NatWest has partnered with Vocalink Analytics to better detect invoice fraud using machine learning
NatWest has claimed to have saved its corporate clients £7m ($10m) through the use of an anti-fraud solution to detect and prevent invoice redirection fraud.
Lee Fitzgerald, head of fraud for commercial and private banking at NatWest, said:
“Detecting Invoice Redirection fraud is akin to finding a needle in a haystack, as there are tens of millions of legitimate non-real time payments every day.
“While the volume of fraud is relatively low, the values are typically large amounts, so the business impact of this type of fraud can be crippling.
“Corporate Fraud Insights is part of our on-going commitment to fighting payments-related fraud on behalf of our customers, helping businesses to stay safe and secure.”
NatWest and Vocalink Analytics collaborated to develop and launch Corporate Fraud Insights. The system harnesses artificial intelligence (AI) and machine learning to identify and notify suspicious payment activity.
Gary Kearns, executive vice president for Vocalink Analytics added:
“We apply sophisticated analytical techniques to vast amounts of payments data to build models which identify suspicious activity. Every time a business pays an invoice, a behavioural signature is left behind. By analysing these signatures, and the signatures of historical frauds, we are able to identify and flag suspected incidents of fraud.
“It has been a great experience working with NatWest to take live Corporate Fraud Insights. Most importantly, we are delighted to see how successful it has been in protecting business customers from payments-related fraud.”