New offering intended to protect against projected
$40 billion in AI-powered
fraud by 2027.
PALO
ALTO, Calif., Nov. 14,
2024 /PRNewswire/ -- Oscilar, the AI Risk
Decisioning™ pioneer, today unveiled its groundbreaking Cognitive
Identity Intelligence Platform to combat the rising tide of
AI-powered fraud. The platform's
proprietary "Digital & Behavior Identification" technology
fundamentally transforms digital identity verification in an era
where traditional solutions are increasingly vulnerable to
sophisticated AI-enabled attacks.
At its current growth rate, Deloitte's Center for Financial
Services predicts that generative AI could enable fraud losses to reach $40
billion in the United
States by 2027, from $12.3
billion in 2023, a compound annual growth rate of 32%.
Traditional device fingerprinting and behavioral biometrics
technologies face unprecedented challenges from democratized
fraud tools and AI-powered
attacks.
Led by CEO Neha Narkhede–who previously co-created Apache
Kafka and founded Confluent (NASDAQ: CFLT), growing it into a
$10B real-time data streaming
platform leveraged by more than 80% of the Fortune 500–Oscilar's
new solution analyzes thousands of unique signals to create secure
"cognitive signatures" that make it virtually impossible for
fraudsters to mimic legitimate users.
"Traditional device intelligence and behavioral biometrics
haven't kept pace with fraudsters' increasingly sophisticated
techniques," said Narkhede. "We've assembled an AI-first team of
top risk and Machine Learning engineers to develop technology that
fundamentally changes how organizations approach digital identity,
behavior and intent analysis in the AI era."
Oscilar's Digital & Behavior Identification revolutionary
approach analyzes thousands of digital markers across network,
device, and behavioral layers to create cognitive signatures that
are impossible to replicate – even with advanced AI tools. Unlike
traditional solutions that expose their detection logic, Oscilar's
security-first architecture employs advanced polymorphic code and
dynamic execution paths, ensuring no two sessions look alike and
making it virtually impossible for automated tools to learn our
patterns. This complex signal network is processed in real-time
through Oscilar's distributed architecture, enabling ML models to
instantly adapt to new fraud
patterns while maintaining consistent protection even during peak
loads of over 100,000 transactions per second.
The solution was developed under the leadership of Chief Product
Officer Saurabh Bajaj, who brings
extensive experience building and scaling fraud prevention technologies that protect Fortune 500
companies, 8 of the top US banks, government agencies,
telecommunications providers, healthcare organizations, and various
fintechs and financial institutions.
"We've combined deep cybersecurity principles with fraud prevention expertise to create something
entirely new and groundbreaking," said Bajaj. "Our security-first
architecture makes it practically impossible for fraudsters to
reverse engineer or circumvent our technology, while simultaneously
reducing friction for legitimate users."
The platform introduces several industry-first innovations:
- Advanced Cognitive Signature Technology: Creates unique
digital fingerprints and cognitive signatures to identify users
across different devices and user journeys, making synthetic
identity creation virtually impossible
- Security-First Architecture: Prevents sophisticated
reverse engineering attempts through military-grade protection that
keeps detection methods hidden from fraudsters
- End-to-End Journey Protection: Continuous authentication
across all user touchpoints with real-time risk assessment and
adaptation
- Real-Time AI Intelligence: Leverages generative AI to
continuously adapt ML models and risk strategies, staying ahead of
emerging threats
- Seamless Enterprise Integration: Native compatibility
with existing risk systems and Oscilar's Decision Engine, Case
Management, and AI-Analytics suite, enabling rapid deployment and
immediate value
The solution is already being used by over a dozen major
financial institutions, including Happy Money and Curve,
demonstrating significant improvements in fraud prevention while enhancing legitimate user
experiences.
"At Happy Money, protecting our business from fraud while maintaining a simple, transparent
experience for our more than 300,000 members is essential to our
mission of empowering people to achieve their goals through
responsible lending. Oscilar's Cognitive Identity Intelligence
Platform helps us achieve this balance," said Angela Kernell, Manager, Fraud Operations at Happy Money. "Their advanced
security-aware SDK passively monitors thousands of cognitive
signatures to detect suspicious patterns during loan applications
and account management, without adding unnecessary friction. By
catching sophisticated synthetic identities and fraud attempts without impacting legitimate
applicants, Oscilar helps us maintain trust and safeguard the
capital we lend to support stronger, financially healthy
futures."
Learn more about Oscilar's Cognitive Identity Intelligence
Platform by visiting
https://oscilar.com/blog/cognitive-identity-intelligence-platform.
About Oscilar
Based in Palo
Alto, California, Oscilar is the leading provider of AI Risk
Decisioning solutions, empowering financial institutions to manage
fraud, credit, and compliance risks
effectively. At the heart of Oscilar's offerings is a no-code, AI
Risk Decisioning™ platform that analyzes vast amounts of data
in real-time, identifying patterns and anomalies to detect
fraud, optimize credit assessments,
and ensure regulatory compliance. Developed by the team behind
industry-leading risk management platforms at companies like
Google, Facebook, Uber, Citi and JPMC, Oscilar's solution enhances
decision-making speed and accuracy, ensuring high security and
regulatory compliance. Oscilar serves a broad array of
organizations, including fintechs, banks, credit unions, and
financial institutions, helping them navigate complex risk
landscapes with confidence and stay ahead in the rapidly evolving
financial services ecosystem.
Contact: press@oscilar.com
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SOURCE Oscilar