Abrigo announced the launch of Abrigo Fraud Detection

Customer identifies 93% of its total fraudulent check value with Abrigo’s AI-powered platform, built to uncover threats, automate workflows, and safeguard customers
BusinessWireFebruary 2, 20244 min

Abrigo, a leading provider of financial crime prevention and risk management solutions for U.S. financial institutions, announced the launch of Abrigo Fraud Detection, a new platform that combines AI-powered inspection and check image analysis with a smart, configurable fraud decision engine. Abrigo’s innovative hybrid approach protects banks and credit unions from crippling financial losses by increasing the accuracy of fraud detection, uncovering threats missed by traditional tools and manual reviews, and automating fraud department workflows.

In a pilot program with a Southeastern U.S. bank, Abrigo Fraud Detection correctly identified 93% of the bank’s total fraudulent check value, equating to more than $330,000 in potential fraud loss avoidance.

‚ÄúBanks and credit unions of every size need transformational tools to fight financial crime amid radically powerful, pervasive, and diverse new threats,‚ÄĚ said Jay Blandford, CEO of Abrigo. ‚ÄúAbrigo Fraud Detection offers our 2,400 existing customers, and new customers, enhanced fraud detection accuracy and efficiency. Our mission is to help financial institutions and their communities thrive, and our new platform does that by detecting sophisticated fraud patterns fast and combating financial crimes that cost millions and impact reputation.‚ÄĚ

With check fraud soaring, banks need intelligent tech

Despite the increasing popularity of digital payment channels, checks are still the most common form of B2B payment ‚ÄĒ with¬†81% of businesses¬†still paying other firms with paper checks. At the same time, check fraud is¬†increasing¬†dramatically. According to¬†fraud strategists, check fraud is projected to soar to $24 billion in 2024. And¬†FinCEN reported¬†that Suspicious Activity Report (SAR) filings for check fraud in 2022 exceeded 680,000, nearly doubling the number of filings the previous year.

‚ÄúThe battle against check fraud is a race against evolving criminal tactics,‚ÄĚ said Datos Insights strategic advisor Becki LaPorte. ‚ÄúFraudsters use this to their advantage and wield sophisticated tools. It is imperative for community financial institutions to adopt innovative technology solutions that protect customer funds without impacting the customer experience.‚ÄĚ

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