the payeee.
“Fraud teams are under time pressure to deal with a tidal wave of alerts about potentially fraudulent checks,” Refine Intelligence CEO and co-founder Uri Rivner said. “In an ideal world, they’d ask the customer about each alerted check, but chasing customers over the phone is expensive and irritating for everyone involved. This new solution closes the gap between detection and prevention by enabling customers to resolve alerts themselves. It works with any detection system, maximizing the current workflow and reducing fraud losses and operational costs for dealing with fraud claims.”
Refine Intelligence’s Digital Customer Outreach platform helps financial crime and compliance teams tackle a range of fraud and financial crime issues. The platform gives banks the ability to automatically contact customers to resolve both AML and check fraud alerts, as well as to automate enhanced due diligence (EDD). The technology leverages proprietary AI to glean insights into anomalous transactions, enabling fraud and compliance teams to learn the context in which the anomaly occurred and to determine whether the transaction is legitimate or not.
Refine Intelligence made its Finovate debut at FinovateEurope 2023. With headquarters in both Israel and New York, the company this year has been named to the FinCrimeTech 50 for 2024 by AML & FinCrime TechForum, and Chartis Research’s Financial Crime and Compliance 50 for 2024. Refine Intelligence has raised $13 million in funding courtesy of an investment from Glilot Capital Partners and Fin Capital.
Learn more about Refine Intelligence in our spring 2023 Finovate Global interview with Uri Rivner!
Photo by cottonbro studio
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