Scienaptic AI and SentiLink enhanced their product partnership to provide credit unions and lenders with artificial intelligence-powered fraud detection capabilities. The fraud detection tools will be powered by Scienaptic AI’s credit underwriting platform and SentiLink’s identity verification and fraud detection solutions, the companies said in a Monday (Dec. 18) press release. “The integration of our technologies offers a holistic underwriting approach that harnesses fraud data and AI,” Eric Steinhoff, executive vice president of client impact at Scienaptic AI, said in the release. “This fusion creates highly predictive signals, effectively reducing fraud risk, optimizing decision-making processes and ultimately leading to a rise in approvals for deserving members.”

SentiLink launches new intelligence solution for Fraud detection.

SentiLink has unveiled a new offering aimed at improving financial fraud detection and enhancing proprietary fraud models for financial institutions.The new tool, Facets, provides feature-specific intelligence derived from SentiLink’s proprietary identity data and its consortium of banks, credit unions and FinTechs, the provider of identity and risk solutions said in a Monday (Sept. 18) press release.It complements SentiLink’s existing scores targeting synthetic fraud and ID theft, according to the release.Financial fraud techniques are growing increasingly sophisticated, prompting financial institutions to turn to machine learning (ML)-powered automation to catch fraudsters more efficiently, the release said. However, the effectiveness of these models relies heavily on the quality of the data being used.With access to more high-quality data, financial institutions can more accurately identify cases of fraud, prevent losses, and approve genuine customers, per the release.“Many financial institutions today are fighting sophisticated fraudsters with inadequate tools,” SentiLink CEO and Co-founder Naftali Harris said in the release. “With Facets, we’ve unlocked a new level of intelligence that our partners can use to improve and sharpen their models, identify bad actors at account opening, and serve their own customers with the trust they increasingly demand.”Facets is a powerful enhancement to financial institutions’ fraud models, providing Boolean or numeric attributes that do not require additional feature engineering, according to the release. These attributes are delivered as key-value pairs via the application programming interface (API) response, making them easy to parse. Financial institutions can select the attributes that work best for detecting fraud within their customer population, leading to a significant improvement in accuracy.Early testing with SentiLink customers has shown that Facets significantly improves the ability to accurately detect fraud, the release said