DataVisor, the leading fraud detection company with solutions powered by transformational AI technology, announced that it has been recognized as a leader in the just-released IDC MarketScape: Worldwide Enterprise Fraud Management in Banking 2020 Vendor Assessment. IDC’s research quantitatively and qualitatively assesses multiple characteristics that help explain a technology supplier’s success and position in the marketplace relative to its peers. DataVisor was honored for its next-generation fraud detection platform, which leverages unsupervised machine learning (UML) to identify fraud in real time, focusing on account-level activity and transactions.
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“DataVisor’s proprietary UML dynamically analyzes accounts and clusters, which has enabled its customers to identify fraudulent activity quicker and with more accuracy than their legacy fraud applications. Customers have noted a less than 1% false positive rate for use cases in which the DataVisor application has been deployed.”
“We’re excited to be named a leader in IDC’s Marketplace assessment,” said Yinglian Xie, CEO and Co-Founder, DataVisor. “The recognition underscores our commitment to helping organizations leverage machine learning techniques for continuous, effective fraud protection across the account lifecycle. COVID-19 is ushering in new types of fraud and banking platforms have been hit hard. Meanwhile, fraudsters are more sophisticated than ever and use advanced techniques to fly under the radar. Financial institutions must arm themselves with technologies that can adapt rapidly and identify fraudulent behavior in real time — including known and unknown attacks — and stop fraud at the gate.”
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According to IDC’s report, “DataVisor’s proprietary UML dynamically analyzes accounts and clusters, which has enabled its customers to identify fraudulent activity quicker and with more accuracy than their legacy fraud applications. Customers have noted a less than 1% false positive rate for use cases in which the DataVisor application has been deployed.” While UML is the differentiating technique effective at detecting new and unknown fraud, other technologies such as supervised machine learning models are also used and are further enhanced through the outputs of the UML models.
IDC’s assessment noted additional features that set DataVisor’s platform apart from competitors, including being purpose-built for fraud detection in a big data environment, as well as its flexible integration mapping and advanced validation capabilities.
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