TeliApp featured in NJ Tech Weekly – Check Fraud No Match for the Draconis AI Engine, Teliapp’s Joshua Weiss Says
When the “employee” receives the first check, however, it’s for $4,000. The fake employer then asks the employee to wire $1,000 back via Western Union. The check has already been deposited in the bank and is available for withdrawal, so the employee goes ahead and transfers the funds. The next day, the check bounces, and the scammed employee has overdrawn his account.
To combat this problem, TeliApp developed an artificial intelligence (AI)/deep machine learning solution called “Fraud Detect” that is fine-tuned to detect fraud before banks and consumers are caught irretrievably in the crosshairs of scammers. The solution significantly reduces this type of check fraud, and helps mitigate synthetic identity fraud and money laundering.
he AI engine “cannibalizes all of your data, understands your trends and behaviors, knows the things you spend money on and your deposit history,” so it can detect anomalies very quickly.
Joshua Weiss of TeliApp