Ken Bagaloyos, a leading figure in the financial sector of Melbourne, approached Novada Tech with a concern that resonates across the finance industry – fraud detection and prevention. With the increasing complexities of financial transactions, traditional systems at Ken's enterprise were proving insufficient in identifying and mitigating potential fraud risks.

The Challenge:

Ken's company managed many daily transactions, making monitoring all activities manually or even with basic software challenging. The need was for an intelligent solution to proactively identify irregularities and potential fraudulent activities while minimizing false positives, a recurring issue.

Solution:

Leveraging our expertise in Enterprise AI Development, Novada Tech proposed an adaptive AI model tailored specifically for the financial sector's unique challenges.

• Data Aggregation & Analysis: We began by collecting transactional data over the past five years, ensuring a robust dataset to train our model. Using advanced analytics, we identified patterns related to fraudulent activities.
• Customized AI Model Development: Our team developed an AI model that not only recognized patterns from historical data but could adapt to new, evolving fraudulent strategies. This adaptive learning ensured that the system remained effective in real-time detection.
• Integration with Existing Systems: Understanding the critical nature of financial operations, Novada Tech ensured the new AI solution integrated seamlessly with Ken's existing infrastructures, not disrupting them while enhancing their efficiency.
• Real-time Monitoring & Reporting: The deployed model continuously monitored transactions, flagging suspicious activities in real time. Additionally, it generated weekly reports highlighting potential security vulnerabilities, providing Ken's team with actionable insights.
• Continuous Learning & Updates: Given the adaptive nature of our AI model, it learned from each transaction. Monthly evaluations were scheduled to optimize and update the model, ensuring it remained at the forefront of fraud detection.

Results:

Within just three months of integration:

• A staggering 65% reduced fraudulent activities.
• False positive rates dropped by 40%, ensuring genuine transactions weren't unnecessarily flagged.
• Operational efficiency improved, with the finance team able to focus on core tasks rather than manual monitoring.
• Ken's enterprise saved an estimated $2 million in potential fraud-related losses.

Feedback from Ken Bagaloyos:

Novada Tech's Enterprise AI solution has been a game-changer for us. Not only have we seen a significant drop in fraudulent activities, but the efficiency and precision brought by the AI model have also allowed our team to redirect their focus on strategic growth initiatives. Partnering with Novada Tech was one of our best decisions in 2021.

‍