The ai Corporation (ai), a Financial Conduct Authority (FCA) approved expert in fraud and risk management, has launched its outcome-based fraud service model.
By combining ai’s fraud experts and its artificial intelligence/machine learning capability, the new service model will enable organisations to outsource all aspects of their fraud management function to ai’s team, under a performance-based contract.
With the new service, ai will be fully responsible for implementing a customer’s fraud strategy definition, based around clear key performance indicators. The new approach also means that ai is fully accountable for any fraud losses and will be compensated in line with successfully stopping fraud. ai’s outcome-based service is technically distributed via the cloud, hence avoiding major upfront IT costs.
Matthew Attwell, Risk and Client Service director of ai, said: “Our outcome based service model is the culmination of many months of hard work, statistical calculations and focused live service from our alert management team. We are able to offer the new service because we are so confident in our man and machine learning technology; that after the initial base cost, we won’t ask our clients for a penny more until we have achieved the promised performance – and that goes for all our clients who sign up to the new service.”
Dr Mark Goldspink, CEO of ai said: “We wouldn’t be able to offer this service without Matt’s team of experts and the way they have integrated our machine learning tools into their day to day operations.
ai’s success is based on our clients being successful and this service exemplifies how committed we are to performing and becoming a trusted partner within their business. It also clearly focuses our research and development activities, because under a service-based model, it is in our best interests to develop practical and operationally sound products.”
Payment fraud is a global problem. This new service allows organisations to benefit from ai’s worldwide view of fraud across its international client base and to clearly pinpoint accountability with respects to implementing a fraud strategy.
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