Released: 11/06/2024
Overview
The new AI Fraudulent Application Detection feature, powered by BoltAI, uses advanced AI analysis to detect and flag potentially fraudulent applications. This tool assesses the risk of fraudulent applications using indicators like IP address, reported physical address, phone number validation, user behavior, email validity, and submission timing to provide a comprehensive assessment.
Details:
Powered by BoltAI
Leverages a sophisticated reasoning engine to analyze behaviors, patterns, and data points, offering detailed risk insights.
Indicators such as submission timing, duplicate applications, email address, IP analysis, and more are analyzed using an LLM-based engine, ensuring a balanced assessment.
Flagging System
Flags applications as low, medium, or high risk based on fraud detection criteria. Each flagged application allows for human review and confirmation of the risk assessment.
Each flag is accompanied by a detailed reasoning, helping you understand the factors contributing to the fraud risk.
Permission-Based Access
Offers two access permissions—View Application Fraud Status and Update Application Fraud Status—allowing controlled visibility and action on flagged applications.
Filter and Segment Capabilities
Enables filtering by fraud flag within the Decisions and People modules for targeted reviews.
Benefit
With AI Fraudulent Application Detection, institutions can proactively identify and address suspicious application behaviors, ensuring higher integrity in the application review process. The feature’s segmentation and detailed risk categorization streamline fraud monitoring and aid teams in making informed decisions on flagged applications.
Not only will our partners save time with reviewing fraudulent apps but identifying these applications early will assist in preventing bad actors from gaining access to institutional resources like email accounts, software, and aid.