New capabilities fight fast-growing fraud that costs billions worldwide
SAN FRANCISCO, Oct. 24, 2022 /PRNewswire-PRWeb/ -- With promises of romance and huge cash payments, fraudsters are leading tens of thousands of innocent people to become "money mules" at an ever-growing rate. The scam has reportedly cost financial institutions more than $3 billion over the past several years, according to the FBI. Now Deep Labs, an industry leader in fraud detection, mitigation, and disruption will unveil its new capabilities to fight back at this year's Money 20/20 conference.
A money mule launders money by receiving and transferring illegally obtained funds. That can mean stealing an identity to create new accounts or convincing someone to allow bad actors access to their existing accounts, which are then used for money laundering.
Deep Labs' cutting-edge AI/ML platform, DeepDecision®, helps organizations leverage changing contextual signals in real time, enabling an increase in payment authorizations, a reduction in fraud and false declines, and a decrease in consumer friction.
To combat money mules Deep Labs has enhanced its persona-based intelligence capabilities to provide an unprecedented ability to detect scammers.
"The enhancements our team has made to the platform elevates us to a new level of real-time context-aware decisioning," said Deep Labs CEO Scott Edington. "More than ever before, our platform is able to detect whether a person has sold their identity precisely and swiftly. Our platform enables customers and partners to combat the ever-evolving threat landscape by continually refining our signals intelligence."
DeepDecision® has already neutralized a global fraud ring's attack on a major financial institution, which showed signs of mule activity. DeepDecision® analyzed behavioral patterns for accounts and transactions dating back nearly a decade to assist the financial institution which had encountered a dramatic increase in chargeback requests with a short regulatory window to issue provisional credit.
DeepDecision® helped the financial institution avoid tens of millions of dollars in provisional credit value and led to a 99% reduction in the number of disputes requiring investigation.
"This is groundbreaking technology that is helping companies preserve value for their customers," Edington said. "We're excited to show off these capabilities at Money 20/20."
Edington and Vice President of Risk Strategy Tia Ilori will join other top industry thought leaders at this year's Money 20/20 conference, sharing insights and best practices for combating money mules and other advanced persistent threats:
- Monday, October 24th at 3:15 p.m. in Between Two..., Expo Hall, Level 2.
Named one of the Most Influential Women in Payments in 2020, Deep Labs VP of Risk Strategy Tia Ilori will moderate a discussion on how fundraising platforms can safely move money amid fraud, regulation and global sanctions.
- Tuesday, October 25th at 3:15 p.m. in Showtime, Expo Hall, Level 2.
CEO & Co-founder Scott Edington will join a panel of other industry leaders on Tuesday to discuss cybersecurity, risk and fraud viewpoints impacting private and public sectors.
About Deep Labs
Founded in 2016, Deep Labs provides advanced context-aware decisioning for the Payments industry. Its core platform, DeepDecision®, leverages persona-based intelligence to reduce fraud & false declines, increase payment authorizations, and eliminate account takeover. To date, DeepDecision® has enabled 7B decisions across the private and public sectors. For more information, visit Deep-Labs.com.
Media Contact
Taylor Durden, Deep Labs, 1 510-386-6301, [email protected]
SOURCE Deep Labs
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