NTT DATA, a global leader in business and technology services, today announced its strategic partnership with Lynx Tech, a revolutionary fintech company specialising in AI-driven fraud detection. This collaboration will leverage NTT DATA’s network and extensive experience in the banking and finance industry to scale Lynx’s innovative solutions across the UK and European markets.Lynx identified NTT DATA as a crucial partner for scaling its operations due to NTT DATA’s profound expertise and past successes in the banking and financial services sector. Lynx has developed an innovative product built by a dedicated team of engineers and data scientists committed to advancing fraud prevention technologies. Lynx recognised the need for a partner like NTT DATA to successfully achieve its ambitious growth goals at pace. This partnership will initially focus on the UK, Irish, Spanish, LATAM, and DACH markets, with particular emphasis on the UK and Ireland due to the upcoming Payment Systems Regulation (PSR) changes in October, which will mandate banks and payment service providers to reimburse scam victims.Lynx’s Advanced Fraud Detection SolutionsLynx originated from the University of Madrid twenty-five years ago, and enables leading financial institutions, including Santander, PagoNxt, BCP and Cielo to evolve from reactive to proactive fraud prevention.Lynx’s value proposition is AI-driven software which specialises in fraud detection and Anti-Money Laundering (AML). With its global presence, Lynx’s cutting-edge technology currently monitors 99.5% of all card transactions in Spain, 65% in Mexico, and 35% in Brazil.Key features and benefits of Lynx’s solutions include:Daily adaptive models: These models reduce fraud and minimise disruption for genuine users by constantly evolving to detect new and sophisticated fraud attempts.Money Mule detection: A real-time risk model to detect inbound, fraudulent transactions, which is crucial for minimising losses once the new PSR regulations become effective.Lynx Flex: Being extensible allows financial institutions to submit data in their own format

NTT DATA has announced a strategic partnership with Lynx Tech, a fintech company specialising in AI-driven fraud detection.

Lynx, a leading provider of Artificial Intelligence (AI) software that detects and prevents fraud and financial crimes, today announces the launch of Lynx Mule Account Detection, a real-time mule detection solution for banks and financial institutions to stop trillions of illicit funds flowing through the global financial system each year.Lynx Mule Account Detection streamlines threat intelligence applications effectively across teams, enabling swift identification of mules, preventing fraud and facilitating real-time reporting of suspicious activity – all without requiring a wholesale integration of fraud and AML teams.Organised Crime Groups (OCGs) are increasingly utilising money mules – accounts used to wash money obtained from illicit means. Cifas, the not-for-profit UK fraud prevention service, estimates that in the UK alone, there were 37,000 British bank accounts exhibiting behaviour associated with muling in 2023. These accounts are linked to approximately £10 billion of laundering each year in the UK, of which around 23% is done by individuals under 21 and 65% by those under 30.Financial institutions are struggling to keep up with the rapid rise in money mule accounts, leading to both financial losses and compliance risks. In the US, money mules account for an estimated $3billion in fraudulent transfers every six months. Law enforcement from 25 countries prevented just €17.5million from being laundered by money mules over a three-month period. Using machine learning and automated attacks by OCGs makes detecting mule accounts increasingly challenging as they can easily create hundreds of accounts