Scienaptic AI and SentiLink have enhanced their product partnership to equip credit unions and lenders with fraud detection capabilities powered by artificial intelligence (AI). The integrated solution leverages Scienaptic AI’s credit underwriting platform and SentiLink’s identity verification and fraud detection tools. This synergy leads to highly predictive signals, enhances decision making processes, and ultimately increases approvals for deserving members.
- The enhanced fraud detection tools target the rising risks of identity theft and synthetic identity fraud in digital lending.
- The layered solutions aim to intercept fraudulent applications at their origin and recheck the authenticity of existing clients when their personal information is revised on a current account.
- These protective measures intend to maintain the integrity of the lending process while also safeguarding the experiences of genuine customers.
According to the PYMNTS Intelligence report, identity theft techniques are becoming more advanced with the use of AI technology, causing 58% of banks to express fears of escalating sophistication of fraud. In response to these sophisticated threats, it is imperative for financial institutions to utilize data effectively to prevent identity theft.
SentiLink’s newly released tool, Facets, enhances financial institutions’ capacity to expose fraud and approve genuine customers accurately. Complementing their existing scores for synthetic fraud and ID theft, Facets provides access to more high-quality data amalgamated from SentiLink’s proprietary identity data and its consortium of banks, credit unions, and Fintechs.