Mphasis, a Bengaluru-based provider of cloud and cognitive services, announced a partnership with BAE Systems to set up a centre of excellence for fraud detection and prevention solution.
The solution called NetReveal, enables customers to accelerate the adoption of the next generation solutions in financial crime prevention and detection functions, according to a company statement.
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A recent research by San Jose, California-based ThreatMetrix, which analysed more than nine billion transactions in the first quarter of 2018, detected 210 million global fraud attacks and a billion Bot attacks.
Another report by RSA Security’s Fraud and Risk Intelligence (FRI) unit shows that 71% of all fraud transactions come from mobile browsers and apps, up from the 65% reported in Q1 of 2018.
“With the increasing cases of financial fraud, this CoE is timely and will allow clients the benefit of BAE system’s financial crime products driven by Artificial Intelligence (AI) and Machine Learning (ML) combined with Mphasis domain-specific service offering,” the company said in a statement.
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While BAE Systems will provide AI-driven powerful fraud detection platform covering entire depth and breadth of financial crimes for BFSI clients globally, Mphasis would bring its services portfolio and experience of technology and systems through its deep domain expertise.
“While financial crime has been there since the beginning of financial systems; the evolution of financial criminals and their ability to use technology to disrupt economies is a bigger threat than ever,” said Nitin Rakesh, CEO of Mphasis.
“This Center of Excellence in partnership with BAE Systems will bring best of both worlds to keep businesses of financial organizations safer thus raising the bar on the security of financial systems globally,” he said.
Danny Luong, analyst Gartner said: “Financial crimes are growing more complex, and criminals frequently exploit siloed risk controls. Security and risk management leaders must consolidate case management processes and introduce automated analytics to decrease investigation time and improve overall financial crime management.”