improved fraud detection
Improve Fraud Analysis, Detection and Prompt Notifications
As consumer fraud losses grow year-over-year, legacy batch-processing detection methods are no longer sufficient. Modern fraud strategies require real-time, behavioral, and interagency mechanisms to intercept bad actors before funds leave the ecosystem.
Riskavant provides an AI agent on Microsoft Copilot integrated with workflows on ServiceNow to improve fraud detection.
Real-Time Transaction Monitoring
AI agent monitors banking transactions for suspicious activity using pre-built templates and custom rules via a rule engine.
Benefit:
Enables continuous, automated scanning of transactions for anomalies, instantly alerting teams in Teams when high-risk events are detected.
Automated Fraud Detection and Notification
AI agent detects a potential fraudulent transaction and automatically creates a fraud incident ticket and routes it to the appropriate compliance or fraud analyst team via pre-built ServiceNow workflow and promptly notifies all relevant stakeholders.
Benefit:
Rapid escalation and assignment of incident ticket, reducing time-to-response and ensuring compliance alignment. Multi-channel notifications to ensure prompt action. All actions are logged for audit and reporting.
Contextual Investigation and Data Gathering
With ServiceNow integration and orchestration in place, AI agent combines the ERP data with external sources (sanctions lists, news feeds) via connectors to uncover hidden relationships and patterns.
Benefit:
Reduces false positives and improves investigation accuracy.
Support Center Response Plans
The next step is to coordinate across specialized teams (fraud analyst, compliance officers, customer service). Multiple agents collaborate working with human counterparts and share data, orchestrating a unified fraud investigation process. ServiceNow acts as an orchestration layer.
Benefit:
Distributes work across teams, enables comprehensive investigations, and supports faster, more accurate resolution of fraud cases.
Automated Customer Communication
Using a list of impacted customers, AI agent drafts the email/text and after review and approval by human-in-the-loop, sends secure, compliant communications via text or email to affected customers, informing them of potential fraud and next steps.
Benefit:
Ensures timely, accurate, and compliant customer notifications, reducing reputational risk and improving customer trust.