MoData, a leading provider of innovative, intuitive and intelligent digital business solutions for the financial services, insurance, telcon and retail sectors, has announced a collaboration with Resistant AI to help financial services safeguard themselves and customers against fraud.
Resistant AI uses artificial intelligence to help financial services companies combat fraud and financial crime. The partnership will give MoData’s clients in Africa and EMEA access to Resistant AI’s solutions which help make automated systems in banks and fintechs more resilient against manipulation and attack.
Resistant AI will be available through MoData Digital Services – the firm’s Software-as-a-Service marketplace for all financial crime risk management operations. The additional capability delivered through Resistant AI underscores MoData’s commitment to helping organisations create an end-to-end customer journey that is innovative, intelligent, intuitive and safe.
“Frequently, organisations’ due diligence and credit processes require customers to upload documents digitally, but these documents can easily be manipulated by fraudsters”, explains Clive Gungudoo, MoData’s Director of Financial Crimes and Risk Management. “Resistant AI discovers forged documents before they get accepted. Our clients will be able to monitor for digital document forgery in real time, at scale and speed, especially in the space of KYC, AML, credit and other lending verification services”
Martin Rehak, CEO of Resistant AI adds, “Rapid expansion and automation of financial services has created new risks which need to be counteracted. By adding an extra easy-to-integrate layer to existing fraud systems it continuously protects the entire customer journey and creates a frictionless user experience. Using AI can prioritise alerts for MoData’s clients and reduce the often overwhelming volume of genuine cases that simply do not need to be reviewed. Resistant AI’s rule optimisation ensures that the underlying system performs more efficiently and effectively, and that unknown fraud is detected and prevented.”
“By adding Resistant AI to our technology stack, we are ensuring that our customers in Africa and the Middle East have access to leading global software at a competitive price which includes implementation, professional services and ongoing support,” concludes Gungudoo. “This partnership will help organisations and businesses protect their customers and minimise reputational risk.”
For the past three decades, MoData has been offering innovative, intuitive and intelligent digital business solutions for the financial services and retail sector, including implementation, professional advisory services and support. The MoData team of specialists prides itself on its agility and entrepreneurial approach to finding smart solutions to clients’ needs, with an emphasis on cost optimisation, back office transformation and customer satisfaction. Their diverse range of product offerings means they are able to provide businesses with everything they need to transform into an effective, digital organisation.
About Resistant AI
Founded in 2019 by a team of PHD researchers in AI with over a decade of experience in applying machine learning in the fight against cybercrime, Resistant AI makes the AI and automations modern financial services rely upon more resilient to manipulation and attack. Its Real-time Identity Forensics analyse everything from the documents submitted by customers to their ongoing behaviours as they use the services to uncover and prevent serial fraud, synthetic identities, account takeovers, money laundering and as yet unknown financial threats operating at scale. It works with and extends existing customer onboarding, KYC, credit risk assessment, fraud detection, and anti-money laundering systems through a simple API.