Rapid Finance, a leader in small business financing and enterprise lending solutions, announced the launch of a new network monitoring feature within its AI-ready data aggregation and assimilation platform, Lynx, designed to enhance fraud detection and ensure the data integrity for its network participants.
Lynx’s new network monitoring feature leverages intelligent data linking and AI-driven pattern and anomaly detection to help SMB and commercial lenders swiftly identify fraud risks, related applicant identities, account takeover attempts and other anomalies. This feature is further enhanced by the Lynx Trust Network, a collaborative ecosystem of participating lenders that share anonymized metadata and insights in real-time. This collective intelligence allows financial institutions to detect and respond to emerging fraud schemes proactively. For instance, when a fraudster is flagged by one institution, other FIs in the network receive signals when interacting with the same actor in real-time, allowing them to respond proactively.
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Fraudsters are increasingly working together, leveraging sophisticated tactics such as synthetic identities, coordinated account takeovers, and real-time data manipulation to exploit financial institutions. This level of collaboration enables bad actors to operate across multiple financial entities simultaneously, making it harder to detect and prevent fraud through traditional methods. By fostering a shared intelligence network, Lynx disrupts these fraud rings, equipping financial institutions with the necessary insights to recognize and mitigate threats before they escalate.
By implementing AI-driven data hygiene checks, Lynx assists financial institutions with maintaining a trusted and fraud-resistant ecosystem, where only high-quality, verified data is used for decision-making. Lynx continuously monitors Trust Network participants through advanced cross-attribute matching, real-time data validation and sophisticated anomaly detection to ensure data integrity, while simultaneously flagging inconsistencies, duplicate identities and potential synthetic data fraud attempts across the network.
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All data shared within the trust network is anonymized and aggregated, ensuring that sensitive information remains protected while delivering actionable insights. Participants also have full control over the insights they share with the network, adhering with strict privacy and regulatory compliance standards.
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“As fraud tactics become more complex and pervasive, community financial institutions need robust tools to enhance their SMB and commercial lending processes while safeguarding their data from misuse or conflicts of interest,” said Will Tumulty, CEO of Rapid Finance. “With over a decade of experience using Lynx within our own operations, we’ve refined our ability to leverage AI and data-driven insights to combat fraud. Lynx’s advanced network monitoring helps detect cross-institution fraud trends and provides financial institutions with real-time tools to join a trusted network to stay ahead of the fraudsters.”
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Source – Businesswire
