DataVisor Launches AI Co-pilot – A Generative AI Solution – To Revolutionize Real-Time Fraud Defense

AI Co-Pilot enables financial institutions to respond to real-time fraud 20x faster and more accurately than ever before

DataVisor, the world’s leading AI-powered fraud and risk platform, announced the launch of AI Co-Pilot, a first-of-its-kind generative-AI facilitated fraud solution. This transformative technology is 20 times faster and more accurate in catching fraud than traditional solutions.

DataVisor’s AI Co-Pilot significantly enhances a financial institution’s (FI’s) ability to detect fraud, while simultaneously reducing false positives and minimizing user friction—all in real-time. Given the recent launch of FedNow and the continual expansion of other instant payment methods, this innovation is crucial. It empowers FIs to capitalize on real-time payment opportunities while adeptly managing the unique challenges presented by transactions that are both instantaneous and irreversible.

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Bank transfer and payment fraud loss in the U.S. totaled more than $1.58 billion in 2022. The cost to smaller FIs and credit unions can be even more detrimental, keeping many from adopting instant payments and other innovations that can help grow their businesses.

“Innovation in payments and banking demands continued innovation in fraud prevention,” said Yinglian Xie, Co-founder and CEO at DataVisor. “Built on groundbreaking Generative AI technology, DataVisor’s AI Co-Pilot gives financial institutions better intelligence and automation for more effective fraud detection and prevention. This innovative solution is more accurate, reacts to fraud trends much faster, and improves user experiences and customer support. At the same time, it considerably reduces the need for analyst resources. This advancement signifies a pivotal step towards enhanced security and efficiency across the industry.”

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DataVisor’s AI Co-Pilot includes the following new capabilities:

AI-automated rule tuning to react to fraud faster and more accurately

DataVisor’s AI Co-Pilot uses advanced AI to automate rule creation and tuning, providing better detection and saving fraud teams 50% of their time by eliminating time consuming and costly trial-and-error methods. It also keeps financial institutions 100% in control of their fraud strategy by retaining the use of the traditional rules. The dual focus on fraud reduction and automation can translate to millions of dollars in savings for financial institutions.

Feature generation and debugging automation

AI Co-Pilot offers automated feature-script generation from natural language input, enabling fraud strategists to effortlessly translate their insights into actions. It also delivers coding and debugging recommendations to simplify the feature engineering process, speeding up the development of both rules and models. For the first time, this allows business teams to craft and implement comprehensive fraud strategies without the need for additional programming support, granting financial institutions the agility to rapidly respond to emerging fraud trends.

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Improved explainability for enhanced customer experience

Providing human-readable explanations for fraud detection has always been a hurdle to ensuring a transparent and seamless customer experience. DataVisor’s AI Co-Pilot addresses this challenge by automating the generation of natural language-based rule descriptions, enabling customer support to effortlessly explain the rationale behind alerts. Additionally, the solution simplifies the process of monitoring and documenting fraud strategies for financial institutions, thereby reducing maintenance and fraud management overhead.

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