Provenir launches Onboarding Fraud Solution to combat online scam

By Gloria Mathias

Provenir, a global leader in AI-powered risk decisioning, has launched the Onboarding Fraud Solution to help organizations fight back by detecting emerging threats via sophisticated decision-making tools and advanced analytics. This solution increases fraud detection while minimizing friction in the customer journey.

Identity theft and synthetic identities continue to be major concerns. By 2025, they will account for roughly half of all financial services fraud cases.

Provenir helps banks, FinTechs, and financial services providers unlock the secret to smarter risk decisioning. It is on a mission to help businesses navigate this increasingly complex landscape. It has collaborated with best-of-breed third-party providers to bring a fraud onboarding solution to market. Provenir’s AI-Powered Decisioning Platform enables organizations to stay ahead of fraud threats with readily available data sources that can be easily integrated into decisioning workflows, AI model creation and monitoring, and continuous optimization of fraud risk models, with configurable rules to respond quickly when new threats arise.

The Provenir platform integrates and manages multiple data sources or end point solutions within one platform for fraud decisioning. This extensibility and flexibility enable organizations to create custom strategies integrating third-party data as fraud risks and behaviours change and new vendors and offerings come to market.

The AI-powered risk decisioning platform connects fraud scores, identity checks and device validation, integrating multiple layers of fraud detection into decision-making workflows to mitigate threats at application screening, including synthetic fraud, impersonation and mule indicators. This also eliminates siloed environments between credit and fraud risk teams to ensure holistic, end-to-end decisioning with a complete view of customers across the entire lifecycle.

“Fraud prevention is a crucial area of focus for today’s progressive financial institutions,” said Sophia Qureshi, Vice President of Product Management, Fraud Solutions, Provenir. “This requires an intelligent approach that reduces unnecessary (and unwelcome) friction in the customer journey. This underscores the value of having a single integrated, intelligent decision-making platform that can analyze and manage all fraud and credit risk across the customer lifecycle. This helps balance better, more accurate application fraud detection and prevention with reduced friction across the lifecycle while powering sustainable business growth.”